Business
Uranium One announces that its Aflease Gold subsidiary has reported Interim Results to June 30, 2006
Uranium One announces that its Aflease Gold subsidiary has reported Interim Results to June 30, 2006.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol: SXR - Toronto Stock Exchange, Johannesburg Stock Exchange\n\nTORONTO, and JOHANNESBURG, South Africa, Aug. 14 /CNW/ - sxr Uranium One\nInc. (\"Uranium One\") today reported that its majority-owned subsidiary Aflease\nGold Ltd. (\"Aflease Gold\") has announced its unaudited interim results for the\n12 months ended June 30, 2006. The interim results are for the 12 month period\ndue to a financial year end change to December 31, 2006.\nFor the 12 months ended June 30, 2006, Aflease Gold reported a net loss\nof ZAR9.3 million, or 2.41 cents a share compared with a loss of\nZAR1.2 million, or 0.36 cents a share in the 12 months to June 30, 2005. The\nincreased loss results from the company moving into an aggressive exploration\nand development phase with primary focus on the Modder East feasibility study\nand more recently the bulk earthworks and construction of the Modder East\nportal.\nDuring the 12 months ended June 30, 2006, Aflease Gold incurred general\nand administrative expenditures of ZAR4.2 million, compared with\nZAR694 thousand in the 12 months to June 30, 2005, and exploration and\nassociated costs of ZAR5.1 million, compared with ZAR13 thousand in the prior\nperiod. The increase in expenditure over the most recent period related mainly\nto costs associated with completing the Modder East feasibility study,\nexploration on the East Rand assets, and the sourcing of additional managerial\nand technical capacity in order to develop Modder East and deliver on\nexploration projects.\nSubsequent to the reorganization of Aflease Gold in January 2006, the\ncompany raised approximately ZAR36.1 million through the issuance of Aflease\nGold shares, resulting in Uranium One's equity interest decreasing by\napproximately 5% to approximately 75% as at June 30, 2006.\nSaid Neal Froneman, President and CEO of Aflease Gold and Uranium One:\n\"Aflease Gold has been very active since its formation in January 2006.\nThe company continues to make excellent progress on the initial phase of\nconstruction at its Modder East Gold Project and is scheduled to announce the\nresults of the audited feasibility study for this project later this week. In\nline with the company's aggressive growth strategy, exploration has begun at\nSub Nigel (Spaarwater) and Etendeka in Namibia.\"\nAs at August 11, 2006 the exchange rate was U...