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Uranium One Completes Acquisition of U.S. Energy Corp.'s Shootaring Canyon Uranium Mill and U.S. Uranium Properties
Uranium One Completes Acquisition of U.S. Energy Corp.'s Shootaring Canyon Uranium Mill and U.S. Uranium Properties.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\nTrading Symbol: SXR - Toronto Stock Exchange, JSE Limited (Johannesburg\n\n\nStock Exchange)\n\n\nTORONTO, ON and JOHANNESBURG, South Africa, April 30 /CNW/ - sxr Uranium\nOne Inc. ("Uranium One") is pleased to announce the completion today of the\npurchase from U.S. Energy Corp. of the Shootaring Canyon Uranium Mill in Utah,\nas well as a land package comprising approximately 38,763 acres of uranium\nexploration properties in Utah, Wyoming, Arizona and Colorado and a\nsubstantial database of geological information with respect to an additional\n1,582,036 acres within a five mile zone surrounding the purchased properties.\n\n\nUnder the terms of the asset purchase agreement, Uranium One has issued\n6,607,605 Uranium One common shares as partial consideration for the purchase.\n\n\nIn addition, Uranium One has agreed to pay U.S. Energy US$20,000,000 upon\nthe Shootaring Canyon Mill reaching commercial production and US$7,500,000\nupon the first delivery to the Mill, after commercial production, of\nmineralized material from any of the purchased properties. U.S. Energy will\nalso receive a royalty equal to 5% of the gross proceeds from the sale of\ncommodities produced at the Mill, to a maximum amount of US$12,500,000.\n\n\nFurther details on the complete terms of the acquisition as well as a\ndescription of the purchased assets can be found in Uranium One's press\nrelease dated February 23, 2007.\n\n\nAbout Uranium One\n\n\nUranium One Inc. is a Canadian-based uranium producing company with a\nprimary listing on the Toronto Stock Exchange and a secondary listing on the\nJSE Limited (the Johannesburg stock exchange). The Corporation owns the Akdala\nUranium Mine in Kazakhstan and the Dominion Reefs Uranium Mine in South\nAfrica, both of which are currently in operation. Uranium One is also\ndeveloping the South Inkai and Kharassan Uranium Projects in Kazakhstan, as\nwell as the Honeymoon Uranium Project in South Australia. The Corporation\ncontinues to pursue additional growth opportunities in the United States.\nUranium One is also engaged in uranium exploration activities in the Athabasca\nBasin of Saskatchewan, the United States and the Kyrgyz Republic.\n\n\nCautionary Statement\n\n\nNo stock exchange, securities commission or other regulatory authority\nhas approved or disapproved the information contained he...