Uranium One Completes Australian Joint Venture Transactions with Mitsui

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[{"type":"text","content":"\n\n\n\nTrading Symbols: UUU - Toronto Stock Exchange, JSE Limited\n(Johannesburg Stock Exchange)\n\n\nVANCOUVER and JOHANNESBURG, South Africa, Dec. 24 /CNW/ - Uranium One\nInc. ("Uranium One") and Mitsui & Co., Ltd. of Japan today announced that all\nregulatory approvals required to close the joint venture transactions\npreviously announced on October 15, 2008 have been obtained. Mitsui has now\nacquired a 49% interest in the Honeymoon project and Uranium One's Australian\nexploration portfolio including the Goulds Dam and Billeroo projects, and\nother prospective tenements on the Stuart Shelf and Eyre Peninsula.\n\n\nThe total minimum cash commitment from Mitsui will be approximately A$104\nmillion for its share of Uranium One Australia's business. The majority of\nthese funds will be used to advance the development of the Honeymoon project\nthrough to commercial production.\n\n\nGreg Cochran, Uranium One's Executive Vice President Australia and Asia,\nsaid:\n\n\n"We greatly appreciate the efforts of the Federal and State regulators to\nprovide the necessary approvals to close this transaction within a short\ntimeframe and we are delighted to welcome Mitsui as our new partner and look\nforward to working with them. We expect to commence site development work at\nthe Honeymoon project early in the New Year. The project has a design capacity\nof 880,000 lbs U(3)O(8) per year with an expected mine life of 6 years and\nproduction is expected to commence in 2010."\n\n\nSouth Australia State Premier Mike Rann commented:\n\n\n"The South Australian Government welcomes the agreement between Uranium\nOne and Mitsui of Japan and looks forward to work beginning on construction of\nthe Honeymoon mine. The decision by an overseas investor to commit millions of\ndollars to develop this mine amid the current global economic uncertainty\nhighlights the confidence resource companies have in South Australia. The jobs\nand investment flowing from this joint venture agreement will support the\nlong-term economic development of this State and provide important export\nearnings for Australia."\n\n\nMr. Fuminobu Kawashima, Executive General Manager of Mitsui's Energy\nDivision, expressed his satisfaction at completing the transaction and\nsaid:\n\n\n"Mitsui has a long and successful investment history in variou...

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