Uranium One Enters into Definitive Agreement to Acquire Christensen Ranch and Irigaray in Wyoming

About this update from Uranium One Mining Corp.

[{"type":"text","content":"\n\n\n\nTrading Symbols: UUU - Toronto Stock Exchange, JSE Limited (Johannesburg\nStock Exchange)\n\n\nVANCOUVER and JOHANNESBURG, Aug. 10 /CNW/ - Uranium One Inc. ("Uranium\nOne") announced today that it has entered into a definitive agreement to\nacquire 100% of the MALCO Joint Venture ("MALCO") from wholly-owned\nsubsidiaries of AREVA and EDF for US$ 35 million in cash.\n\n\nThe assets of MALCO include the licensed and permitted Irigaray ISR\ncentral processing plant, the Christensen Ranch satellite ISR facility and\nassociated U(3)O(8) resources located in the Powder River Basin of Wyoming.\n\n\nThe Irigaray and Christensen Ranch facilities are expected to form the\nbasis of a new operating plan for the Company's projects in Wyoming. Uranium\nOne anticipates that its Moore Ranch project will now become a satellite ISR\noperation, with loaded resins being transported to Irigaray for further\nprocessing into dried U(3)O(8). Uranium One's additional projects in the\nPowder River Basin, including Ludeman, Peterson, Allemand-Ross and Barge could\nalso be developed as satellite operations with final processing through\nIrigaray.\n\n\nJean Nortier, President and Chief Executive Officer of Uranium One said:\n\n\n"The acquisition of the Irigaray and Christensen Ranch ISR facilities is\nan excellent complement to our current Wyoming uranium resource portfolio. By\nacquiring existing, licensed production facilities, we will reduce the\npermitting and construction risk associated with developing our own central\nproduction plant. Now, with a clear path to commencing uranium production in\nthe U.S., we believe that the underlying value of our Wyoming asset base will\nbecome apparent."\n\n\nClosing of the transaction is expected to take place during H1 2010 and\nis subject to regulatory approvals including U.S. Nuclear Regulatory\nCommission ("NRC"), Wyoming Department of Environmental Quality ("WDEQ"),\nTexas Commission on Environmental Quality and the Committee on Foreign\nInvestment in the United States. Closing is also subject to a financing\ncondition which the Company expects will be satisfied by the completion of the\npreviously announced private placement of 117,000,000 common shares of Uranium\nOne to a consortium of Japanese companies for proceeds of approximately C$ 270\nmillion...

More updates from Uranium One Mining Corp.