Uranium One Provides Update on Kazakhstan Operations

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[{"type":"text","content":"\n\n\n\nTrading Symbols: UUU - Toronto Stock Exchange, JSE Limited (Johannesburg\nStock Exchange)\n\n\nVANCOUVER and JOHANNESBURG, Dec. 1 /CNW/ - Uranium One Inc. ("Uranium\nOne") today provided an update on its assets and operations in Kazakhstan.\n\n\nUranium One's assets in Kazakhstan consist of a 70% interest in the\nBetpak Dala LLP joint venture, which owns and operates the Akdala uranium mine\nand the South Inkai uranium project, and a 30% interest in the Kyzylkum LLP\njoint venture, which owns and operates the Kharasan uranium project.\n\n\nBetpak Dala Joint Venture\n\n\nDividend Payment\n\n\nUranium One is pleased to report that it received in November a dividend\nof US$40 million (net of Kazakh withholding taxes) from its Betpak Dala joint\nventure. The dividend, which was declared earlier this year, is the first\ndistribution from the Betpak Dala joint venture to its shareholders (Uranium\nOne and JSC KazAtomProm NAC). Uranium One has invested the proceeds of the\ndividend in US dollar denominated short term deposit notes issued and\nguaranteed by a Canadian chartered bank.\n\n\nUpdate on South Inkai Industrial Production Approval\n\n\nIn late November, the Kazakhstan State Committee on Reserves issued a\nformal protocol approving a level of reserves sufficient to permit South Inkai\nto produce at industrial production levels.\n\n\nIn light of the foregoing, Betpak Dala expects that the Ministry of\nEnergy and Mineral Resources will this month formally approve an amendment to\nthe South Inkai subsoil use agreement permitting industrial production at\nSouth Inkai. This will allow Betpak Dala to begin ramping up production to a\nlevel of 5.2 million lbs U(3)O(8) per year at South Inkai.\n\n\nKyzylkum Joint Venture\n\n\nIncrease in Kyzylkum Loan Facilities\n\n\nUranium One also reports that Citibank has agreed to increase its\nexisting loan facility for the Kyzylkum joint venture from US$30 million to\nUS$90 million. The increase is subject to the satisfaction of usual and\ncustomary closing conditions and will be used to fund the development of the\nKharasan uranium project. On closing, the increased Citibank facility will\nbring the total loan facilities available to Kyzylkum to US$160 million of\nwhich US$100 million has been drawn.\n\n\nAbout Uranium One\n\n\nUranium One is one of the world's largest publicl...

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