Business
Uranium One Reports First Quarter Results
Uranium One Reports First Quarter Results.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol: SXR - The Toronto Stock Exchange\n\nTORONTO and JOHANNESBURG, South Africa, May 15 /CNW/ - sxr Uranium One\nInc. today reported its 2006 first quarter financial results. All figures are\nin US dollars unless otherwise indicated.\nComplete details of the consolidated financial statements and\nManagement's Discussion and Analysis for the three months ended March 31,\n2006, can be found on Uranium One's website at www.uranium1.com as well as on\nSEDAR at www.sedar.com.\nHighlights of the first quarter of 2006 include:\n\n- further investment of $13 million in the development of the Dominion\n Uranium Project\n\n- increase of $33 million in non-current assets primarily as a result\n of the formation of Aflease Gold Limited\n\n- realization of $8.1 million profit from the sale of 20% of New\n Kleinfontein Mining Company Limited in connection with the formation\n of Aflease Gold Limited\n\n- operating loss of $9.6 million in line with Uranium One's\n expectations comprising $2.4 million from gold production,\n $1.5 million of G&A, $2.6 million of exploration expenditure and\n $3.2 million of share option expenses\n\n- completed a $140 million net proceeds capital raising for the\n Dominion Uranium Project\n\n- revised resource declaration at Dominion, increasing indicated U3O8\n resources to 16.1 million lbs. and increasing inferred U3O8 resources\n to 146.6 million lbs.\n\n- revised reserve and resource declaration at Modder East, increasing\n gold reserves to 1.3 million ounces in the probable category, and\n increasing indicated gold resources to 2.0 million ounces and\n inferred gold resources to 1.0 million ounces\n\n- continued progress on feasibility studies for the Dominion Uranium\n Project, the Honeymoon Uranium Project and the Modder East Gold\n Project\n\nCommenting on the Corporation's results, Neal Froneman, President and\nChief Executive Officer of Uranium One, said: \"This was a very significant\nquarter for Uranium One. Early in the quarter, we declared a significant\nincrease in our uranium resources at Dominion, including a substantial\nincrease in the indicated resource grade. Our 79% owned subsidiary, Aflease\nGold, also declared a significant increase in gold reserves and resources at\nModder East. In February, we completed a substantial financing of\n$140 million. This enabled us to...