Uranium One Reports Record Sales of 3.1 Million Pounds at an Average Cash Cost of $14 per Pound Sold and Net Earnings of $45.8 Million for Q3 2011

About this update from Uranium One Mining Corp.

[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Nov. 7, 2011 /CNW/ - Uranium One Inc. (\"Uranium One\") today\n reported record quarterly revenue of $157.7 million for Q3 2011 based\n on sales of 3.1 million pounds at an average realized sales price of\n $51 per pound and an average cash cost of $14 per pound sold. Quarterly\n production was 2.5 million pounds. Net earnings during Q3 2011 were\n $45.8 million, or $0.05 per share.\n\n\nHighlights\n\n\nOperational\n\n\nTotal attributable production during Q3 2011 was a record 2.5 million\n pounds, 47% higher than total attributable production of\n 1.7 million pounds during Q3 2010.  Attributable production during\n October 2011 was 1.0 million pounds.\n\n\nThe average cash cost per pound sold was $14 during Q3 2011, 17% higher\n than the average cash cost per pound sold during Q3 2010.\n\n\nFinancial\n\n\nAttributable sales volumes during Q3 2011 were a record 3.1 million\n pounds, 82% higher than 1.7 million pounds sold during Q3 2010.\n\n\nRevenue was a record $157.7 million in Q3 2011, 116% higher than $73.1\n million in Q3 2010.  The average realized sales price during Q3 2011\n was $51 per pound compared to $43 per pound in Q3 2010.  The average\n spot price in Q3 2011 was $51 per pound.\n\n\nEarnings from mine operations were $73.7 million during Q3 2011, a 164%\n increase from earnings from mine operations of $27.9 million in Q3 2010\n due to increased sales volumes and an increase in the realized sales\n price.\n\n\nNet earnings during Q3 2011 were $45.8 million, or $0.05 per share\n compared to a net loss of $44.8 million or $0.08 per share during Q3\n 2010.\n\n\nAdjusted net earnings during Q3 2011 were $46.2 million, or $0.05 per\n share compared to an adjusted net loss of $6.3 million or $0.01 per\n share in Q3 2010.\n\n\nChris Sattler, Chief Executive Officer of Uranium One, commented:\n\n\n\"With record production and sales during the quarter, as well as\n continued low cash costs, 2011 is shaping up to be a solid year for\n Uranium One financially.  Our focus remains on achieving our\n operational targets and we look forward to the completion of a revised\n feasibility study for the Mkuju River Project in Tanzania in the new\n year.\"\n\n\nOutlook\n\n\nThe serious incident at Fukushima is continuing to have a near-term\n impact on uranium demand due to loss ...

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