Business
UrAsia announces new sales contract with major North American utility
UrAsia announces new sales contract with major North American utility.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\nTrading Symbol (TSXV: UUU and AIM: UUU)\n\n\nVANCOUVER, Jan. 11 /CNW/ - UrAsia Energy Ltd. (the \"Company\" or \"UrAsia\")\nannounced today that it has entered into an agreement for the supply of\nuranium concentrates with a major North American nuclear utility.\n\n\nThe Company has a 70% interest in the Betpak Dala Joint Venture, which\nhas a 100% interest in the Akdala operating mine \"Akdala\" and the South Inkai\nuranium development project \"South Inkai\". South Inkai is currently under\nconstruction with initial uranium production scheduled for the end of 2007.\nAkdala has been producing at an annualized rate of 2,600,000 pounds U3O8 per\nannum since April 2006.\n\n\nThe contract is for the sale of approximately 4,000,000 pounds U3O8 for\ndelivery over a five year period. Quantities range from 250,000 pounds U3O8 to\n1,000,000 pounds U3O8 per year. The contract includes market related pricing\nterms with floor price protection (UxC's Weekly Spot Price Indicator as of\nJanuary 8, 2007 was US$72.00 per pound U3O8).\n\n\nThe Company's existing contracts (see News Releases dated February 27,\nApril 6, August 2, and November 9, 2006) represent the sale of 100% of\nAkdala's annual production for 2007, as well as a portion of projected\nproduction through to 2011. More than 50% of UrAsia's sales contracts,\nincluding five agreements announced in November 2006, include floor price\nprotection. Commenting on the new sales contract, Phillip Shirvington,\nPresident and Chief Executive Officer, said \"the Company is extremely pleased\nwith the reception it has received in the North American market. This latest\nagreement, with a prominent member of the nuclear community, represents an\nimportant step in establishing UrAsia as a major supplier in the uranium\nindustry\".\n\n\nUrAsia is a Canadian-based uranium producer that offers investors\nexposure to low-cost, uranium production and growth. The Company creates\nshareholder value by focusing on the development and operation of low-cost,\nin-situ leach uranium projects in Central Asia.\n\n\nUrAsia is listed on the TSX Venture Exchange and the Alternative\nInvestment Market (AIM) of the London Stock Exchange, trading under the symbol\nUUU on both exchanges.\n\n\nOn behalf of UrAsia Energy Ltd.\n\n\n\"Phillip Shirvington\"\n\n\nPresident and Chief Executive Officer\n\n\nThe TSX ...