Business
UrAsia announces sales contract with Exelon Generation Company, LLC
UrAsia announces sales contract with Exelon Generation Company, LLC.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\nTrading Symbol (TSXV: UUU and AIM: UUU)\n\n\nVANCOUVER, March 19 /CNW/ - UrAsia Energy Ltd. (the "Company" or\n"UrAsia") announced today that it has entered into an agreement for the supply\nof uranium concentrates with Exelon Generation Company, LLC "Exelon". The new\nfive year contract, is for the purchase of approximately 2,500,000 pounds U3O8\nfor delivery during the period 2009 to 2013.\n\n\nUpon execution of the Exelon sales contract, Phillip Shirvington,\nPresident and Chief Executive Officer, said "As a uranium producer in a\nresurgent nuclear sector, UrAsia is pleased to be able to supply the fuel\nneeds for a number of nuclear utilities in North America, including one of the\nlargest of such utilities, Exelon".\n\n\nExelon owns and controls one of the largest energy portfolios in the\ncountry, generating about 33 gigawatts of owned and contracted power for\ncustomers in Illinois, Pennsylvania and New Jersey. Exelon currently operates\n17 nuclear reactors at 10 sites in the United States, with an average capacity\nfactor of 93.5%.\n\n\nUrAsia is also pleased to announce the execution of a long-term agreement\nwith another of North America's premier nuclear operators. A new eight year\ncontract provides for the sale of more than 3,000,000 pounds of U3O8 at market\nrelated prices (Trade Tech's Weekly Spot Price Indicator for March 9, 2007 was\nUS$90.00 per pound U3O8).\n\n\nUranium will be supplied from the Akdala and South Inkai in-situ leach\nmines. UrAsia has a 70% interest in the Betpak Dala Joint Venture, which has a\n100% interest in the Akdala and South Inkai in-situ leach mines, located in\nthe Republic of Kazakhstan.\n\n\nUrAsia, a Canadian-based uranium producer listed on the TSX Venture\nExchange and the Alternative Investment Market (AIM) of the London Stock\nExchange, offers investors exposure to low-cost, uranium production and\ngrowth. In February 2007 a friendly business combination with Canadian miner,\nSXR Uranium One for UrAsia Energy Ltd. was entered into (See News Release,\ndated February 12, 2007). If the business combination is approved, the\ncombined Company, Uranium One, will be a leading global uranium producer with\na diversified asset base in the Republic of Kazakhstan, Australia, Canada,\nSouth Africa, United States and the Kyrgyz Republic. UrAsi...