Business
Urasia Energy Ltd. announces additional sales contracts and new appointments to senior management team
Urasia Energy Ltd. announces additional sales contracts and new appointments to senior management team.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\n\nTrading Symbol (TSXV: UUU)\n\nVANCOUVER, Aug. 2 /CNW/ - Urasia Energy Ltd. (the \"Company\" or \"Urasia\")\nannounced that it has entered into two additional agreements for the supply of\nuranium concentrates from its Akdala uranium mine in the Republic of\nKazakhstan. The Company has a 70% interest in the Betpak Dala Joint Venture,\nwhich has a 100% interest in the Akdala uranium mine 'Akdala'.\nThe contracts, one with a major Western utility company is for the\npurchase of approximately 200,000 pounds U3O8 for delivery in the first\nquarter of 2007. The second, with an Asian utility company, is a long term\ncontract for the purchase of approximately 780,000 pounds U3O8 for delivery in\n2006 and the purchase of approximately 1,000,000 pounds U3O8 per annum for the\nperiod 2007 to 2010.\nWith Akdala's full production capacity of 2,600,000 pounds U3O8 in 2006,\nthe sales contracts secured by the Company since it acquired its indirect\ninterests in the uranium assets in November 2005, represent the sale of\napproximately 70% of Akdala's annual production for 2006.\nCommenting on the two new sales contracts, Phillip Shirvington, President\nand Chief Executive Officer, said \"Urasia is able to successfully negotiate\nboth short and long term contracts with its customers at market related\nprices. It is experiencing strong demand from utilities for long term\ncontracts for delivery into the tight market in the 2008-2011 timeframe. The\nCompany remains an unhedged producer in a market where uranium prices continue\nto increase\".\nThe Company is pleased to announce the following appointments to the\nsenior management team; Mr. Robin Merrifield, Chief Financial Officer and\nSenior Vice President; Mr. Gordon Keep, Senior Vice President and Corporate\nSecretary. Mr. Vitaly Melnikov, Vice President Finance and Administration; and\nMrs. Susan Speight, Vice President Marketing and Sales.\nMr. Robin Merrifield is a Chartered Accountant. He has held the position\nof Controller for Cameco, as well as the position of Vice President for\nCameco's Kumtor Operating Company in the Kyrgyz Republic.\nMr. Gordon Keep is Managing Director, Corporate Finance of Endeavour\nFinancial. He is a former and founding Chief Financial Officer of UrAsia\nEnergy Ltd, a former Senior Vice President of Lions Gate Entertainment Corp.\nand former Vice Presid...