Business
UrAsia interim financial results
UrAsia interim financial results.
About this update from Uranium One Mining Corp.
[{"type":"text","content":"\n\n\n\nTrading Symbol (TSXV: UUU and AIM:UUU)\n\n\n For the three months ended October 31, 2006\n(All amounts are in United States dollars (US$) unless otherwise noted)\n\n\nVANCOUVER, Dec. 29 /CNW/ - UrAsia Energy Ltd. (the 'Company' or 'UrAsia')\nis pleased to report the Company's unaudited interim consolidated financial\nresults for the three months ended October 31, 2006\n\n\nThe Company is a Canadian-based uranium mining and development company\nthat is focused on the development and operation of low cost, in-situ leach\nuranium projects in Central Asia. On November 7, 2005 UrAsia acquired indirect\ninterests in three uranium projects in the Republic of Kazakhstan, including\nthe Akdala operating mine \"Akdala\" and the South Inkai uranium project \"South\nInkai\" and the Kharassan uranium project \"Kharassan\". In addition, the Company\nhas an extensive uranium exploration portfolio in the Kyrgyz Republic.\n\n\nUrAsia has a 70% interest in the Betpak Dala Joint Venture, which has a\n100% interest in the Akdala operating uranium mine and the South Inkai uranium\ndevelopment project; and a 30% interest in the Kyzylkum Joint Venture which\nhas a 100% interest in the Kharassan uranium development project.\n\n\nHighlights for the Quarter\n\n\n- Net Income for the three months ended October 31, 2006 amounted to\n $25,912,000 ($0.05 per share), after crediting an unrealized foreign\n exchange gain of $27,023,000\n\n- Loss from operations for the three months ended October 31, 2006 was\n $2,636,000, and included earnings from mine operations of $1,567,000.\n\n- Production increased for the fourth quarter in a row to 513,000\n pounds of U(3)O(8). (70 % share). Sales amounted to 99,000 pounds of\n U(3)O(8). (70 % share).\n\n- Sales of U(3)O(8) in November and December, 2006 amounted to 880,000\n pounds of U(3)O(8) (70 % share) at an average price of $51/lb for\n proceeds of $45 million.\n\n\nCommenting on the Company's interim financial results, Phillip\nShirvington, President and Chief Executive Officer, said: \"The Company\ncontinues to meet or exceed its construction and production targets, and is\nreaping the benefits of its un-hedged sales contracts as the spot price\ncontinues to increase. Deliveries during calendar 2006 are heavily weighted\ntowards the end of the year.\"\n\n\nFinancial Results of Operations\n\n\nDuring the ...