Trading Symbol: SXR - Toronto Stock Exchange, Johannesburg Stock Exchange
TORONTO, ON and JOHANNESBURG, South Africa, Nov. 2 /CNW/ - sxr Uranium
One Inc. ("Uranium One") announced today that its Aflease Gold Limited
("Aflease Gold") affiliate has appointed N M Rothschild & Sons to act as its
independent financial adviser with regard to the Modder East Gold Project
("The Project").
Aflease Gold expects to raise R300 million (approximately US$41/C$44.8
million) in project finance to further fund the Modder East Gold Project, with
the first gold pour scheduled for the third quarter of 2009.
About Aflease Gold
Aflease Gold is a South African gold resource company listed on the JSE
Limited (the Johannesburg stock exchange). The company owns the Modder East
Gold Project, currently under construction, as well as the Sub Nigel, New
Kleinfontein, Turnbridge and the Holfontein Gold Projects, all on the East
Rand; the Ventersburg Gold Project in the Free State gold field; and the
Etendeka Gold Project in Namibia. Aflease Gold was formed in January 2006
through the reverse takeover of Sub Nigel Gold Mining Company by New
Kleinfontein Mining Company, a wholly-owned subsidiary of sxr Uranium One Inc.
The company is currently owned as to approximately 71% by sxr Uranium One and
has a market capitalization in excess of R1billion.
About sxr Uranium One
sxr Uranium One Inc. is a Canadian uranium and gold resource company with
a primary listing on the Toronto Stock Exchange and a secondary listing on the
JSE Limited. The Corporation owns the Dominion Uranium Project in South Africa
and the Honeymoon Uranium Project in South Australia, and is actively pursuing
growth opportunities in the uranium sector in the western United States. The
Corporation holds an approximate 71% interest in Aflease Gold Limited, which
owns the Modder East gold project in South Africa. Through a joint venture
with Pitchstone Exploration Ltd., the Corporation is also engaged in uranium
exploration activities in the Athabasca Basin of Saskatchewan.
Forward-looking statements: Certain of the statements made herein,
including any information as to the Corporation's future financial or
operating performance, may be forward-looking and subject to important risk
factors and uncertainties, many of which are beyond the Corporation's ability
to control or predict. Forward-looking statements are necessarily based on a
number of estimates and assumptions that are inherently subject to significant
business, economic and competitive uncertainties and contingencies. Known and
unknown factors could cause actual results to differ materially from those
projected in the forward-looking statements. Such factors include, among
others: gold price volatility; impact of any hedging activities, including
margin limits and margin calls; discrepancies between actual and estimated
production, between actual and estimated reserves and resources and between
actual and estimated metallurgical recoveries; changes in national and local
government legislation, taxation, controls, regulations and political or
economic developments in South Africa or other countries in which the
Corporation does or may carry on business in the future; risks of sovereign
investment; the speculative nature of gold exploration and development,
including the risks of obtaining necessary licenses and permits; dilution;
competition; loss of key employees; additional funding requirements; and
defective title to mineral claims or property. In addition, there are risks
and hazards associated with the business of gold exploration, development and
mining, including, among others, environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and gold
bullion losses (and the risk of inadequate insurance or inability to obtain
insurance, to cover these risks). Accordingly, readers should not place undue
reliance on forward looking statements. The Corporation undertakes no
obligation to update publicly or release any revisions to forward-looking
statements to reflect events or circumstances after the date of this document
or to reflect the occurrence of unanticipated events. Investors are advised to
refer to competent persons reports on the Corporation's material properties
for detailed information with respect to such properties, which information is
subject to the qualifications and notes set forth therein.
No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. To receive
the Corporation's news releases by email, please register on Uranium
One's website at www.uranium1.com
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