Australia and China sign nuclear cooperation and export agreements

Trading Symbol: SXR - The Toronto Stock Exchange

TORONTO and JOHANNESBURG, South Africa, April 3 /CNW/ - sxr Uranium One
Inc. welcomes reports that Chinese Premier Wen Jiabao and Australian Prime
Minister John Howard have today signed nuclear cooperation agreements, paving
the way for the sale of Australian uranium to China.
Today's announcement will potentially benefit not only Australia's
current uranium producers but also Uranium One, as a company with
developmental stage Australian uranium assets. Uranium One owns the Honeymoon
Uranium Project in South Australia. This Project has a 21 year uranium mining
lease granted in 2002 by the South Australian state authorities and a uranium
export licence granted in 2001 by the Australian federal government.
The Corporation is currently completing a feasibility study for the
Project, including a drilling program consisting of 169 holes, including four
core holes (totalling 20,820 metres) completed in March 2006. Data from this
program are being interpreted and will be integrated with existing data and
used to develop an updated resource estimate in accordance with NI 43-101 and
to optimize well-field design. The Corporation's October 2004 Honeymoon
Project engineering cost study is also being updated in connection with the
feasibility study.
Neal Froneman, President and CEO of Uranium One said:
"The opening up" of the Chinese market to exports of Australian uranium
is a welcome development. Honeymoon is an advanced stage project, which could
be in production within 12-18 months of completion of the feasibility study.
If our Board determines later this year to proceed with the Project, the
Corporation will be well positioned to take advantage of the increased
opportunities for Australian uranium producers which will flow from this
agreement. In the meantime, we commend the governments for this initiative and
look forward to its implementation."

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
Johannesburg stock exchange. The Corporation owns the Dominion uranium project
in South Africa and the Honeymoon uranium project in South Australia. The
Corporation holds a 79% 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.

Cautionary note concerning forward-looking statements and disclosure of
estimates of mineral resources: Statements in this release that are not
historical facts are "forward-looking statements" involving known and unknown
risk and uncertainties which are beyond the ability of the Corporation to
control or predict and which could cause actual events or results to differ
materially from those anticipated in such forward-looking statements The TSX
has neither approved nor disapproved of the information contained herein.
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