SEC Exemption No. 82-4831 Trading Symbol: SXR - The Toronto Stock Exchange TORONTO, Jan. 12 /CNW/ - The President and CEO of sxr Uranium One Inc., Neal Froneman, today clarified the company's intentions over the Honeymoon project in South Australia. Uranium One was formed last month through the reverse takeover of Southern Cross Resources Inc. (SXR) of Canada by South African mining group Aflease Gold and Uranium Resources Inc. As a consequence, the Honeymoon asset, which had been held by SXR, is now wholly owned by Uranium One. Said Mr. Froneman: "There have been reports that the old SXR held talks with interested parties from China about the Chinese acquiring a stake in Honeymoon. "The talks were not conclusive, and as far as Uranium One is concerned, Honeymoon is a core asset of our global company and is not up for sale. "I am on record as having said that the new Board of Uranium One will be asked to take a decision on the project later this year, and I expect to be in a position to make a recommendation to the board by June. "I cannot prejudge that decision, but would emphasize that the strategy of Uranium One is to develop our assets, and a positive decision on Honeymoon would be beneficial to South Australia in terms of the local economy and of employment." Honeymoon is one of the very few fully permitted uranium projects in the world, and would employ in-situ leach technology. The project has NI 43-101 compliant indicated resources of 9.3m lbs of uranium oxide. Forward-looking statements This announcement contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties which are beyond sxr Uranium One's control (including among others regulatory and shareholder approval and market fluctuations), which could cause actual events or results to differ materially from those anticipated in such forward- looking statements. In this announcement, predictions about the future strategy are forward-looking statements. Readers should not place undue reliance on forward-looking statements. Notice To Investors This announcement does not constitute an offer to sell or an invitation to purchase or subscribe for any securities. %SEDAR: 00005203E