Trading Symbol: SXR - Toronto Stock Exchange, Johannesburg Stock
Exchange
TORONTO and JOHANNESBURG, South Africa, Aug. 31 /CNW/ - sxr Uranium One
Inc. ("Uranium One") announced today that the South African Reserve Bank
(SARB) has confirmed the Corporation's status as an "African Company" as
outlined in Section H.(C) (viii) of the Exchange Control Rulings. African
Company status enables qualifying South African institutions (those funds with
an approved offshore investment capacity) to hold an additional 5% of their
portfolios in Uranium One shares to their normal entitlement under South
African exchange controls.
The South African Reserve Bank has also announced that qualifying
institutions are the only South African institutions which will be permitted
to hold Uranium One shares after December 19, 2006. The qualifying
institutions include all retirement funds, collective investment scheme
management companies (unit trusts) and long-term insurers.
Private individuals who are South African residents will be unaffected by
this decision, and will continue to be able to hold and trade in Uranium One
shares through the facilities of the Johannesburg Stock Exchange.
Neal Froneman, CEO of Uranium One, commented:
"I am pleased that the South African Reserve Bank has agreed to confirm
the African Company status of Uranium One. This means that qualifying South
African institutions can expand their investment in Uranium One above the
traditional ceiling."
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 Reefs Uranium
Mine in South Africa and the Honeymoon Uranium Project in South Australia, as
well as a number of exploration projects. The Corporation holds a 75% 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 Statement
No stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein.
This News Release includes certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable Canadian
legislation. All statements other than statements of historical fact included
in this release including, without limitation, statements regarding potential
mineralization and reserves and future plans and objectives of Uranium One,
are forward-looking statements (or forward-looking information) that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Important
factors could cause actual results to differ materially from Uranium One's
expectations. Such factors include, among others, the actual results of
exploration activities, actual results of reclamation activities, the
estimation or realization of mineral reserves and resources, the timing and
amount of estimated future production, costs of production, capital
expenditures, costs and timing of the development of new deposits,
availability of capital required to place the Corporation's properties into
production, conclusions of economic evaluations, changes in project parameters
as plans continue to be refined, future prices of commodities, possible
variations in ore grade or recovery rates, failure of plant, equipment or
processes to operate as anticipated, accidents, labour disputes and other
risks of the mining industry, delays in obtaining governmental approvals,
permits or financing or in the completion of development or construction
activities, the Corporation's hedging practices, currency fluctuations, title
disputes or claims limitations on insurance coverage, as well as those factors
discussed under "Risk Factors" in Uranium One's Annual Information Form and
Management's Discussion and Analysis as filed with securities regulatory
authorities in Canada. Although Uranium One has attempted to identify
important factors that could cause actual results to differ materially, there
may be other factors that cause results not to be as anticipated, estimated or
intended.
There can be no assurance that such statements will prove to be accurate
as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Uranium One does not undertake to
update any forward-looking statements that are included herein, except in
accordance with applicable securities laws.
To receive the Corporation's news releases by email, please register on
Uranium One's website - www.uranium1.com
%SEDAR: 00005203E
