Trading Symbol: SXR - Toronto Stock Exchange, JSE Limited
(Johannesburg stock exchange)
TORONTO, ON and JOHANNESBURG, South Africa, Nov. 17 /CNW/ - sxr Uranium
One Inc. ("Uranium One") is pleased to announce that it has agreed terms with
a western world utility customer for the inaugural sales contract from its
Dominion Uranium Project in South Africa. The Dominion Uranium Project is
scheduled to commence production in the first quarter of 2007.
The agreed terms provide for the sale of 1,500,000 pounds of U(3)O(8)
from Dominion between 2008 and 2012 inclusive. There will be no caps on the
pricing which will be market-related at the time of delivery, with escalating
floor price protection. The agreement on terms, which is subject to the
completion of definitive contractual documentation, was facilitated by Nufcor
International Limited.
Commenting on today's announcement, Neal Froneman, President and CEO of
Uranium One, said:
"I am pleased that we have reached agreement on the key terms for the
supply of our first uranium from Dominion. This agreement is an important
milestone in the development of the Company. It reflects industry confidence
in our imminent entry into the ranks of the uranium producers. It also
validates our financing strategy for the development of Dominion resulting in
the company being totally un-hedged and with all the benefits of an ongoing
exposure to a uranium price environment which continues to be favourable."
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 Johannesburg stock exchange). 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
71.6% 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 future
plans and objectives of Uranium One and the timing of commencement of
construction activities, 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 Uranium One'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, Uranium One'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,
Management's Discussion and Analysis for the third quarter of 2006 and Uranium
One's (final) short form prospectus dated October 26, 2006 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
