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Market: TSX JSE
Sector: General Mining
EPIC: UUU
Latest Price: 2.65  (1.15% Ascending)
52-week High: 6.76
52-week Low: 1.94
Market Cap: 2,536.55M
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Uranium One
www.uranium1.com

Uranium One is one of the world's largest publicly traded uranium producers with a globally diversified portfolio of assets located in Kazakhstan, the United States, South Africa and Australia.

Full Uranium One profile here
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Uranium One’s reserve estimate increases by 400% to 47.8 million pounds U308

1st Feb 2010, 9:59 am
Uranium One’s reserve estimate increases by 400% to 47.8 million pounds U308

Uranium One (TSX & JSE: UUU), the diversified uranium production and exploration company with projects in North America, Australia and Kazakhstan, announced a 400% increase in its reserve estimates to 47.8 million pounds U308.


The surge in reserves was generated by a mixture of developments, including initial reserve estimates at the South Inkai and Karatau Uranium Mines in Kazakhstan.  At South Inkia, the company reported a attributable proven and probable reserve of 14.6 million pounds U308, while at Karatua, the attributable proven and probable reserve was declared to be 23.6 million pounds U308. The attributable indicated and inferred resources at Karatua were also revised upwards to 16.3 million pounds and 4.7 million pounds respectively.


Scott Wilson Roscoe Postle Associates, who completed the updated 43-101 mineral reserve and resource estimated, also noted that there was “significant potential” to increase the resource base even further at Karatua, potentially by a further 41-57 million pounds. “The tonnage and grade for the potential quantity is conceptual in nature and further exploration is required to determine if this mineralization can be classified as Mineral Resources. It is uncertain if further exploration will result in the target being delineated as a Mineral Resource,” Uranium One cautioned.


The Canadian and South African listed uranium producer also confirmed this morning that it had closed the acquisition of the Malco Joint Venture from Areva EDF for US$35 million, which include the Irigaray ISR central processing plant, Christensen Ranch satellite ISR facility and related resources in the Powder River Basin in Wyoming, USA. Uranium One expects that initial production from the Christensen Ranch project will commence in 2011.

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