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Press release from CNW Group

Uranium One Receives Kazakh MINT Approval for the ARMZ Transaction and for the Conversion of its 2015 Convertible Debentures

Sunday, August 29, 2010

Uranium One Receives Kazakh MINT Approval for the ARMZ Transaction and for the Conversion of its 2015 Convertible Debentures18:00 EDT Sunday, August 29, 2010VANCOUVER and JOHANNESBURG, South Africa, Aug. 29 /CNW/ - Uranium One Inc. today announced that the Kazakh Ministry of Industry and New Technologies ("MINT") has formally approved the Company's purchase from JSC Atomredmetzoloto ("ARMZ") of ARMZ's interests in the Akbastau and Zarechnoye uranium mines.In addition, Uranium One has received MINT approval for the issuance of the common shares underlying the C$ 260,000,000 aggregate principal amount of convertible debentures issued by the Company in March 2010.As previously announced, as part of the Akbastau and Zarechnoye transaction ARMZ will also contribute US$ 610 million in cash to Uranium One, of which approximately US$ 479 million will be paid directly to shareholders (other than ARMZ) as a change of control premium after closing, by way of a special dividend of US$ 1.06 per share.The transaction remains subject to Uranium One shareholder approval, including majority of minority approval, to be sought at a special meeting of shareholders to be held on August 31, 2010 in Vancouver, British Columbia.Uranium One expects to close the transaction by the end of 2010, subject to the receipt of the remaining required regulatory approvals, including from the Kazakh Anti-Monopoly Commission, the Australian Foreign Investment Review Board and the U.S. Committee on Foreign Investment in the United States, which are expected to be received in due course, and to the satisfaction of usual and customary closing conditions.About Uranium OneUranium 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, and Australia.Cautionary StatementNo stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.Investors are advised to refer to independent technical reports containing detailed information with respect to the material properties of Uranium One. These technical reports are available under the profiles of Uranium One Inc and UrAsia Energy Ltd. at www.sedar.com. Those technical reports provide the date of each resource or reserve estimate, details of the key assumptions, methods and parameters used in the estimates, details of quality and grade or quality of each resource or reserve and a general discussion of the extent to which the estimate may be materially affected by any known environmental, permitting, legal, taxation, socio-political, marketing, or other relevant issues. The technical reports also provide information with respect to data verification in the estimation.Forward-looking statements: This press release contains certain forward-looking statements. Forward-looking statements include but are not limited to those with respect to the price of uranium, the estimation of mineral resources and reserves, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage and the timing and possible outcome of pending litigation. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Uranium One to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the completion of the transactions described in this press release, the future steady state production and cash costs of Uranium One, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes or other risks of the mining industry, delays in obtaining government approvals or financing or in completion of development or construction activities, risks relating to the integration of acquisitions and the realization of synergies relating thereto, to international operations, to prices of uranium as well as those factors referred to in the section entitled "Risk Factors" in Uranium One's Annual Information Form for the year ended December 31, 2009 and Management Information Circular dated August 3, 2010, each of which is available on SEDAR at www.sedar.com, and which should be reviewed in conjunction with this document. Although Uranium One has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking 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 expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.For further information about Uranium One, please visit www.uranium1.com.%SEDAR: 00005203EFor further information: Jean Nortier, Chief Executive Officer, Tel: +1 604 601 5642; Chris Sattler, Executive Vice President, Corporate Development and Investor Relations, Tel: + 1 416 350 3657