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Press release from CNW Group

Uranium One Receives Final Approval to Close ARMZ Transaction

Wednesday, November 24, 2010

Uranium One Receives Final Approval to Close ARMZ Transaction11:45 EST Wednesday, November 24, 2010VANCOUVER AND JOHANNESBURG, South Africa, Nov. 24 /CNW/ - Uranium One Inc. ("Uranium One") is pleased to announce that it has received U.S. Nuclear Regulatory Commission approval to close its transaction with JSC Atomredmetzoloto ("ARMZ").  Uranium One now has all regulatory approvals required for closing. The Company will now proceed to complete the initial closing of the transaction, comprising the issuance of 178,127,165 new common shares of Uranium One to ARMZ in return for US$610 million in cash. The record and payment dates for the special dividend of US$1.06 will be fixed and disclosed when the initial closing is completed.The final stage of closing, comprising the acquisition of ARMZ's interest in the Akbastau and Zarechnoye mines in return for an additional 178,127,164 new common shares of Uranium One, will occur prior to the end of December.As previously announced, on June 8, 2010 Uranium One entered into a definitive purchase and subscription agreement with ARMZ under which Uranium One would acquire ARMZ's 50% interest in the Akbastau Uranium Mine and its 49.67% interest in the Zarechnoye Uranium Mine, both located in Kazakhstan, and ARMZ would also contribute US$610 million in cash to Uranium One in return for 356 million new common shares of Uranium One. 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.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