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Press release from CNW Group

Uranium One Completes ARMZ Transaction

Monday, December 27, 2010

Uranium One Completes ARMZ Transaction08:00 EST Monday, December 27, 2010VANCOUVER, BC and JOHANNESBURG, South Africa, Dec. 27 /CNW/ - Uranium One Inc. ("Uranium One") is today pleased to announce that it has completed the second closing of its transaction with JSC Atomredmetzoloto ("ARMZ"), comprising the issuance of 178,127,164 new common shares of Uranium One to ARMZ in return for ARMZ's 50% interest in the Akbastau Uranium Mine and 49.67% interest in the Zarechnoye Uranium Mine.  ARMZ currently holds 492,217,929 common shares, representing 51.4% of the outstanding common shares.This completes the ARMZ transaction previously announced on June 8, 2010, under which Uranium One acquired ARMZ's interests in the Akbastau and Zarechnoye mines and ARMZ contributed US$610 million in cash to Uranium One in return for 356 million new common shares of Uranium One pursuant to a definitive purchase and subscription agreement with ARMZ. 2010 DebenturesFor the information of debentureholders, this is to confirm that at the opening of trading on Friday, December 31, 2010, the Toronto Stock Exchange will re-commence quoting the 7.5% (re-set to 5%) convertible unsecured subordinated debentures of the Company due March 13, 2015 on an "accrued interest" basis.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.For further information about Uranium One, please visit www.uranium1.com.For 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