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Press release from CNW Group

Uranium One Announces Record Production and Sales for the Fourth Quarter and Full Year 2010

Monday, January 10, 2011

Uranium One Announces Record Production and Sales for the Fourth Quarter and Full Year 201017:00 EST Monday, January 10, 2011VANCOUVER, BC, AND JOHANNESBURG, SOUTH AFRICA, Jan. 10 /CNW/ - Uranium One Inc. today announced record production and sales for the fourth quarter and for the full year 2010.ProductionAttributable production for 2010 increased by 106% to 7.4 million pounds of U3O8, compared to 3.6 million pounds produced in 2009.  During the fourth quarter of 2010, attributable production was 2.1 million pounds U3O8, a 75% increase compared to 1.2 million pounds produced during the fourth quarter of 2009 and a 24% increase compared to 1.7 million pounds produced in the third quarter of 2010.A breakdown of Uranium One's attributable production for the fourth quarter and for the full year 2010 is shown below. Table 1 - Uranium One Attributable Production (million pounds U3O8)MineQ4 2010Fiscal Year 2010Akdala0.51.9South Inkai0.83.1Karatau0.72.2Kharasan0.10.2Total Attributable Production2.17.4In addition, attributable production from the newly acquired Akbastau and Zarechnoye mines from December 27, 2010 to the end of the year was approximately 34,000 pounds of U3O8.SalesAttributable sales for the full year 2010 were 6.9 million pounds of U3O8, representing a 116% increase compared to 2009 attributable sales of 3.2 million pounds U3O8.During the fourth quarter of 2010, the attributable sales volume was 2.9 million pounds U3O8, representing a 93% increase in sales compared to 1.5 million pounds during the fourth quarter of 2009 and a 71% increase compared to 1.7 million pounds sold during the third quarter of 2010.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. 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 in which Uranium One is engaged or expects to be engaged, 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.comFor further information: Jean Nortier Chief Executive Officer Tel: +1 604 601 5642Chris Sattler Executive Vice President, Corporate Development & Investor Relations Tel: +1 416 350 3657