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UUU - Uranium One Provides Update on ARMZ Offer for Mantra Resources
Uranium One Inc
(Incorporated in Canada)
(Registration number: 15096422420)
Share code on the JSE: UUU & ISIN: CA91701P1053
Share code on the TSX: UUU & ISIN: CA91701P1053
News Release
March 16, 2011
Uranium One Provides Update on ARMZ Offer for Mantra Resources
Vancouver, British Columbia and Johannesburg, South Africa - Uranium One Inc.
("Uranium One") today announced that JSC Atomredmetzoloto ("ARMZ") has
notified Mantra Resources Limited ("Mantra") that ARMZ believes that the
recent serious events at the nuclear power plant in Fukushima, Japan are
likely to have a material adverse effect on the business, results of
operations, assets or liabilities, financial position or prospects of Mantra.
As such, ARMZ considers that the condition precedent in the Scheme
Implementation Agreement dated December 15, 2010 between ARMZ and Mantra
relating to a material adverse change is not capable of being satisfied.
ARMZ has indicated to Mantra that it intends to continue discussions with
Mantra in an effort to explore how the transaction between two companies may
proceed by way of an alternative approach.
Uranium One will provide further updates as additional information becomes
available.
Uranium One and ARMZ are parties to a definitive put/call agreement entered
into concurrently with the Scheme Implementation Agreement under which Uranium
One has the right to acquire from ARMZ, and ARMZ has the right to sell to
Uranium One, all of the shares of Mantra for consideration equal to ARMZ`s
acquisition cost plus certain additional expenditures.
About Uranium One
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 and Australia.
For further information, please contact:
Chris Sattler
Chief Executive Officer
Tel: +1 416 350 3657
Rob Buchanan
Director, Investor Relations
Tel: +1 416 350 3657
Cautionary Statement
No 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.
Sponsor
Nedbank Capital
March 17, 2011
Date: 17/03/2011 08:49:01 Supplied by www.sharenet.co.za
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