Trading Symbols:  UUU - Toronto Stock Exchange, JSE Limited (Johannesburg
Stock Exchange)

VANCOUVER, March 16 /CNW/ - Uranium One Inc. ("Uranium One") today reported operational and financial results for the year ending December 31, 2008.

The financial statements, as well as the accompanying management's discussion and analysis, are available for review at www.uranium1.com and should be read in conjunction with this news release.

All figures are in US dollars unless otherwise indicated.

Highlights:
-  Attributable production during 2008 of 2,864,700 pounds of U(3)O(8),
   an increase of 41% from 2,038,700 pounds of U(3)O(8) in 2007
-  Attributable sales volumes of 2,210,900 pounds of U(3)O(8) during
   2008, a 37% increase compared to sales of 1,608,700 pounds of U(3)O(8)
   in 2007
-  Average realized sales price during 2008 of $68 per pound of U(3)O(8),
   generating revenue of $149.8 million, compared to an average realized
   price of $83 per pound, generating revenue of $134.0 million in 2007
-  Earnings from mine operations were $96.7 million during 2008, a 5%
   decrease over earnings from mine operations of $101.8 million during
   2007, primarily due to a lower realized U(3)O(8) sales price
-  Concluded a $100 million senior secured revolving credit facility with
   Bank of Montreal and The Bank of Nova Scotia
-  Received an inaugural dividend of $40 million from the Betpak Dala
   joint venture
-  Completed joint venture transactions with Mitsui & Co., Ltd., whereby
   Mitsui has acquired a 49% stake in the Australian assets of Uranium
   One for a minimum cash commitment of A$104 million
-  South Inkai Mine received industrial production approvals, allowing
   commercial production to commence on January 1, 2009
-  Wrote down mineral interests, plant and equipment by $2.4 billion (net
   of future income tax recoveries): $1.3 billion on Dominion;
   $1.0 billion on properties in the United States; and $0.1 billion on
   Honeymoon and Australian exploration
-  Subsequent to year end, announced a C$270 million private placement
   and formation of a strategic relationship with a Japanese consortium

Jean Nortier, President and CEO of Uranium One commented:

"Following on from strong production results and sales volumes in 2008, Uranium One is well positioned to continue to execute on our growth plans during 2009. Akdala continues to perform in line with expectations and the ramp-up at South Inkai remains on target. Uranium One's balance sheet is one of the strongest in the uranium industry and we expect that we will be able to take advantage of opportunities today that will enhance our position in what we continue to believe will be a bright future for the nuclear industry tomorrow."

Outlook

Uranium One's attributable production estimate for 2009 is estimated at 3.5 million pounds, comprising 1.8 million pounds from Akdala, 1.5 million pounds from South Inkai and 0.2 million pounds from Kharasan. Total attributable production for 2010 is estimated at 5.6 million pounds.

Uranium One expects the average cash cost per pound of U(3)O(8) sold(1) at Akdala during 2009 to be approximately $15 per pound. The average cash cost per pound of U(3)O(8) sold at South Inkai during 2009 is expected to be $28 per pound, with a cost per pound sold of approximately $20 by the end of the year.

Uranium One's total contracts for sales of U(3)O(8) amount to 26 million attributable pounds, of which 16 million pounds have weighted average floor prices of approximately $47 per pound. For 2009, Uranium One expects to sell an aggregate of 2.8 million attributable pounds of U(3)O(8).