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

VANCOUVER, Aug. 10 /CNW/ - Uranium One Inc. ("Uranium One") today reported operational and financial results for the quarter ending June 30, 2009. 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 U.S. dollars unless otherwise indicated. All references to pounds sold or pounds produced are pounds of U(3)O(8).

Q2 2009 Highlights:
-  Total attributable production of 833,800 pounds during Q2 2009, 9%
   higher than the 767,100 pounds of attributable production recorded
   during Q2 2008 and 18% higher than total attributable production of
   708,500 in Q1 2009.
-  The average total cash cost per pound sold was $17 per pound during
   Q2 2009.
-  In line with scheduled deliveries under sales existing contracts,
   attributable sales volumes during Q2 2009 were 385,100 pounds, 44%
   lower than attributable sales volumes of 685,600 pounds during Q2
   2008.
-  The average realized sales price during Q2 2009 was $48 per pound,
   generating revenue of $18.6 million, compared to an average realized
   sales price of $72 per pound, generating revenue of $49.4 million
   during Q2 2008.
-  Earnings from mine operations were $6.6 million during Q2 2009, an 80%
   decrease compared to earnings from mine operations of $32.9 million
   during Q2 2008.
-  On June 15, 2009 Uranium One announced the signing of a definitive
   purchase agreement to acquire a 50% interest in the Karatau Uranium
   Mine in Kazakhstan from ARMZ.

Jean Nortier, President and CEO of Uranium One commented:

"Uranium One achieved record production during the second quarter, driven by steady performance from Akdala and the ramp-up in production from South Inkai, which continues to meet targets. Our mines are continuing to generate healthy operating margins with total cash costs per pound sold in line with our expectations at $17 per pound during the quarter."

Operations and Projects

For the six months ending June 30, 2009 Uranium One's attributable production was 1,516,400 pounds U(3)O(8), an increase of 75% over attributable production of 866,800 pounds U(3)O(8) for the comparable period in 2008. The average cash cost per pound sold was $17 per pound during the six months ending June 30, 2009, compared to $13 per pound during the comparable period in 2008.

Operational results for Uranium One's operations and project during Q2 2009 were:

-  At the Akdala Uranium Mine, attributable production of 438,800 pounds;
   total cash costs were $13 per pound sold.
-  At the South Inkai Uranium Mine, attributable production of 376,700
   pounds; cash operating costs for Q2 2009 were $23 per pound sold.
-  At the Kharasan Uranium Project, pilot production continued during the
   quarter, with attributable production during commissioning of 18,300
   pounds.

On July 9, 2009 Uranium One announced an updated NI 43-101 compliant mineral resource estimate for South Inkai provided by Hellman & Schofield Pty. Ltd. as at December 31, 2008 with total indicated resources of 34.1 million tonnes at a U(3)O(8) grade of 0.053%, containing 39.6 million pounds U(3)O(8) (27.7 million pounds attributable to Uranium One) and total inferred resources of 42.8 million tonnes at a U(3)O(8) grade of 0.047%, containing 44.4 million pounds U(3)O(8) (31.1 million pounds attributable to Uranium One). The previously reported mineral resource estimate dated October 2, 2006 was 57.7 million tonnes grading 0.048% U(3)O(8), containing 62.0 million pounds U(3)O(8) in the inferred category (43.4 million pounds attributable to Uranium One).

Outlook

Uranium One's attributable production estimate for 2009 remains 3.5 million pounds. With the completion of the acquisition of the 50% joint venture interest in Karatau, total production guidance for 2010 will increase by 35% from 5.6 million pounds to 7.5 million pounds.

During 2009, the average cash cost per pound sold is expected to be approximately $16 per pound at Akdala, including Kazakh mineral extraction tax of approximately $2 per pound. The average cash cost per pound sold is expected to be approximately $22 per pound at South Inkai, including Kazakh mineral extraction tax of approximately $4 per pound.

Uranium One currently has contracts for the sale of an aggregate of 25 million attributable pounds, 16 million pounds of which are contracted at weighted average floor prices of approximately $46 per pound. The remainder of contracted attributable sales are not subject to floors and such sales are related to the spot price of U(3)O(8), except for 910,000 pounds, which will be sold at an average fixed price of $79 per pound, subject to escalation.

For 2009, Uranium One expects to sell between 2.4 million and 2.8 million attributable pounds. Uranium One has already contracted for the sale of 2.2 million attributable pounds in 2009, of which 700,000 pounds have weighted average floor prices of approximately $43 per pound. Sales of U(3)O(8) into the spot market will be at Uranium One's discretion.

Attributable inventory levels at our 70% owned Betpak Dala JV are expected to increase from approximately 1.2 million pounds at December 31, 2008 to between approximately 1.8 million and 2.2 million pounds by the end of 2009.

In 2009, capital expenditure by Betpak Dala is expected to be $30 million at South Inkai and $6 million at Akdala (on a 100% basis).