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

VANCOUVER and JOHANNESBURG, Aug. 10 /CNW/ - Uranium One Inc. ("Uranium One") announced today that it has entered into a definitive agreement to acquire 100% of the MALCO Joint Venture ("MALCO") from wholly-owned subsidiaries of AREVA and EDF for US$ 35 million in cash.

The assets of MALCO include the licensed and permitted Irigaray ISR central processing plant, the Christensen Ranch satellite ISR facility and associated U(3)O(8) resources located in the Powder River Basin of Wyoming.

The Irigaray and Christensen Ranch facilities are expected to form the basis of a new operating plan for the Company's projects in Wyoming. Uranium One anticipates that its Moore Ranch project will now become a satellite ISR operation, with loaded resins being transported to Irigaray for further processing into dried U(3)O(8). Uranium One's additional projects in the Powder River Basin, including Ludeman, Peterson, Allemand-Ross and Barge could also be developed as satellite operations with final processing through Irigaray.

Jean Nortier, President and Chief Executive Officer of Uranium One said:

"The acquisition of the Irigaray and Christensen Ranch ISR facilities is an excellent complement to our current Wyoming uranium resource portfolio. By acquiring existing, licensed production facilities, we will reduce the permitting and construction risk associated with developing our own central production plant. Now, with a clear path to commencing uranium production in the U.S., we believe that the underlying value of our Wyoming asset base will become apparent."

Closing of the transaction is expected to take place during H1 2010 and is subject to regulatory approvals including U.S. Nuclear Regulatory Commission ("NRC"), Wyoming Department of Environmental Quality ("WDEQ"), Texas Commission on Environmental Quality and the Committee on Foreign Investment in the United States. Closing is also subject to a financing condition which the Company expects will be satisfied by the completion of the previously announced private placement of 117,000,000 common shares of Uranium One to a consortium of Japanese companies for proceeds of approximately C$ 270 million.

Overview of Irigaray and Christensen Ranch

Operations at Christensen Ranch commenced in 1989 and production continued until 2000. Including uranium recovered from restoration activities, a total of 4.7 million pounds U(3)O(8) was produced at Christensen Ranch and Irigaray.

All major permits and licenses are in place for the re-start of operations at Christensen Ranch and Irigaray. These include the NRC Source Material License, the WDEQ Permit to Mine, and permits for disposal well operations.