Uranium One Announces Industrial Production Approval for South Inkai

Uranium One Inc. ("Uranium One") today announced that the Kazakh Ministry of Energy and Mineral Resources has formally approved the commencement of industrial production at South Inkai. The approval was given by way of an amendment to the South Inkai subsoil use agreement and permits the Company's 70% owned Betpak Dala joint venture to ramp up production at the South Inkai Uranium Mine over the next three years to 5.2 million lbs U(3)O(8) per year.

As a result of the approval, commercial production for accounting purposes will now commence at South Inkai. The processing plant at South Inkai was completed earlier this year, and the first sale of South Inkai uranium production is expected to take place shortly. The revenue and associated expenses with the sale of South Inkai production will now be included in Uranium One's consolidated statements of operations.