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Gold/Mining/Energy : Uranium Stocks -- Ignore unavailable to you. Want to Upgrade?

To: siempre33 who wrote (4043)	11/14/2006 1:39:18 PM
From: Yamakita	Respond to of 30198

Uranium One Announces Financial Results for Q3 2006 Tuesday November 14, 9:03 am ET Trading Symbol: SXR - Toronto Stock Exchange, JSE Limited (Johannesburg Stock Exchange) TORONTO, ON, and JOHANNESBURG, South Africa, Nov. 14 /CNW/ - sxr Uranium One Inc. ("Uranium One") today reported unaudited financial results for the three and nine months ended September 30, 2006. All figures are in US dollars unless otherwise indicated. Complete details of the September 30, 2006 financial statements can be found on Uranium One's website at www.uranium1.com and will be made available on SEDAR at www.sedar.com. Financial highlights for the quarter include the following: - net profit of $2.4 million or $0.02 per share for the third quarter, compared to a net loss of $20.0 million or $0.18 per share for the second quarter - gold sales of $0.7 million compared to $0.9 million during the second quarter, as the focus shifts to integrating the Bonanza gold plant with the Dominion uranium processing plant - general and administrative expenditure of $3.7 million compared to $4.5 million in the second quarter, reflecting continuing corporate development activities in the western United States - interest income of $1.1 million during the quarter compared to $1.5 million in the second quarter - an increase in value of property, plant and equipment to $232.8 million at quarter end (from $208.9 million at June 30, 2006), reflecting construction progress at Dominion - raising of $45.5 million on August 30, 2006 under a futures-related term facility with Nedcor Securities - cash balances rose to $98.2 million at September 30, 2006 from $88.9 million at June 30, 2006 Operational highlights for the third quarter include: - completion of positive feasibility studies for the Dominion Uranium Project, the Honeymoon Uranium Project and the Modder East Gold Project - commencement of cold commissioning at Dominion on August 30, 2006, three months ahead of schedule, with the project continuing on track for hot commissioning production in Q1 of 2007 - board approval for the implementation of the Honeymoon Uranium Project, an ISL project in South Australia with an annual production rate of 400 tpa U3O8 equivalent, an estimated capital cost of $35.9 million and first uranium production scheduled for 2008 - continued construction progress at Modder East, an underground gold mine with a planned production of 948,290 ounces of gold over a ten year period and estimated capital expenditure of $107.8 million to the start of production in 2009 - execution of separate exclusivity agreements with Rio Tinto Energy America and U.S. Energy Corp. for the negotiation of purchase agreements for the Sweetwater Uranium Mill and related uranium properties in Wyoming, and the Shootaring Canyon Uranium Mill in Utah and related uranium properties in Utah, Wyoming, Arizona and Colorado Subsequent to quarter end, the South African regulatory authorities formally issued a "new order" mining right for the Dominion Uranium Project, covering all of the resources in the Company's existing 14,000 hectare area prospecting right. In addition, on October 31, 2006, Uranium One completed a bought deal public offering of 20,815,000 common shares at a price of Cdn $8.30 per share, for gross proceeds of Cdn $172,764,500 (approximately $154 million). The net proceeds of the offering will be used to finance construction at Dominion and Honeymoon, for exploration activities and general corporate purposes. Commenting on Uranium One's progress, Neal Froneman, President and CEO said: "During the quarter, we completed positive feasibility studies on all three of our principal projects, and continued to progress towards our objective of production of uranium at Dominion in Q1 of 2007 and at Honeymoon in 2008. As per our strategy we also began to lay the foundations for our expansion into the United States, concluding exclusivity agreements to negotiate the purchase of two of that country's only four remaining uranium mills. By design we are an un-hedged and un-capped uranium miner. With production coming on stream in a matter of months, we are well placed to benefit from the recent sharp rise in the spot and term uranium price. We expect that the uranium price environment will continue to be favourable."