Uranium One announces record production and sales for 2011 and extends Mantra option

Attributable production for 2011 increased by approximately 45% to a record of 10.7 million pounds U₃O₈, compared to 7.4 million pounds produced in 2010.  During the fourth quarter of 2011, attributable production was a record 3.4 million pounds U₃O₈, an approximate 62% increase compared to 2.1 million pounds produced during the fourth quarter of 2010.

A breakdown of Uranium One’s attributable production for the fourth quarter and for the full year 2011 is shown below.

Table 1 – Uranium One Attributable Production (million pounds U₃O₈)

Sales

Attributable sales for the full year 2011 were a record of 9.9 million pounds U₃O₈, representing an approximate 43% increase compared to 2010 attributable sales of 6.9 million pounds U₃O₈.

During the fourth quarter of 2011, the attributable sales volume was a record of 3.2 million pounds U₃O₈, representing an approximate 10% increase in sales compared to 2.9 million pounds during the fourth quarter of 2010.

Mantra

Under the terms of the Amended and Restated Option Agreement between Uranium One and ARMZ announced onMarch 21, 2011, the Company has elected to pay US$150 million to ARMZ which will both extend the term of the Mantra purchase option from June 7, 2012 to June 7, 2013 and result in Uranium One acquiring a 13.9% stake in Mantra from ARMZ, subject to receipt of all required regulatory approvals which are expected before the end of the first quarter of 2012.

The exercise of the option to acquire the remainder of Mantra continues to be subject to Uranium One minority shareholder approval.

About Uranium One

Uranium One is one of the world’s largest publicly traded uranium producers with a globally diversified portfolio of assets located in Kazakhstan, the United States, and Australia.

Cautionary Statement

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Investors are advised to refer to independent technical reports containing detailed information with respect to the material properties of Uranium One. These technical reports are available under the profiles of Uranium One Inc. and UrAsia Energy Ltd. at www.sedar.com. Those technical reports provide the date of each resource or reserve estimate, details of the key assumptions, methods and parameters used in the estimates, details of quality and grade or quality of each resource or reserve and a general discussion of the extent to which the estimate may be materially affected by any known environmental, permitting, legal, taxation, socio-political, marketing, or other relevant issues. The technical reports also provide information with respect to data verification in the estimation.

Forward-looking statements: This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes” or variations of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Uranium One to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the completion of the transactions in which Uranium One is engaged or expects to be engaged, the state of the capital markets, changes to the content or application of the relevant laws or regulations, the future steady state production and cash costs of Uranium One, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes or other risks of the mining industry, delays in obtaining government approvals or financing or in completion of development or construction activities, risks relating to the integration of acquisitions and the realization of synergies relating thereto, to international operations, to prices of uranium as well as those factors referred to in the section entitled “Risk Factors” in Uranium One’s Annual Information Form dated March 31, 2011 for the year ended December 31, 2010 and the section entitled “Risks and Uncertainties” in Uranium One’s Management’s Discussion & Analysis for the period ended September 30, 2011, each of which is available on SEDAR at www.sedar.com, and which should be reviewed in conjunction with this document. Although Uranium One has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

Accordingly, readers should not place undue reliance on forward-looking statements. Uranium One expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

For further information about Uranium One, please visit www.uranium1.com.