Uranium One Announces a 5% Increase in Q3 2013 Production to 3.2 Million Pounds at an Average Total Cash Cost of $16 per Pound

Uranium One Announces a 5% Increase in Q3 2013 Production to 3.2 Million 
Pounds at an Average Total Cash Cost of $16 per Pound Sold 
TORONTO, Nov. 5, 2013 /CNW/ - Uranium One Inc. ("Uranium One") today reported 
quarterly revenue of $220.8 million for Q3 2013, including joint venture 
revenue, based on sales of 6.0 million pounds at an average realized sales 
price of $37 per pound at an average total cash cost per pound sold of $16. 
Uranium One also announced today an update of the existing mineral resource 
and reserve estimates for its operations in Kazakhstan, the United States, 
Australia and Tanzania, including new and significantly increased mineral 
resource and reserve estimates for its Akbastau and Karatau uranium mines. 
Q3 2013 Highlights 
Operational 


    --  Total attributable production during Q3 2013 was 3.2 million
        pounds, 5% higher than total attributable production of 3.1
        million pounds during Q3 2012.
    --  The average total cash cost per pound sold was $16 per pound
        for Q3 2013, compared to $16 per pound for Q3 2012.

Financial
    --  Attributable sales volumes for Q3 2013 were 6.0 million pounds
        sold from the Corporation's operations and joint ventures
        compared to 2.9 million pounds sold during Q3 2012.
    --  Revenue was $41.0 million in Q3 2013, compared to $8.5 million
        in Q3 2012.
    --  Joint venture revenue in Q3 2013 was $179.8 million, compared
        to $134.1 million in Q3 2012.
    --  The average realized sales price during Q3 2013 was $37 per
        pound, compared to $49 per pound in Q3 2012. The average spot
        price in Q3 2013 was $35 per pound compared to $49 per pound in
        Q3 2012.
    --  Earnings from mine operations were $10.4 million in Q3 2013,
        compared to $5.4 million in Q3 2012.
    --  Earnings from mine operations, including earnings from joint
        ventures, were $49.6 million in Q3 2013, a 15.7% decrease
        compared to earnings from mine operations, including joint
        ventures, of $58.8 million in Q3 2012.
    --  The net losses for Q3 2013 were $63.6 million or $0.07 per
        share, compared to net losses of $61.6 million or $0.06 per
        share for Q3 2012.
    --  The adjusted net earnings for Q3 2013 were $30.1 million or
        $0.03 per share, compared to adjusted net earnings of $7.3
        million or $0.01 per share for Q3 2012.
    --  The Corporation impaired the Honeymoon project due to
        continuing difficulties in the production process and issues in
        attaining design capacity combined with high mine operation
        costs. The carrying value of Honeymoon was therefore written
        down by $67.8 million.

Corporate
    --  On January 13, 2013, the Corporation entered into a definitive
        agreement with ARMZ under which the Corporation would be taken
        private pursuant to a Plan of Arrangement. On March 7, 2013,
        the Corporation received security holder approval for the
        proposed Plan of Arrangement. The transaction was completed on
        October 18, 2013. ARMZ and its affiliates, which owned 51.4% of
        the Corporation's outstanding common shares and under the
        agreement, acquired all of the remaining publicly held Common
        Shares for a cash consideration of CDN$2.86 per share.
    --  On August 23, 2013, the Corporation made an offer to the
        holders of its Series 1 Ruble Bonds and redeemed RUB 11.8
        billion (US$382.5 million) of the Series 1 Ruble Bonds. The
        Corporation also issued Series 2 Ruble Bonds for RUB 12.5
        billion (US$380.7 million). There remains RUB 2.5 billion
        (US$81.0 million) of Series 1 Ruble Bonds in issue. The
        Corporation entered into six derivatives in September 2013 to
        economically hedge the Series 2 Ruble Bonds.

Outlook

The Corporation's total attributable production guidance for 2013 remains at 
12.5million pounds. Total attributable production for 2014 is expected to be 
12.4 million pounds as shown below.

 ________________________________________
|  Operation |     2014 Attributable     |
|            |                           |
|            |Production Estimate (M lbs)|
|____________|___________________________|
|Akdala      |                  1.8      |
|____________|___________________________|
|South Inkai |                  3.6      |
|____________|___________________________|
|Karatau     |                  2.6      |
|____________|___________________________|
|Akbastau    |                  2.0      |
|____________|___________________________|
|Zarechnoye  |                  1.1      |
|____________|___________________________|
|Kharasan    |                  0.7      |
|____________|___________________________|
|Willow Creek|                  0.6      |
|____________|___________________________|
|Total       |                 12.4      |
|____________|___________________________|


During 2014, the average cash cost per pound sold is expected to be 
approximately $18 per pound. 
 _____________________________________________
|     Operation  |2014 Average Total Cash Cost|
|                |                            |
|                |   per Pound Sold ($/lb)    |
|________________|____________________________|
|Akdala          |                  $16       |
|________________|____________________________|
|South Inkai     |                  $18       |
|________________|____________________________|
|Karatau         |                  $11       |
|________________|____________________________|
|Akbastau        |                  $13       |
|________________|____________________________|
|Zarechnoye      |                  $26       |
|________________|____________________________|
|Kharasan        |                  $24       |
|________________|____________________________|
|Willow Creek    |                  $28       |
|________________|____________________________|
|Weighted Average|                  $18       |
|________________|____________________________| 
The Corporation expects attributable sales to be approximately 12.4 million 
pounds in 2014. 
The Corporation expects to incur attributable capital expenditures in 2014 of 
$65 million for wellfield development and $8million for plant and equipment, 
totalling $73 million for its assets in Kazakhstan and the United States. 


                                                              
                     2014 - ESTIMATED CAPITAL EXPENDITURE IN $ MILLIONS
                                 PLANT AND        


                   WELLFIELD
MINE / PROJECT                   EQUIPMENT TOTAL   OWNERSHIP      TOTAL 


                     DEVELOPMENT
                                 AND OTHER                 %
                                      100%               ATTRIBUTABLE

Kazakhstan                                                             

Akdala                         9         2    11         70%          8

South Inkai                   27         3    30         70%         21

Karatau                       22         1    23         50%         12

Akbastau                      13         1    14         50%          7

Zarechnoye                    26         2    28      49.67%         14

Kharasan                      29         2    31         30%          9

SKZ-U                          -         3     3         19%          1

Subtotal -                   127        14   141                     72
Kazakhstan

United States                                                          

Willow Creek and the           -         1     1        100%          1
Powder River Basin

Subtotal - United              -         1     1                      1
States

Total                        127        15   142                     73


In 2014, general and administrative expenses, excluding non-cash items, are 
expected to be approximately $32 million and exploration expenses are expected 
to be $1 million. 
Q3 2013 Operations and Projects 
During Q3 2013, Uranium One achieved attributable production of 3.2 million 
pounds, an increase of 5% over attributable production of 3.1 million pounds 
for the comparable period in 2012. 
Operational results for Uranium One's assets during Q3 2013 were: 
 ________________________________________________________________
|      Asset   |Q3 Attributable Production| Q3 Total Cash Costs  |
|              |                          |                      |
|              |      (lbs U(3)O(8))      |(per lb sold U(3)O(8))|
|______________|__________________________|______________________|
|Akdala        |              419,200     |              $13     |
|______________|__________________________|______________________|
|South Inkai   |              957,700     |              $16     |
|______________|__________________________|______________________|
|Karatau       |              698,200     |              $11     |
|______________|__________________________|______________________|
|Akbastau      |              491,500     |              $12     |
|______________|__________________________|______________________|
|Zarechnoye    |              272,300     |              $29     |
|______________|__________________________|______________________|
|Kharasan      |              153,500     |              $21     |
|______________|__________________________|______________________|
|Willow Creek  |              254,000     |              $24     |
|______________|__________________________|______________________|
|Honeymoon((1))|               99,300     |              N/A     |
|______________|__________________________|______________________| 


    Q3 2013 Financial Review

Revenue was $41.0 million in Q3 2013, compared to $8.5 million in Q3 2012. 
Joint venture revenue in Q3 2013 was $179.8 million, compared to $134.1 
million in Q3 2012.

Operating expenses per pound sold were $16 for Q3 2013 compared to $16 in Q3 
2012.

Earnings from mine operations were $10.4 million in Q3 2013, compared to 
$5.4million in Q3 2012.

Earnings from mine operations, including earnings from joint ventures, were 
$49.6 million in Q3 2013, a 15.7% decrease compared to earnings from mine 
operations, including joint ventures, of $58.8million in Q3 2012.

Attributable inventory as at September 30, 2013 was 0.7 million pounds, which 
includes work in progress as well as finished product. Finished product at 
conversion facilities awaiting pre-scheduled deliveries into sales contracts 
was 0.5 million pounds at September 30, 2013.

The net losses for Q3 2013 were $63.6 million or $0.07 per share, compared to 
net losses of $61.6 million or $0.06 per share for Q3 2012.

The adjusted net earnings for Q3 2013 were $30.1 million or $0.03 per share, 
compared to adjusted net earnings of $7.3 million or $0.01 per share for Q3 
2012.

Consolidated cash and cash equivalents, including restricted cash of $1,932.8 
million as at September 30, 2013 compared to $442.0 million at December 31, 
2012. Working capital was $566.7 million at September 30, 2013.

The following table provides a summary of key financial results:
                                                                       


                                                      YTD       YTD
FINANCIAL                        Q3 2013   Q3 2012 
                                                  Q3 2013   Q3 2012 
Attributable production (lbs)
((2))                          3,246,400 3,081,300  9,733,000 8,452,600 
Attributable sales (lbs) ((2)) 5,970,900 2,865,800 10,217,300 6,558,800 
                                                                    
Average realized sales price
($ per lb) ((2))                      37        49         40        51 
Average total cash cost per
pound sold($ per lb)((2))             16        16         17        16 
Revenues ($millions)((3)(4))        41.0       8.5       58.1      26.8 
Revenues from joint ventures
($millions)                        179.8     134.1      348.3     308.5 
Earnings from mine operations
($millions)((3)(4))                 10.4       5.4       17.4      13.8 
Earnings from mine operations,
including earnings from joint
ventures ($millions)                49.6      58.8      100.3     148.2 
Net loss($millions)               (63.6)    (61.6)     (62.5)    (27.9) 
Net loss per share - basic and
diluted ($ per share)             (0.07)    (0.06)     (0.07)    (0.03) 
                                                                    
Adjusted net earnings
($millions)((2))                    30.1       7.3       44.5      32.1 
Adjusted net earnings per
share - basic ($ per share)(
(2))                                0.03      0.01       0.05      0.03 
The following table provides a reconciliation of adjusted net earnings / 
(loss) to the consolidated financial statements: 
                                                                    
(US DOLLARS IN              3 MONTHS ENDED            9 MONTHS ENDED
MILLIONS EXCEPT
PER                 SEP 30, 2013 SEP 30, 2012 SEP 30, 2013 SEP 30, 2012 
SHARE AMOUNTS)        $ MILLIONS   $ MILLIONS   $ MILLIONS   $ MILLIONS 
Net loss                  (63.6)       (61.6)       (62.5)       (27.9) 
Fair value         
adjustments                (0.3)            -        (1.2)          0.3 
Impairment         
charges (net of
deferred taxes)             67.8         79.1         67.8         79.1 
Gain on business   
combination                    -       (17.2)            -       (17.2) 
Corporate          
development
expenditure                  6.6          0.2         12.6          2.6 
Restructuring      
costs                          -          1.5          2.1          1.5 
2010 Debentures    
accelerated
interest                    17.8            -         17.8            - 
Ruble bond hedge   
accounting
adjustments                  1.8          5.3          7.9          4.1 
Non-recurring      
income tax
adjustment                     -            -            -       (10.4) 
Adjusted net       
earnings                    30.1          7.3         44.5         32.1 
                                                                    
Adjusted net       
earnings per
share - basic ($)
and 
diluted                     0.03         0.01         0.05         0.03 
                                                                    
Weighted average   
number of shares
(millions) - 
basic and diluted          959.2        957.2        957.9        957.2 


                                                                       

The financial statements, as well as the accompanying management's discussion 
and analysis were prepared in accordance with International Financial 
Reporting (IFRS) and are available for review at www.uranium1.com and should 
be read in conjunction with this news release. Any reference to information 
including joint venture balances should be read as a non-IFRS measure used to 
compare our financial performance to prior periods. All figures are in U.S. 
dollars unless otherwise indicated. All references to pounds sold or pounds 
produced are to pounds of U(3)O(8).

Update of Existing Mineral Resource and Reserve Estimates

As at June 30, 2013 the total attributable proven and probable reserves at the 
Company's operations in Kazakhstan, the United States, Australia and Tanzania 
increased by 139% compared to previous estimates, from 61.005 million lbs 
U(3)O(8 )(23,465 tonnes U) to 145.924 million lbs U(3)O(8 )(56,129 tonnes U), 
while the total attributable measured and indicated resources increased by 
98%, from 111.641 million lbs U(3)O(8 )(42,942 tonnes U) to 221.079 million 
lbs U(3)O(8 )(85,038 tonnes U).

The update includes new resource and reserve estimates for Akbastau and 
Karatau, showing significant increases in the attributable reserves and 
resources at both mines:
    --  at Akbastau, the Company's attributable share of proven and
        probable reserves increased by 354%, from 9.047 million lbs U
        (3)O(8) (3,480 t U) to 41.075 million lbs U(3)O(8) (15,799 t
        U), while the Company's attributable share of measured and
        indicated resources increased by 286%, from 15.919 million lbs
        U(3)O(8) (6,125 t U) to 61.476 million lbs U(3)O(8) (23,647 t
        U)
    --  at Karatau, the Company's attributable share of  proven and
        probable reserves increased by 674%, from 8.730 million lbs U
        (3)O(8) (3,358 t U) to 67.543 million lbs U(3)O(8) (25,980 t
        U), while the Company's attributable share of measured and
        indicated resources increased by 586%, from 12.102 million lbs
        U(3)O(8) (4,661 t U) to 82.984 million lbs U(3)O(8) (31,920 t
        U)

The new estimates, finalized in late October 2013 following review and 
verification by the Company's Qualified Person, result from the application of 
3D modeling techniques to an extensive database of Kazakh Government drilling 
information which was made available to the Company for the first time. The 
new estimate does not include any resources for Zarechnoye South as the 
Company has determined that the mineral resources on this property are 
insufficient to support development.

Further information, including a breakdown of mineral resource and reserve 
estimates on a mine by mine basis, is attached as Appendix A to this news 
release.

About Uranium One

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

Notes

(1)      Honeymoon production represents concentrates in process that
         require further processing in order to become uranium
         concentrates that can be converted into a saleable product.

(2)      Attributable production and sales are from assets owned and
         joint ventures in commercial production during the period. The
         Corporation has included the following non-IFRS performance
         measures: average realized sales price per pound, cash cost
         per pound sold, adjusted net earnings and adjusted net
         earnings per share. In the uranium mining industry, these are
         common performance measures but do not have any standardized
         meaning, and are non-IFRS measures. The Corporation believes
         that, in addition to conventional measures prepared in
         accordance with IFRS, the Corporation and certain investors
         use this information to evaluate the Corporation's performance
         and ability to generate cash flow. The additional information
         provided herein should not be considered in isolation or as a
         substitute for measures of performance prepared in accordance
         with IFRS. See "Non-IFRS Measures".

(3)      Comparative information has been restated with the adoption of
         IFRS 11 - Joint arrangements on January 1, 2013.

(4)      Includes profits / losses for joint venture production
         delivered into contracts held by the Corporation, and excludes
         revenues from joint ventures.

Cautionary Statements

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

Scientific and technical information contained herein has been reviewed on 
behalf of the Corporation by Mr. M.H.G. Heyns, Pr.Sci.Nat. (SACNASP), MSAIMM, 
MGSSA, Senior Vice President New Business and Technical Services of the 
Corporation, a qualified person for the purposes of NI 43-101.

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 profile of Uranium One Inc. 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 quantity 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 news release contains certain forward-looking 
statements. Forward-looking statements include but are not limited to those 
with respect to the price of uranium, the estimation of mineral resources and 
mineral reserves, the realization of mineral reserve estimates, the timing and 
amount of estimated future production, costs of production, capital 
expenditures, costs and timing of the development of new deposits, success of 
exploration activities, permitting time lines, currency fluctuations, 
requirements for additional capital, government regulation of mining 
operations, environmental risks, unanticipated reclamation expenses, the 
timing and potential effects of proposed transactions, title disputes or 
claims, limitations on insurance coverage, and the timing and possible outcome 
of pending litigation. 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 described in this press release, 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 for the year ended December 31, 2012, which is 
available under Uranium One's profile 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.

For further information:

Chris Sattler
Chief Executive Officer
Tel: +1 647 788 8500

Anton Jivov
Vice President, Corporate Affairs
Tel: +1 647 788 8461
                                                  APPENDIX A
                                               URANIUM ONE INC.
                                       SUMMARY OF MINERAL RESOURCES AND
                                              MINERAL RESERVES
                                               AT JUNE 30, 2013

 ____________________________________________________________________________________
|Mine / Area  |Category | Tonnes|Grade|         Uranium    |Grade|         Uranium   |
|             |         |       |     |                    |     |                   |
|(Attributable|         |       |     |                    |     |                   |
|%)           |         |       |     |                    |     |                   |
|             |         |       |     |                    |     |                   |
|Location     |         |       |     |                    |     |                   |
|             |         |       |     |                    |     |                   |
|Type of Mine |         |       |     |                    |     |                   |
|_____________|_________|_______|_____|____________________|_____|___________________|
|             |         |(000s) |(%U) |           (t U)    | (% U|  (M lbs U(3)O(8)) |
|             |         |       |     |____________________| (3)O|___________________|
|             |         |       |     |  100% |Attributable| (8))| 100% |Attributable|
|_____________|_________|_______|_____|_______|____________|_____|______|____________|
|Akbastau No 1|         |       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|(50%)        |Measured | 20,090|0.081| 16,278|       8,139|0.096| 42.32|       21.16|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|Kazakhstan   |Indicated|  3,044|0.124|  3,764|       1,882|0.146|  9.79|        4.89|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|ISL          |Measured | 23,134|0.087| 20,042|      10,021|0.102| 52.11|       26.05|
|             |&        |       |     |       |            |     |      |            |
|             |         |       |     |       |            |     |      |            |
|             |Indicated|       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Inferred | 18,118|0.068| 12,405|       6,203|0.081| 32.25|       16.13|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven   | 33,233|0.042| 13,881|       6,940|0.049| 36.09|       18.04|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Probable |  5,479|0.056|  3,049|       1,524|0.066|  7.93|        3.96|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven & | 38,712|0.044| 16,930|       8,464|0.052| 44.02|       22.00|
|             |         |       |     |       |            |     |      |            |
|             |Probable |       |     |       |            |     |      |            |
|_____________|_________|_______|_____|_______|____________|_____|______|____________|
|Akbastau No 3|         |       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|(50%)        |Measured | 12,247|0.076|  9,270|       4,635|0.089| 24.10|       12.05|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|Kazakhstan   |Indicated|  8,928|0.100|  8,945|       4,473|0.118| 23.26|       11.63|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|ISL          |Measured | 21,175|0.086| 18,215|       9,108|0.101| 47.36|       23.68|
|             |&        |       |     |       |            |     |      |            |
|             |         |       |     |       |            |     |      |            |
|             |Indicated|       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Inferred |  1,023|0.120|  1,226|         613|0.141|  3.19|        1.59|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven   | 21,393|0.035|  7,423|       3,712|0.041| 19.30|        9.65|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Probable | 16,071|0.045|  7,245|       3,622|0.053| 18.84|        9.42|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven & | 37,464|0.039| 14,668|       7,334|0.046| 38.14|       19.07|
|             |         |       |     |       |            |     |      |            |
|             |Probable |       |     |       |            |     |      |            |
|_____________|_________|_______|_____|_______|____________|_____|______|____________|
|Akbastau No 4|Measured |  5,912|0.110|  6,497|       3,249|0.130| 16.89|        8.45|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|(50%)        |Indicated|  2,616|0.097|  2,539|       1,270|0.114|  6.60|        3.30|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|Kazakhstan   |Measured |  8,528|0.106|  9,036|       4,519|0.125| 23.49|       11.75|
|             |&        |       |     |       |            |     |      |            |
|ISL          |         |       |     |       |            |     |      |            |
|             |Indicated|       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Inferred | 13,807|0.125| 17,221|       8,611|0.147| 44.77|       22.39|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven   |      -|    -|      -|           -|    -|     -|           -|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Probable |      -|    -|      -|           -|    -|     -|           -|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven & |      -|    -|      -|           -|    -|     -|           -|
|             |         |       |     |       |            |     |      |            |
|             |Probable |       |     |       |            |     |      |            |
|_____________|_________|_______|_____|_______|____________|_____|______|____________|
|Karatau (50%)|Measured | 35,328|0.058| 20,602|      10,301|0.069| 53.56|       26.78|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|Kazakhstan   |Indicated| 51,189|0.084| 43,237|      21,619|0.100|112.41|       56.20|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|ISL          |Measured | 86,517|0.074| 63,839|      31,920|0.087|165.97|       82.98|
|             |&        |       |     |       |            |     |      |            |
|             |         |       |     |       |            |     |      |            |
|             |Indicated|       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Inferred | 65,953|0.095| 62,772|      31,386|0.112|163.19|       81.60|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven   | 57,248|0.030| 16,939|       8,469|0.035| 44.04|       22.02|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Probable | 92,140|0.038| 35,022|      17,511|0.045| 91.05|       45.52|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven & |149,388|0.035| 51,960|      25,980|0.041|135.09|       67.54|
|             |         |       |     |       |            |     |      |            |
|             |Probable |       |     |       |            |     |      |            |
|_____________|_________|_______|_____|_______|____________|_____|______|____________|
|Akdala -     |         |       |     |       |            |     |      |            |
|Blizhniy     |_________|_______|_____|_______|____________|_____|______|____________|
|             |Measured | 33,935|0.006|  1,887|       1,321|0.007|  4.90|        3.43|
|(70%)        |_________|_______|_____|_______|____________|_____|______|____________|
|             |Indicated|      -|    -|      -|           -|    -|     -|           -|
|Kazakhstan   |_________|_______|_____|_______|____________|_____|______|____________|
|             |Measured | 33,935|0.006|  1,887|       1,321|0.007|  4.90|        3.43|
|ISL          |&        |       |     |       |            |     |      |            |
|             |         |       |     |       |            |     |      |            |
|             |Indicated|       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Inferred |    911|0.046|    415|         291|0.054|  1.08|        0.76|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven   | 33,935|0.005|  1,698|       1,189|0.006|  4.41|        3.09|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Probable |      -|    -|      -|           -|    -|     -|           -|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven & | 33,935|0.005|  1,698|       1,189|0.006|  4.41|        3.09|
|             |         |       |     |       |            |     |      |            |
|             |Probable |       |     |       |            |     |      |            |
|_____________|_________|_______|_____|_______|____________|_____|______|____________|
|Akdala -     |         |       |     |       |            |     |      |            |
|Letniy       |_________|_______|_____|_______|____________|_____|______|____________|
|             |Measured |      -|    -|      -|           -|    -|     -|           -|
|(70%)        |_________|_______|_____|_______|____________|_____|______|____________|
|             |Indicated|    628|0.064|    399|         279|0.075|  1.04|        0.73|
|Kazakhstan   |_________|_______|_____|_______|____________|_____|______|____________|
|             |Measured |    628|0.064|    399|         279|0.075|  1.04|        0.73|
|ISL          |&        |       |     |       |            |     |      |            |
|             |         |       |     |       |            |     |      |            |
|             |Indicated|       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Inferred |  8,772|0.064|  5,600|       3,920|0.075| 14.56|       10.19|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven   |      -|    -|      -|           -|    -|     -|           -|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Probable |  1,300|0.028|    360|         252|0.033|  0.94|        0.66|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven & |  1,300|0.028|    360|         252|0.033|  0.94|        0.66|
|             |         |       |     |       |            |     |      |            |
|             |Probable |       |     |       |            |     |      |            |
|_____________|_________|_______|_____|_______|____________|_____|______|____________|
|South Inkai  |         |       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|(70%)        |Measured | 36,626|0.015|  5,325|       3,728|0.017| 13.84|        9.69|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|Kazakhstan   |Indicated|    625|0.051|    316|         221|0.060|  0.82|        0.58|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|ISL          |Measured | 37,251|0.015|  5,641|       3,949|0.018| 14.66|       10.27|
|             |&        |       |     |       |            |     |      |            |
|             |         |       |     |       |            |     |      |            |
|             |Indicated|       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Inferred | 42,845|0.040| 17,099|      11,969|0.047| 44.45|       31.12|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven   | 51,276|0.009|  4,793|       3,355|0.011| 12.46|        8.72|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Probable |    876|0.032|    284|         199|0.038|  0.74|        0.52|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven & | 52,152|0.010|  5,077|       3,554|0.011| 13.20|        9.24|
|             |         |       |     |       |            |     |      |            |
|             |Probable |       |     |       |            |     |      |            |
|_____________|_________|_______|_____|_______|____________|_____|______|____________|
|Zarechnoye   |         |       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|(49.67%)     |Measured | 16,786|0.008|  1,289|         640|0.009|  3.35|        1.66|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|Kazakhstan   |Indicated| 11,752|0.057|  6,699|       3,327|0.067| 17.42|        8.65|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|ISL          |Measured | 28,538|0.028|  7,988|       3,967|0.033| 20.77|       10.31|
|             |&        |       |     |       |            |     |      |            |
|             |         |       |     |       |            |     |      |            |
|             |Indicated|       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Inferred |  9,400|0.048|  4,500|       2,235|0.056| 11.70|        5.81|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven   | 33,600|0.003|  1,030|         512|0.004|  2.68|        1.33|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Probable | 15,300|0.023|  3,480|       1,729|0.027|  9.05|        4.49|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven & | 48,900|0.009|  4,510|       2,240|0.011| 11.73|        5.82|
|             |         |       |     |       |            |     |      |            |
|             |Probable |       |     |       |            |     |      |            |
|_____________|_________|_______|_____|_______|____________|_____|______|____________|
|Kharasan     |         |       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|(30%)        |Measured |  6,975|0.027|  1,884|         565|0.032|  4.90|        1.47|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|Kazakhstan   |Indicated|  8,581|0.078|  6,677|       2,003|0.092| 17.36|        5.21|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|ISL          |Measured | 15,556|0.055|  8,561|       2,568|0.065| 22.26|        6.68|
|             |&        |       |     |       |            |     |      |            |
|             |         |       |     |       |            |     |      |            |
|             |Indicated|       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Inferred | 17,600|0.102| 17,940|       5,382|0.120| 46.64|       13.99|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven   | 13,951|0.008|  1,123|         337|0.009|  2.92|        0.88|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Probable | 17,162|0.035|  6,009|       1,803|0.041| 15.62|        4.69|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven & | 31,113|0.023|  7,132|       2,140|0.027| 18.54|        5.57|
|             |         |       |     |       |            |     |      |            |
|             |Probable |       |     |       |            |     |      |            |
|_____________|_________|_______|_____|_______|____________|_____|______|____________|
|Willow Creek |         |       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|(100%)       |Measured |      -|    -|      -|           -|    -|     -|           -|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|U.S.A.       |Indicated|  9,843|0.066|  6,512|       6,512|0.078| 16.93|       16.93|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|ISL          |Measured |  9,843|0.066|  6,512|       6,512|0.078| 16.93|       16.93|
|             |&        |       |     |       |            |     |      |            |
|             |         |       |     |       |            |     |      |            |
|             |Indicated|       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Inferred |     94|0.058|     54|          54|0.068|  0.14|        0.14|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven   |      -|    -|      -|           -|    -|     -|           -|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Probable |  6,494|0.043|  2,762|       2,762|0.050|  7.18|        7.18|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven & |  6,494|0.043|  2,762|       2,762|0.050|  7.18|        7.18|
|             |         |       |     |       |            |     |      |            |
|             |Probable |       |     |       |            |     |      |            |
|_____________|_________|_______|_____|_______|____________|_____|______|____________|
|Honeymoon    |         |       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|(100%)       |Measured |      -|    -|      -|           -|    -|     -|           -|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|Australia    |Indicated|  4,192|0.100|  4,208|       4,208|0.118| 10.94|       10.94|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|ISL          |Measured |  4,192|0.100|  4,208|       4,208|0.118| 10.94|       10.94|
|             |&        |       |     |       |            |     |      |            |
|             |         |       |     |       |            |     |      |            |
|             |Indicated|       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Inferred |      -|    -|      -|           -|    -|     -|           -|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven   |      -|    -|      -|           -|    -|     -|           -|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Probable |  3,640|0.061|  2,213|       2,213|0.072|  5.75|        5.75|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven & |  3,640|0.061|  2,213|       2,213|0.072|  5.75|        5.75|
|             |         |       |     |       |            |     |      |            |
|             |Probable |       |     |       |            |     |      |            |
|_____________|_________|_______|_____|_______|____________|_____|______|____________|
|Mkuju River  |         |       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|(13.9%)      |Measured |113,923|0.028| 31,579|       4,393|0.033| 82.10|       11.42|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|Tanzania     |Indicated| 72,922|0.022| 16,348|       2,274|0.026| 42.50|        5.91|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|Conventional |Measured |186,845|0.026| 47,927|       6,667|0.030|124.60|       17.33|
|             |&        |       |     |       |            |     |      |            |
|             |         |       |     |       |            |     |      |            |
|             |Indicated|       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Inferred | 54,549|0.019| 10,562|       1,469|0.023| 27.46|        3.82|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven   |      -|    -|      -|           -|    -|     -|           -|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Probable |      -|    -|      -|           -|    -|     -|           -|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven & |      -|    -|      -|           -|    -|     -|           -|
|             |         |       |     |       |            |     |      |            |
|             |Probable |       |     |       |            |     |      |            |
|_____________|_________|_______|_____|_______|____________|_____|______|____________|
|Total        |         |       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Measured |281,822|0.034| 94,611|      36,970|0.040|245.97|       96.11|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Indicated|174,321|0.057| 99,644|      48,067|0.067|259.05|      124.96|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Measured |456,143|0.043|194,255|      85,038|0.050|505.02|      221.08|
|             |&        |       |     |       |            |     |      |            |
|             |         |       |     |       |            |     |      |            |
|             |Indicated|       |     |       |            |     |      |            |
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Inferred |233,072|0.064|149,794|      72,132|0.076|389.43|      187.53|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven   |244,636|0.019| 46,886|      24,513|0.023|121.89|       63.73|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Probable |158,462|0.038| 60,426|      31,616|0.045|157.09|       82.19|
|             |_________|_______|_____|_______|____________|_____|______|____________|
|             |Proven & |403,098|0.027|107,312|      56,129|0.031|278.99|      145.92|
|             |         |       |     |       |            |     |      |            |
|             |Probable |       |     |       |            |     |      |            |
|_____________|_________|_______|_____|_______|____________|_____|______|____________|

Notes:  

(1)    Mineral Resources that are not Mineral Reserves do not have
       demonstrated economic viability.  Inferred Mineral Resources
       have a great amount of uncertainty as to their existence and as
       to their economic feasibility.  Under no circumstances can it be
       assumed that all or any part of an Inferred Mineral Resource
       will ever be upgraded to a higher Mineral Resource category or
       converted to Mineral Reserves.

(2)    All Mineral Resources and Mineral Reserves are reported in
       accordance with the definitions and guidelines for the reporting
       of exploration information, Mineral Resources and Mineral
       Reserves determined by the Canadian Institute of Mining,
       Metallurgy and Petroleum Definition Standards on Mineral
       Resources and Mineral Reserves adopted by the CIM Council (the
       "CIM Standards") and National Instrument 43-101 - Standards of
       Disclosure for Mineral Projects promulgated by the Canadian
       Securities Administrators ("NI 43-101").  Unless otherwise
       stated, for each project the Mineral Reserves stated above are
       included in the total estimate of Mineral Resources as stated
       above. All figures are rounded to reflect appropriate levels of
       confidence. Columns may not add up correctly due to rounding.

(3)    The above estimates are reported both on a 100% basis and on the
       basis of the portion of total Mineral Reserves and/or Mineral
       Resources notionally attributable to Uranium One's equity
       interests in Mkuju River Project, and the joint ventures through
       which the mines in Kazakhstan are owned.  Uranium One's
       interests in the above mines and projects are as follows: Akdala
       (70%), South Inkai (70%), Karatau (50%), Akbastau (50%),
       Zarechnoye (49.67%), Kharasan (30%), Willow Creek (100%),
       Honeymoon (100%), and Mkuju River (13.9%).
        

Resource and Reserve Estimation Methodology

In July 2013, Roscoe Postle Associates Inc. ("RPA") was engaged by Uranium One 
to undertake a review of existing mineral resource and reserve estimates for 
the Company's operations in Kazakhstan, the United States, Australia and 
Tanzania (other than Akbastau and Karatau, in respect of which new estimates 
prepared for the Company by CSA Global Pty Ltd. ("CSA") were considered) and 
to deplete those estimates for production based on production figures as at 
June 30, 2013. The final draft report was delivered to the Company on 
September 30, 2013; the process of review and verification of the draft report 
was completed by the Company's Qualified Person in late October 2013.

Depletion Methodology

Reserve estimates include dilution, an estimate for extraction, and are stated 
as "delivered to the plant". Mining depletion has in all cases been based on 
production data provided by Uranium One as at June 30, 2013. Resources were 
depleted on the basis of tonnes of uranium extracted divided by the planned 
extraction. Where production to date has exceeded the resource estimate for a 
given production block, the block was only depleted to the extent of the 
pre-existing resource estimate and any additional production was considered to 
be "production in addition to the resource/reserve estimate".

In some cases, depleted resource estimates were generated from the remaining 
reserve estimates, as the level of review did not include the re-estimation of 
resources where measured and indicated resources had been converted to 
reserves. In cases where the changes could not be readily identified, RPA 
first depleted measured and then indicated resources. In support of its 
reserve estimate for each property, RPA also reviewed production to date and 
the performance of the leach fields at the operations, in terms of extraction 
versus time and extraction versus pore volume exchanges.

Mineral Resource and Reserve Estimates for Akbastau and Karatau

CSA was engaged by Uranium One in November 2012 to prepare new resource and 
reserve estimates for Akbastau and Karatau following the provision by the 
Government of Kazakhstan for the first time of an extensive database of 
previously unavailable drilling data. Previously, estimates for the Company's 
mines in Kazakhstan were prepared in accordance with the Russian resource 
classification system (using a 2D polygonal geological modeling and estimation 
process) and then converted to the CIM resource classification system. 
Direct access to the raw drilling data enabled the preparation for the first 
time of resource and reserve estimates at Akbastau and Karatau using the 
application of internationally recognized and more exhaustive 3D modeling 
techniques.

The resource estimates for Akbastau and Karatau were prepared by CSA and 
reviewed by RPA, and RPA also prepared the reserve estimates under contract to 
CSA starting in July 2013. RPA used CSA's Akbastau and Karatau resource block 
models to prepare the reserve estimates. CSA re-estimated the global mineral 
resources for both deposits, using new wireframe models and interpolation of 
grades into block models based on the existing drilling data collected to 
date. RPA applied a 90% extraction rate, the same rate as used in previous 
estimates, because it is supported by the extraction curves from the site. 
In addition, RPA deducted a further 10% of the resources outside of the 
technological blocks to account for thin zones and other potential losses. 
RPA recommends further review of the resource model and the location of 
potential surface interference to better define this value. Where production 
from the technological blocks exceeded the planned extraction of 90%, RPA 
depleted the resource and reserve rock tonnages and uranium tonnage from the 
total estimate and considered any additional production to be "production in 
addition to the resource/reserve estimate".

The updated reserve estimates for Akbastau and Karatau are based on a cut-off 
of 0.01% U, 4 m thickness, and using an average long-term uranium price of 
US$65 per pound U(3)O(8) (US$169/kg U).

RPA did not convert any of the resources at the Akbastau No. 4 deposit to 
reserves as the mining in this area is at the test production stage.

Qualified Persons

Except as otherwise noted, Mr. M.H.G. Heyns, Pr.Sci.Nat. (SACNASP), MSAIMM, 
MGSSA, CIM, Senior Vice-President of Uranium One, is the Qualified Person who 
prepared or supervised the preparation of the information that forms the basis 
of the scientific and technical disclosure on the Company's mineral properties 
contained in this press release, and all of the estimates set out herein, with 
the exception of those relating to the Mkuju River Project, have been reviewed 
by Roscoe Postle Associates Inc. under the supervision of its Qualified 
Person, Mr. Dennis Bergen, P. Eng., Associate Principal Mining Engineer. The 
resource estimates for the Karatau and Akbastau mines were prepared for the 
Company by independent consultants CSA Global Pty Ltd., under the supervision 
of its Qualified Person, Dr. Maxim Seredkin, Senior Resource Geologist, and 
the reserve estimates were prepared by RPA, under the supervision of its 
Qualified Person, Mr. Denis Bergen.



SOURCE  Uranium One Inc. 
Chris Sattler Chief Executive Officer Tel: +1 647 788 8500 
Anton Jivov Vice President, Corporate Affairs Tel: +1 647 788 8461 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/November2013/05/c4007.html 
CO: Uranium One Inc.
ST: Ontario
NI: MNG ERN  
-0- Nov/05/2013 13:05 GMT
 
 
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