Uranium One Announces 8% Increase in 2013 Production to 13.2 Million Pounds and Updated Mineral Reserve and Resource Estimates

Uranium One Announces 8% Increase in 2013 Production to 13.2 Million Pounds 
and Updated Mineral Reserve and Resource Estimates for the South Inkai Mine 
TORONTO, Feb. 25, 2014 /CNW/ - Uranium One Inc. ("Uranium One") today 
announced attributable production of 13.2 million pounds for the full year 
2013. 
Uranium One also announced today new and significantly increased mineral 
resource and reserve estimates for its South Inkai uranium mine in Kazakhstan, 
including a 429% increase in measured and indicated resources. 
Production 
Attributable production for 2013 increased by approximately 8% to a record of 
13.2 million pounds U(3)O(8 )compared to 12.2 million pounds produced in 2012. 
A breakdown of Uranium One's attributable production for the full year 2013 is 
shown below. 
Table 1 - Uranium One Attributable Production (million pounds U(3)O(8)) 


     _____________________________
    |      Mine  |Fiscal Year 2013|
    |____________|________________|
    |Akdala      |         1.9    |
    |____________|________________|
    |South Inkai |         3.7    |
    |____________|________________|
    |Karatau     |         2.8    |
    |____________|________________|
    |Akbastau    |         1.9    |
    |____________|________________|
    |Zarechnoye  |         1.2    |
    |____________|________________|
    |Kharasan    |         0.6    |
    |____________|________________|
    |Willow Creek|         0.9    |
    |____________|________________|
    |Honeymoon(1)|         0.2    |
    |____________|________________|
    |Total       |         13.2   |
    |____________|________________|
    (1)      Production in commissioning from Honeymoon was 0.2 million
             pounds during 2013. The Honeymoon Mine was placed on care and
             maintenance in November 2013.
              

Updated Mineral Reserve and Resource Estimates for the South Inkai Uranium Mine

As at December 31, 2013, the total attributable reserves and resources at the 
Company's South Inkai mine in Kazakhstan increased as follows:
        --  the Company's attributable share of proven and probable
            reserves increased by 282%, from 9.24 million lbs U3O8 (3,554 t
            U) to 35.34 million lbs U3O8 (13,593 t U);
        --  the Company's attributable share of measured and indicated
            resources increased by 429%, from 10.27 million lbs U3O8 (3,949
            t U) to 54.36 million lbs U3O8 (20,911 t U); and
        --  the Company's attributable share of inferred resources
            increased by 58%, from 31.12 million lbs U3O8 (11,969 t U) to
            49.08 million lbs U3O8 (18,877 t U).

The new estimates, finalized in late January 2014 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.

Further information, including a breakdown of mineral resource and reserve 
estimates for South Inkai, 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. ROSATOM State Atomic Energy Corporation, through its 
affiliates, owns 100% of the outstanding common shares of Uranium One.

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 proposed 
transactions, 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.

APPENDIX A

URANIUM ONE INC.
MINERAL RESOURCES AND MINERAL RESERVES FOR SOUTH INKAI MINE
AT DECEMBER 31, 2013
     _________________________________________________________________________________
    |Mine / Area  |Category | Tonnes|Grade|         Uranium   |Grade|       Uranium   |
    |(Attributable|         |       |     |                   |     |                 |
    |%)           |         |       |     |                   |     |                 |
    |Location     |         |       |     |                   |     |                 |
    |Type of Mine |         |       |     |                   |     |                 |
    |_____________|_________|_______|_____|___________________|_____|_________________|
    |             |         | (000s)| (%U)|          (t U)    |   (%|   (M lbs U3O8)  |
    |             |         |       |     |___________________|U3O8)|_________________|
    |             |         |       |     | 100% |Attributable|     |100%|Attributable|
    |_____________|_________|_______|_____|______|____________|_____|____|____________|
    |South Inkai  |         |       |     |      |            |     |    |            |
    |(70%)        |_________|_______|_____|______|____________|_____|____|____________|
    |Kazakhstan   |Measured | 42,925|0.025|10,814|       7,570|0.030|28.1|        19.7|
    |ISL          |_________|_______|_____|______|____________|_____|____|____________|
    |             |Indicated| 46,116|0.041|19,059|      13,341|0.049|49.6|        34.7|
    |             |_________|_______|_____|______|____________|_____|____|____________|
    |             |Measured | 89,041|0.034|29,873|      20,911|0.040|77.7|        54.4|
    |             |&        |       |     |      |            |     |    |            |
    |             |Indicated|       |     |      |            |     |    |            |
    |             |_________|_______|_____|______|____________|_____|____|____________|
    |             |Inferred | 69,604|0.039|26,967|      18,877|0.046|70.1|        49.1|
    |             |_________|_______|_____|______|____________|_____|____|____________|
    |             |Proven   | 81,372|0.012| 9,733|       6,813|0.014|25.3|        17.7|
    |             |_________|_______|_____|______|____________|_____|____|____________|
    |             |Probable | 55,272|0.018| 9,686|       6,780|0.021|25.2|        17.6|
    |             |_________|_______|_____|______|____________|_____|____|____________|
    |             |Proven & |136,644|0.014|19,419|      13,593|0.017|50.5|        35.3|
    |             |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 interest in the joint venture through which South
              Inkai mine in Kazakhstan is owned.  Uranium One's interest in
              South Inkai is 70%.
    (4)       Mineral Resources based on 0.08 m% (grade x thickness)
              cut-off per hole.
    (5)       Mineral Resources and Mineral Reserves based on bulk density
              of 1.70 t/m3.
    (6)       Depletion estimated using losses of 10%.
    (7)       Measured Mineral Resources based on regular exploration
              drilling density of 50 m x 200 m (excluding residual and rear
              wing mineralized bodies).
    (8)       Indicated Mineral Resources based on regular exploration
              drilling density up to 50-100 m x 800 m (excluding residual
              mineralized bodies) and 50 m x 200 m for residual mineralized
              bodies.
    (9)       Inferred Mineral Resources are based on exploration drilling
              density of 50-300 m x 400-800 m (excluding residual
              mineralized bodies) and up to 50-100 m x 800 m for residual
              mineralized bodies.
    (10)      Mineral Resources include Mineral Reserves.
    (11)      Mineral Reserves are estimated at a cut-off of 0.08 m%.
    (12)      Mineral Reserves are estimated using an average long-term
              uranium price of US$65 per pound U3O8 (US$169/kg U).
    (13)      Uranium quantities and grade for Mineral Reserves are net of
              extraction.

Mineral Resource and Reserve Estimation

In September 2013, CSA Global Pty Ltd. ("CSA") was engaged by Uranium One to 
prepare new resource and reserve estimates for South Inkai 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 modelling 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 South Inkai using the 
application of internationally recognized and more exhaustive 3D modelling 
techniques.

The resource estimates for South Inkai were prepared by CSA and reviewed by 
Roscoe Postle Associates Inc. ("RPA"), and RPA also prepared the reserve 
estimates under contract to CSA starting in September 2013. RPA used CSA's 
South Inkai resource block models to prepare the reserve estimates.  CSA 
re-estimated the global mineral resources for the deposit, using a new 
wireframe model and interpolation of grades into the block model 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.

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.  The resource estimates for the South Inkai 
mine were prepared for the Company by independent consultants CSA, 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. Dennis Bergen, P. Eng., Associate 
Principal Mining Engineer.



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 
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CO: Uranium One Inc.
ST: Ontario
NI: MNG FIELD  
-0- Feb/25/2014 22:07 GMT
 
 
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