Uranium One lifts output target

[miningmx.com] — URANIUM One posted a narrowing in its June quarter net loss to $0.02/share from $0.57 a year ago, and said that annual attributable output would be upgraded to about seven million pounds of uranium oxide.

The company posted a loss of $9.7m for the quarter to end-June, compared to
a loss of $265.7m last year when the company was hit by a writedown for a mine closure.

Revenue of $66m was recorded during the quarter, 256% higher compared to revenue of $18.6m in the second quarter of 2009. The increase was owing to an increase in the volume sold.

During the second quarter of 2010, Uranium One achieved record attributable
production of 1,82 million pounds, 119% higher than the 833,800 pounds produced
during the second quarter of 2009 and 4% higher than the 1,75 million pounds produced in the first quarter of 2010.

The increase was primarily due to the inclusion of production from the recently
acquired 50% interest in the Karatau Uranium Mine, as well as from the continued
ramp up at South Inkai.

“This was an excellent quarter for Uranium One in terms of sales, production and
operating costs,” said Uranium One president and CEO Jean Nortier.

“In light of the strong performance from South Inkai, we are pleased to be in a position to increase our production guidance for 2010 to seven million pounds
attributable to the company. We are also looking forward to completing our transaction with ARMZ later this year,” Nortier said.