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Uranium One Closes Initial Transaction with JSC Atomredmetzoloto

Uranium One Inc. has announced that it has completed the initial closing of its transaction with JSC Atomredmetzoloto, comprising the issuance of 178,127,165 new common shares of Uranium One to ARMZ in return for US$610 million in cash.

ARMZ currently holds 314,090,765 common shares representing 40.85% of the outstanding common shares.

As previously announced on June 8, 2010, Uranium One entered into a definitive purchase and subscription agreement with ARMZ under which Uranium One would acquire ARMZ's 50% interest in the Akbastau Uranium Mine ("Akbastau") and its 49.67% interest in the Zarechnoye Uranium Mine ("Zarechnoye") and ARMZ would also contribute US$610 million in cash to Uranium One in return for 356 million new common shares of Uranium One.

The second closing, comprising the acquisition of ARMZ's interests in the Akbastau and Zarechnoye mines in return for an additional 178,127,164 new common shares of Uranium One, is expected to be completed before the end of this year.  Following completion of the second closing, ARMZ will hold 492,217,929 of the then issued and outstanding shares of Uranium One, which will represent approximately 51% of the then issued shares.

Special Dividend Declaration and Record Date

Pursuant to the definitive purchase and subscription agreement, the board of directors of Uranium One has declared a special dividend of US$1.06 payable on December 20, 2010, to all shareholders of record (other than ARMZ) at the close of business on December 10, 2010.

Strengthening of Management Team

On the completion of the second closing, Vadim Zhivov, Director General of ARMZ and a director of Uranium One, will be appointed President of Uranium One while Jean Nortier will continue as Chief Executive Officer of the Company.

Mr. Peter Bowie will also be appointed to the board of directors on completion of the second closing.  Mr. Bowie served as the Chief Executive Officer of Deloitte China from 2003 to 2008 and was previously Chairman of Deloitte Canada.

Source: Uranium One Inc.

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