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Uranium One Inc.

900 – 1285 West Pender Street

Vancouver, British Columbia V6E 4B1

Trading Symbols: UUU - Toronto Stock Exchange, JSE Limited (Johannesburg Stock Exchange)

NEWS RELEASE

May 11, 2009

Uranium One Announces Record Quarterly Sales and

Increased Production for Q1 2009

Vancouver, British Columbia – Uranium One Inc. (“Uranium One”) today reported operational

and financial results for the quarter ending March 31, 2009.

The financial statements, as well as the accompanying management’s discussion and analysis, are

available for review at

www.uranium1.com

and should be read in conjunction with this news

release. All figures are in US dollars unless otherwise indicated. All references to pounds sold or

pounds produced are pounds of U

3O8

.

Q1 2009 Highlights:

•

Attributable commercial production of 700,900 pounds during Q1 2009 was 62% higher

than the 431,500 pounds of commercial production during Q1 2008.

•

Attributable sales volumes during Q1 2009 were 880,600 pounds, an increase of 211%

from attributable sales volumes of 283,300 pounds during Q1 2008 and an increase of

59% over the average quarterly sales volume during 2008.

•

The average realized sales price during Q1 2009 was $49 per pound, generating revenue

of $43.0 million, compared to an average realized sales price of $79 per pound,

generating revenue of $22.5 million during Q1 2008.

•

The average total cash cost per pound sold was $17 per pound during Q1 2009.

•

Earnings from mine operations were $15.9 million during Q1 2009, a 2% decrease over

earnings from mine operations of $16.3 million during Q1 2008, primarily due to the

decrease in the average realized sales price offsetting the increase in sales volumes.

Jean Nortier, President and CEO of Uranium One commented:

“With higher than expected deliveries of sulphuric acid, Uranium One achieved very solid

operational results during the first quarter. Also during the quarter, South Inkai became our

second operation to enter into commercial production and is already making a significant

contribution to our cash flow. With continued delivery on our operational targets, 2009 is

shaping up to be an excellent year for Uranium One.”

Operations and Projects

•

Total production (including pre-commercial production) during Q1 2009 was 708,500

pounds, an increase of 14% from total production of 618,900 pounds during Q1 2008.

2

•

Acidification of one new production block commenced at Akdala and acidification of

three new production blocks commenced at South Inkai. The well field acidification

program at South Inkai is approximately one month ahead of schedule.

•

At the Akdala Uranium Mine, attributable production during Q1 2009 was 455,800

pounds; cash operating costs were $13 per pound sold during the quarter.

•

The South Inkai Uranium Mine commenced commercial production on January 1, 2009

and the production ramp-up continues on schedule. Attributable production during Q1

2009 was 245,100 pounds; cash operating costs for Q1 2009 were $20 per pound sold.

•

The Kharasan Uranium Project was officially opened by the Prime Minister of

Kazakhstan on April 24, 2009; pilot production continued during Q1 2009 with

attributable pre-commercial production during the quarter of 7,600 pounds.

Outlook

Uranium One’s attributable production estimate for 2009 remains 3.5 million pounds. The total

attributable production estimate for 2010 remains 5.6 million pounds.

During 2009, the average cash cost per pound sold is expected to be approximately $16 per pound

at Akdala, including Kazakh mineral extraction tax of approximately $2 per pound. The average

cash cost per pound sold is expected to be approximately $22 per pound at South Inkai, including

Kazakh mineral extraction tax of approximately $4 per pound.

Uranium One has contracts for the sale of an aggregate of 25 million attributable pounds, of

which 16 million pounds have weighted average floor prices of approximately $47 per pound.

The remainder of contracted attributable sales are not subject to floor prices and such sales are

related to the spot price of U

3O8

, except for 910,000 pounds which will be sold at an average

fixed price of $79 per pound, subject to escalation provisions.

During 2009, Uranium One expects to sell an aggregate of 2.8 million attributable pounds, of

which 2.2 million pounds have already been contracted for including 700,000 pounds with

weighted average floor prices of $43 per pound.

In line with increasing levels of production from Betpak Dala’s operations, attributable inventory

levels are expected to increase from approximately 962,900 pounds at March 31, 2009 to

approximately 1.8 million pounds by the end of the year.

During 2009, Uranium One expects to incur capital expenditures of $21 million for the

development of assets in Wyoming and $6 million toward the costs of constructing a sulphuric

acid plant in Kazakhstan.

During 2009, capital expenditure estimates at Betpak Dala are expected to be $30 million for

South Inkai and $6 million for Akdala (on an attributable basis).

General and administrative costs, excluding non-cash items, are expected to be approximately

$28 million for 2009. Exploration expenditure for 2009 is expected to be $12 million. Care and

maintenance costs at Dominion are expected to be $12 million for 2009.

The C$270 million private placement and formation of a strategic relationship with a Japanese

consortium announced in February 2009 will be completed following receipt of regulatory

approval from the Kazakhstan Ministry of Energy and Mineral Resources, which is expected

during Q2 2009.

3

Q1 2009 Financial Review

Revenues for Q1 2009 were $43.0 million, compared to $22.5 million during Q1 2008. The

increase is due to higher sales volumes, somewhat offset by a lower realized sales price.

The average cash cost per pound sold in the first quarter of 2009 was $17 per pound. This was an

increase over the $12 average cash cost per pound sold recorded in Q1 2008 due to the inclusion

of initial commercial production from the South Inkai Uranium Mine, which is currently in ramp

up.

The net earnings from continuing operations in the first quarter of 2009 were $63.4 million, or

$0.13 per basic and diluted share, compared to a net loss from continuing operations in the first

quarter of 2008 of $10.3 million, or $0.02 per basic and diluted share.

The adjusted net loss for the first quarter of 2009 was $5.5 million, or $0.01 per basic and diluted

share compared to an adjusted net loss for the first quarter of 2008 of $9.4 million, or $0.02 per

basic and diluted share.

Consolidated cash and cash equivalents were $203.9 million as at March 31, 2009 compared to

$176.2 million at December 31, 2008. Working capital was $265.6 million as at March 31, 2009.

FINANCIAL SUMMARY

Q1 2009 Q1 2008

Attributable production (lbs)

(1)

700,900 431,500

Attributable sales (lbs)

(1)

880,600 283,300

Average realized sales price ($ per lb)

(2)

49 79

Average cash cost of production sold ($ per lb)

(2)

17 12

Revenues ($ millions) 43.0 22.5

Earnings from mine operations ($ millions) 15.9 16.3

Net earnings / (loss) from continuing operations ($ millions) 63.4 (10.3)

Earnings / (loss) per share from continuing operations – basic and diluted ($ per share) 0.13 (0.02)

Loss from discontinued operations ($ millions) (2.2) (104.6)

Loss per share from discontinued operations – basic and diluted ($ per share) (0.00) (0.22)

Net earnings / (loss) ($ millions) 61.1 (114.9)

Net earnings / (loss) per share – basic and diluted ($ per share) 0.13 (0.25)

Adjusted net loss ($ millions)

(2)

(5.5) (9.4)

Adjusted net loss per share – basic ($ per share)

(2)

(0.01) (0.02)

Notes:

1. Attributable production and sales are from assets in commercial production during the quarter (Akdala and South Inkai in Q1 2009

and Akdala in Q1 2008).

2. The Corporation has included non-GAAP performance measures: average realized sales price per pound, cash cost per pound sold,

adjusted net earnings/(loss) and adjusted net earnings/(loss) per share. In the uranium mining industry, these are common

performance measures but do not have any standardized meaning, and are non-GAAP measures. The Corporation believes that, in

addition to conventional measures prepared in accordance with GAAP, 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 GAAP.

The following table provides a reconciliation of adjusted net earnings / (loss) to the consolidated

financial statements:

4

Figures in US$ 000’s, except per share

Q1 2009 Q1 2008

Net earnings / (loss) from continuing operations 63,356 (10,315)

Unrealized foreign exchange gain on future income tax liabilities (68,899) (1,138)

Loss on sale of available for sale securities - 2,008

Adjusted net earnings / (loss) (5,543) (9,445)

Adjusted net earnings per share – basic ($) (0.01) (0.02)

Weighted average number of shares (thousands) – basic 469,614 467,451

Conference Call Details

Uranium One will be hosting a conference call and webcast to discuss the first quarter 2009

results on Monday, May 11, 2009 starting at 10:00 a.m. (Eastern Time). Participants may join the

call by dialling toll free 1-800-731-5319 or 1-416-644-3424 for local calls or calls from outside

Canada and the United States. A live webcast of the call will be available through CNW Group’s

website at: www.newswire.ca/webcast

A recording of the conference call will be available for replay for a two week period beginning at

approximately 12:00 p.m. (Eastern Time) on May 11, 2009 by dialling toll free 1-877-289-8525

or 1-416-640-1917 for local calls or calls from outside Canada and the United States. The pass

code for the replay is 21305467. A replay of the webcast will be available through a link on our

website at www.uranium1.com

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, South Africa and

Australia.

For further information, please contact:

Jean Nortier

Chief Executive Officer

Tel: +1 604 601 5642

Chris Sattler

Executive Vice President, Corporate Development and Investor Relations

Tel: + 1 416 350 3657