Uranium One Provides Update on ARMZ Offer for Mantra Resources

VANCOUVER, BRITISH COLUMBIA AND JOHANNESBURG, SOUTH AFRICA, March 16 /CNW/ --
VANCOUVER, BRITISH COLUMBIA AND JOHANNESBURG, SOUTH AFRICA, March 16
/CNW/ - Uranium One Inc. ('Uranium One') today announced that JSC
Atomredmetzoloto ('ARMZ') has notified Mantra Resources Limited
('Mantra') that ARMZ believes that the recent serious events at the
nuclear power plant in Fukushima, Japan are likely to have a material
adverse effect on the business, results of operations, assets or
liabilities, financial position or prospects of Mantra.  As such, ARMZ
considers that the condition precedent in the Scheme Implementation
Agreement dated December 15, 2010 between ARMZ and Mantra relating to a
material adverse change is not capable of being satisfied.

ARMZ has indicated to Mantra that it intends to continue discussions
with Mantra in an effort to explore how the transaction between two
companies may proceed by way of an alternative approach.

Uranium One will provide further updates as additional information
becomes available.

Uranium One and ARMZ are parties to a definitive put/call agreement
entered into concurrently with the Scheme Implementation Agreement
under which Uranium One has the right to acquire from ARMZ, and ARMZ
has the right to sell to Uranium One, all of the shares of Mantra for
consideration equal to ARMZ's acquisition cost plus certain additional
expenditures. 

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 and Australia.   

Cautionary Statement

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

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
profiles of Uranium One Inc and UrAsia Energy Ltd. 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 quality 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 press 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 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, title disputes
or claims and 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, 2009 and Management Information Circular dated
August 3, 2010, each of which is available 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.

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Chris Sattler     
Chief Executive Officer
Tel: 1 416 350 3657  

Rob Buchanan
Director, Investor Relations 
Tel: 1 416 350 3657