Registration of Prospectus for Offering of Bonds in Russia

TORONTO, Nov. 11, 2011 /CNW/ - Uranium One Inc. ('Uranium One') today announced that it has registered a shelf prospectus with the Russian Federal Service for Financial Markets for an offering of unsecured, non-convertible, interest-bearing and certificated ruble-denominated bonds, having a term of up to 10 years (the 'Bonds').  The offering is subject, among other things, to the negotiation of definitive commercial terms and to the approval of the Uranium One Board of Directors.  There can be no assurance, either that commercial terms satisfactory to Uranium One will be negotiated or that the Board of Directors will approve the offering.

The Bonds are issuable in two series, consisting of Series 1, having an aggregate principal amount of up to Ruble 16.5 billion (approximately US$540 million), and Series 2, having an aggregate principal amount of up to Ruble 12.5 billion (approximately US$410 million).  If issued, the Bonds will be admitted to trading on the Russian MICEX stock exchange and offered solely in the Russian Federation.

This announcement is being made concurrently with a similar Russian announcement prescribed by the Russian Federal Service for Financial Markets.  If Uranium One decides to proceed with the offering, the details of the offering, including the series and aggregate principal amount, tenor and coupon rate, will be disclosed in subsequent news releases in accordance with applicable Russian legal requirements.

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.

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 offering and sale of the Bonds referred to herein and the use of the proceeds of such offering. 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 in which Uranium One is engaged or expects to be engaged, the state of the capital markets, changes to the content or application of the relevant laws or regulations, 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 dated March 31, 2011 for the year ended December 31, 2010 and the section entitled 'Risks and Uncertainties' in Uranium One's Management's Discussion & Analysis for the period ended September 30, 2011, 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.

Uranium One Inc.

CONTACT:

Chris Sattler Anton Jivov

Chief Executive Officer Manager, Corporate Development

and Investor Relations

Tel: 1 647 788 8500 Tel: 1 647 788 8461