Uranium One Provides Update on ARMZ Offer for Mantra Resources

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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