Adelaide, Mar 22, 2007 (ABN Newswire) - Uranium One's (JSE: SXR)(PNK: SXRFF) Honeymoon project in the far west of South Australia is on track to become Australia's fourth uranium mine next year.

The Company's Executive Vice President Australia and Asia, Greg Cochran, told Paydirt's 2007 Australian Uranium Conference in Adelaide today that Honeymoon is a reality, not blue sky.

"We are building now, we are employing now, and in 12 months we will be producing", Mr Cochran said.

"As we sit at the conference here, our engineering contractors are completing the final plant design, establishing supporting infrastructure and completing work on site. We are employing people who are as excited as we are about being part of the Honeymoon story. The reality of Honeymoon is what sets Uranium One apart from the other companies taking part in this Conference.

"Uranium One is currently finalising the acquisition of UrAsia Energy Limited to create the world's second largest uranium producer by market capitalisation.

"This means that the people we employ at Honeymoon will not just have jobs for the expected seven-year life of the mine: they will have global career opportunities.

"When the acquisition is completed Uranium One will have moved from being a $50 million Canadian company to a $5 billion global company in just two years. It is one of the most exciting companies in the world to work for, in one of the most exciting commodities in the world.

"For Australia, and in particular South Australia, the size, strength and experience within the new entity will bring leading edge technologies and knowledge to the search for uranium. Honeymoon has never been regarded as a one-off operation for Uranium One in Australia: it is a springboard for more exploration and more uranium mines here.

"With a presence in each of the world's top five uranium resource jurisdictions - Australia, Kazakhstan, South Africa, the United States and Canada, the new Uranium One will truly be a global energy powerhouse".

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