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Uranium One Announces Extension of Subscription Agreement

with Japanese Consortium

Vancouver, British Columbia and Johannesburg, South Africa – Uranium One Inc. today

announced the extension to December 15, 2009 of its subscription agreement of February 9, 2009

with a corporation formed by The Tokyo Electric Power Company, Incorporated, Toshiba

Corporation, and The Japan Bank for International Cooperation. As previously announced, the

February 9, 2009 subscription agreement provides for the private placement of an aggregate of

117,000,000 common shares of Uranium One, for gross proceeds of approximately C$270

million. Closing of the private placement remains subject to Kazakh regulatory approval, which

is expected to be received within the extension period