Uranium One Inc. (”Uranium One”) is pleased to announce that it has submitted an application to the Nuclear Regulatory Commission (”NRC”) in the United States to construct and operate an in situ uranium recovery facility at the Moore Ranch Project located in Campbell County, Wyoming. This is the first application for a new uranium recovery facility to be submitted to the NRC since 1988.

The application was submitted on October 3, 2007 by Uranium One’s wholly owned subsidiary, Energy Metals Corporation. Members of the NRC staff are currently reviewing the application to determine whether it contains sufficient information to begin detailed environmental and safety reviews.

The Moore Ranch Project hosts a NI 43-101 compliant measured resource base of 2.95 million tons grading 0.1% containing 5.8 million pounds U3O8. Resource delineation drilling, baseline environmental studies, as well as hydrologic testing efforts are ongoing at the site.

In August 2007, Uranium One announced that it had entered into an agreement with Power Resources Inc. (”PRI”), the U.S. subsidiary of Cameco Corporation, whereby PRI will process uranium bearing ion exchange resins from Uranium One’s owned and operated in situ recovery projects in Wyoming. Initial production is expected to be sourced from the Moore Ranch Project for processing at PRI’s facilities in Wyoming or Nebraska.

Neal Froneman, President and CEO of Uranium One commented:

“The submission of our application for an ISR facility at the Moore Ranch Project to the NRC - the first in almost two decades - is a landmark event in the rapidly evolving renaissance of the United States uranium mining industry. We look forward to becoming a leading uranium producer in the world’s largest nuclear power generating market.”