<div id="subtitle">Company responds to media reports regarding its assets in Kazakhstan</div><div><p>Shares of Uranium One (TSX: T.UUU, Stock Forum) plunged more than 37% to $2.06 Wednesday, as the company responded to media reports regarding its assets in Kazakhstan. </p><p>Reuters reported Wednesday that Kazakhstan's security service “accused the former head of the state uranium company of illegally selling uranium fields to foreign firms, citing a joint venture with Canada's Uranium One as an example.” </p><p>Uranium One responded to the recent media reports regarding its Kazakh assets Wednesday, saying that it “is aware that the Kazakh authorities are conducting an investigation into certain of the activities of Kazatomprom, the Kazakh state-owned uranium mining company. The terms of reference of this investigation have not been disclosed but the Company and its Kazakh joint ventures are cooperating with the Kazakh authorities in their investigation.” </p><p>The company also added that its Kazakh assets were acquired in November 2005 from a group of Kazakh investors by UrAsia Energy Ltd., which became a subsidiary of Uranium One in April 2007. It says UrAsia paid full value for these assets, and that UrAsia's acquisition of these assets, as well as Uranium One's acquisition of UrAsia, were “completed in accordance with the requirements of Kazakh law, and both transactions were approved by the Kazakh authorities.” </p><p>The company noted that operations at its Kazakh projects are continuing and production remains in line with guidance for the year. Officials from Uranium one have also reportedly requested a meeting with the new administration of Kazatomprom. </p><p>Shares of the company were halted Wednesday after falling more than 29% to $2.32, and resumed trading at 1pm ET. </p><p>On the company’s Bullboard, the most posted on Stockhouse Wednesday afternoon, kingyahoo said: </p><p>I have not bothered with the gloom and doom and hair pulling. I trade, make money, take chances, and sometimes loses (not frequently). This is my last post about UUU. When I read about the companies in partnership with Kazakstan government, I am reassured and I bought more at $1.97. Ariva from France is no small player. To the best of my knowledge, it supplies the entire France uranium need for its reactors generating electricity, perhaps the largest in the world[sic] … </p><p>Meanwhile, sendai asked: “I lowballed a bid at 2.00 and am seeing it increasing. How bad is this news overall for the company? I feel like I got a real bargain here and am reluctant to part with it too quickly[sic].” </p><p>12skipafew replied: “It's an extra risk that no-one needed. I'd agree you got a bargain[sic].” </p><p></p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=51397449&bid=informcom" /></div><div id="copyright"><div>

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