Willow Creek Mine

Willow Creek is an in situ recovery uranium mine located in Johnson and Campbell Counties in the Powder River Basin of Wyoming, U.S.A.  The mine includes the licensed and permitted Irigaray ISR central processing plant, the Christensen Ranch satellite ISR facility and associated uranium ore bodies, collectively referred to as the Willow Creek mine.  The mine is owned by a wholly-owned subsidiary of Uranium One.

Production

Commercial operations at the Willow Creek mine commenced in May 2012, following a 17 month pilot-production (commissioning) program conducted during the period from December 2010 to April 2012.

The current design capacity of Willow Creek is 1,300,000 lbs U₃O₈ (500 t U) per year.  Uranium One plans to expand the processing capacity at the Willow Creek central plant in line with the U.S. Nuclear Regulatory Commission (“NRC”) licensed capacity of 2,500,000 lbs U₃O₈ (962 t U) per year by incorporating a vacuum dryer that was purchased for use at Uranium One’s Moore Ranch project.

Uranium is extracted at the Willow Creek mine using the in situ recovery method, and processed using ion exchange technology at the neighbouring Irigaray and Christensen Ranch processing facilities owned by Uranium One.

Most recently, in 2011, Willow Creek produced 214,800 lbs U₃O₈ (80 t U).

Mineral Resources and Mineral Reserves

The following table sets out the mineral resource and mineral reserve estimates for the Willow Creek mine as at December 31, 2011.

Notes:

(1)   Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.  Inferred Mineral Resources have a great amount of uncertainty as to their existence and as to their economic feasibility.  Under no circumstances can it be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher Mineral Resource category or converted to Mineral Reserves.

(2)   The foregoing Mineral Resource and Mineral Reserve estimates are taken from Uranium One’s Annual Information Form dated March 31, 2012 for the year ended December 31, 2011, and are subject to the methods, parameters, assumptions, qualifications and procedures which are set out in such document. For a complete description of such methods, parameters, assumptions, qualifications and procedures, reference should be made to the full text of the foregoing document, which is available for review on SEDAR under Uranium One’s profile located at the following website: www.sedar.com.  Mineral Resources and Mineral Reserves are reported in accordance with Definition Standards on Mineral Resources and Mineral Reserves adopted by the Council of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects promulgated by the Canadian Securities Administrators.