NU. Nufcor

    RNS Number : 1966F
  Nufcor Uranium Limited
  06 October 2008
   

    NUFCOR URANIUM LIMITED
    UPDATE ON SALE OF URANIUM
    Further to the update by Nufcor Uranium Limited ("NUL") earlier today in respect of the sale of uranium, NUL has entered into a
provisional agreement to sell a further 100,000 lbs of triuranium octoxide ("U3O8"). NUL has now entered into provisional agreements to sell
a total of 575,000 lbs of U3O8 and has contracted to sell 25,000 kgU as natural uranium hexafluoride ("UF6") for a total of US$34 million
for payment and delivery in the fourth quarter of 2008. The sales are equivalent to approximately 640,321 lbs of U3O8 at an inferred price
of US$52.75/lb U3O8 (assuming a conversion service price of $9.50/kg). The provisional agreements are conditional on the agreement and
execution of formal written contracts.  
    In combination with NUL's existing cash reserves, the proceeds from the inventory sales are sufficient to allow NUL to pay for the
237,000 kg of UF6 which it has agreed to acquire in the fourth quarter of 2008.  
    On successful execution and performance of the provisional agreements and of the written contracts, NUL's investment portfolio will
consist of the following physical Uranium assets:
                                                              Weighted 
                                           Quantity          Average Cost

 Investments:
 Physical uranium holdings - U3O8       1,725,000 lbs      US$81,274,500
 Physical uranium holdings - UF6           412,000 kgU       US$95,716,565
                                                             US$176,991,065

 Average purchase cost per lb of U3O8          US$47.12

 Average purchase cost per kgU of UF6  US$232.32


    ENQUIRIES:

    Nufcor Uranium Limited
    Kelvin Williams              +27 827 880 094
    (Chairman)

    Nufcor Capital Limited
    Nick Hill                         +44 207 184 5000
    Rian Raghavjee 

    Smithfield
Rupert Trefgarne         +44 207 360 4900




This information is provided by RNS
The company news service from the London Stock Exchange
 
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