UraMin Inc.
AIM : UMN
TSX : UMN

UraMin Inc.

January 11, 2007 09:39 ET

UraMin Inc.: GRD Minproc Appointed to Complete Bakouma Project Feasibility Study

LONDON, UNITED KINGDOM--(CCNMatthews - Jan. 11, 2007) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

UraMin Inc. ("UraMin" or the "Company") (TSX:UMN)(AIM:UMN) is pleased to announce that GRD Minproc (Pty) Ltd. ("GRD Minproc"), a subsidiary of GRD Ltd, has been appointed to undertake Consulting and Engineering Services for the completion of the Definitive Feasibility Study ("DFS") at its Bakouma Uranium Project in the Central African Republic ("CAR").

Feasibility study and environmental baseline work are already underway and 11,450 meters of RC drilling have been completed since August 2006. The DFS is scheduled for completion mid 2008 and, should results be positive, commencement of mining activity is planned for late 2009/early 2010, ahead of UraMin's previous target for commencement of production at Bakouma. A Letter of Intent has already been signed in respect of electricity supply for the project.

GRD Minproc is an international engineering contractor with offices on three continents and has successfully completed over 200 projects and 300 feasibility studies in over 30 countries. Its recent uranium experience includes the EPCM contract for the Langer Heinrich uranium mine in Namibia, the only new dedicated surface uranium mine to come into production over the last two decades, together with several other feasibility studies on uranium projects in Africa and Australia.

Ian Stalker, Chief Executive of UraMin, said:

"GRD Minproc has been operating in Africa for almost 20 years and has significant depth of capability in project delivery in the remote regions of Central Africa. With an impressive background in uranium mining projects and a standing as a world class engineering consultant amongst the international financial community, we believe we have brought together all the right ingredients to enable us to progress our Bakouma Project and establish our mining operation in CAR before the end of this decade."

Sam Jonah, Chairman of UraMin, said:

"GRD Minproc together with the UraMin management team represents an extensive mix of African design and implementation experience which will ensure the delivery of the study in a timely and cost effective manner."

GLOSSARY

Definitive Feasibility Study

A comprehensive study of a deposit in which all geological, engineering, operating, economic and other relevant factors are considered in sufficient detail for it to reasonably serve as the basis for a final decision by a financial institution to finance the development of the deposit for mineral production.

Background Information:

UraMin (www.uramin.com) was founded in February 2005 and its shares are traded on the AIM market of the London Stock Exchange and the Toronto Stock Exchange under the symbol 'UMN'. The Company was established to acquire and develop mineral properties, predominantly uranium. The Company currently has working capital of approximately US$96 million and a market capitalization of approximately US$600 million on an undiluted basis.

UraMin is currently focusing on the development of its advanced exploration projects at Trekkopje in Namibia, Bakouma in the Central African Republic and Ryst Kuil in South Africa. Through the South African joint venture, UraMin also enjoys additional license applications for important uranium deposits in the Karoo, South Africa. No assurance can be given that remaining applications for the prospecting rights in the Ryst Kuil Channel or elsewhere in South Africa will be successful.

Forward-Looking Statements:

This press release contains statements that are "forward-looking". Generally, the words "expect," "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, or that of our industry, to differ materially from those expressed or implied in any of our forward-looking statements. Statements in this press release regarding the Company's business or proposed business, which are not historical facts, are "forward looking" statements that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.

Contact Information

  • UraMin Inc.
    Ian Stalker
    Chief Executive Officer
    +27 (0)11 783 5056
    or
    UraMin Inc.
    Neil Herbert
    Finance Director
    +27 (0)11 783 5056
    Website: www.uramin.com
    or
    London
    Financial Dynamics
    Ben Brewerton / Edward Westropp
    +44 (0)20 7831 3113
    or
    Toronto
    Steve Vaughan
    (416) 865-7931