Bakouma Update

RNS Number:4215V
UraMin Inc
24 April 2007


24 April 2007

                                  UraMin Inc.
                          ("UraMin" or the "Company")

                   NOT FOR DISSEMINATION IN THE UNITED STATES
                 OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES


Independent Interim NI 43-101 Compliant Mineral Resource for the Patricia
Deopsit, Bakouma, Central African Republic

Highlights


  * An Inferred Mineral Resource of 5,700,000 tonnes at an average grade of
    0.20% U3O8 containing 12,000 tonnes U3O8 (26,000,000 lbs U3O8 ) using a
    cut-off grade of 1,000 ppm  U3O8 has been estimated by AMC Consultants for
    the Patricia Deposit that  represents an increase of 33%, (7,000,000
    contained lbs U3O8), over the historical mineral resource estimate.



  * The historical mineral resource estimate for the Patricia deposit of
    2,900,000 tonnes at an average grade of 0.31% U3O8 containing an estimated
    7,400 tonnes  U3O8 (19,000,000 lbs U3O8) using a cutoff grade of 1,000ppm
    U3O8 accounted for approximately 46% of the total Bakouma Project historical
    mineral resource estimate.



  * Recently completed diamond drilling to further test the depth extensions
    within the Patricia Deposit have established the existence of economic
    mineralization up to 42 meters below the maximum depth delineated by reverse
    circulation drilling used in estimating the above referred to NI 43-101
    compliant mineral resources drilling. This deeper mineralization is not
    accounted for in the NI 43-101 compliant mineral resource estimate referred
    to above and additional deep drilling is ongoing.



  * Drilling is progressing on schedule as part of GRD Minproc's feasibility
    study and UraMin is on track to report a NI 43-101 compliant resource for
    the entire Bakouma Project in Q3 of 2007.


Ian Stalker, Chief Executive, said "The NI 43-101 compliant resource identified
from the initial reverse circulation ("RC") drilling at the Patricia Deposit
indicates an inferred mineral resource of 5.7 million tonnes (Mt) grading 0.203%
U3O8 (11,670t or 25,720,650 lbs. of U3O8) at a 1000 ppm U3O8 cut-off grade which
exceeds our expectations based on historical records. This increase in  the
mineral resource in only one of the ten know deposit previously identified in
the Bakouma Project area augurs well for a total increase in overall resource
nos.


The initial drill programme was limited by depth constraints of the reverse
circulation rigs being utilised by UraMin. Since the RC rigs have been moved to
determine the extent of mineralisation on the other 9 deposits at Bakouma a
diamond drill rig has drilled the mineralized zone to a depth of 153 meters at
Patricia - some 42 meters below previous drilling in the current resource
delineation programme.  This depth extension and open ended potential on the
central portion of the Bakouma deposit would indicate that the uranium resource
on this portion of the Patricia Deposit has the potential to increase the
current mineral resource estimate and thereby increase the historic resource
estimates for the project as a whole which were reported to be 6,915,000 tonnes
at an average grade of 0.27% U3O8 containing 15,891t U3O8 (41,253,477lbs U3O8)
at a cut off grade of 1000ppm U3O8.


For a cut off grade of 500ppm U308 the current NI 43-101 compliant Inferred
resource estimate is restated as follows, 7,980,000 tonnes at an average grade
of 0.16% for 13,422t U3O8 (29,580,000 lbs U3O8).


Subject to mine plan economics it is possible that the ultimate cut off grade
could be lowered resulting in a further increase in the size of the mineral
resource which would enable UraMin to achieve a higher mining rate with a
resultant improvement in project economics."


Resource Estimates


The confirmatory RC drilling program recently completed on the Patricia deposit
as part of GRD Minproc's Feasibility Study program on the Bakouma Project
utilized a grid spacing for the resource estimate of 100 metres by 50 metres.
UraMin is currently continuing exploration drilling at the other 9 Bakouma
deposits. The infill drilling programme at Patricia has now been completed and
assay results are pending for this phase.


AMC completed the mineral resource estimate for the Patricia deposit using all
geological and assay data available up to March 1, 2007 which allowed AMC to
generate a constrained grade model mineral resource in the inferred category of
5.7 million tonnes (Mt) grading 2,034 ppm of U3O8 (11,667t U3O8) at a 1000 ppm
U3O8 cut-off grade.


The uranium mineralisation of the Patricia Deposit has been identified over an
area of 850 metres by 250 metres with vertical widths ranging between 4 metres
and 85 metres.  In the current drilling program, the top of uranium
mineralisation was intersected at depths of 6 metres to 59 metres below surface
with the base of mineralisation extending down to a maximum of 106 metres below
surface.


The mineralised envelope was defined in sandstone and quartzite units only with
geological geological logging and assay information from drillholes using a
nominal cut-off grade of 250 ppm U3O8. Extrapolation of the interpreted
mineralised zone was limited to 50 m between section lines and 25 m at the ends
of each section.


A top cut of 10,000 ppm U3O8 was applied to assay grades.


No bulk density data measurements were available for use in this estimate.
Historical values reported by "Societe de l'Uranium Centrafricain" (URCA) in
1977 were used pending confirmation in the next phase of investigation. No new
metallurgical information on the deposit is available at the time of reporting.


The estimate has been classified as an Inferred Mineral Resource based on the
current drill hole spacing and confidence level of the geological and grade
continuity.  AMC has not estimated any mineral reserves for the Bakouma Deposit.
It should be noted that mineral resources are not minerals reserves and do not
have or imply a demonstrated economic viability.


The AMC mineral resource estimate is classified in accordance with the Canadian
Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral
Resources and Mineral Reserves (CIM Definition Standards December, 2005).


Exploration Results


A diamond drilling program commenced at the Bakouma project in early March. The
focus of the program is to test for mineralization at depth below the known
Patricia deposit and to acquire data for on going geotechnical study. The first
hole PDD001 was drilled at -90 degrees to 153.5m below surface in the centre of
the deposit, where previous drilling (PRC002) had identified open ended
mineralization. PDD001 was logged with a Mount Sopris probe type 2PGA-1000.
UraMin has an industry standard  QA/QC program in place for sampling analytical
data and down-hole radiometric probe data and the results for this hole are as
follows:


*   68m at 0.112% eU3O8 from 54m depth in PDD001 including

       o        5m at 0.139% eU3O8 from 60m depth

       o        20m at 0.137% eU3O8 from 68m depth

       o        7m at 0.125% eU3O8 from 92m depth

       o        10m at 0.119% eU3O8 from 112m depth


These results indicate an extension of the mineralisation for a further 42 m
below that previously identified by reverse circulation drillhole PRC002.  Open
ended mineralization at depth on the deposit has been identified in a number of
prior drillholes..


Exploration Program



The Bakouma Uranium Project consists of ten documented uranium deposits in close
proximity to one another. A review of prior technical studies conducted by
Compagnie des Mines d'Uranium de Bakouma and Societe de l'Uranium Centrafricain
between 1969 and 1977 reveals a historical non NI 43-101 compliant mineral
resource of 6,915,000 tonnes at an average grade of 0.27% U3O8 containing an
estimated 18,000 tonnes (41 million lbs U3O8) of U3O8 at a cut of grade of
1000ppm U3O8.


Over the past seven months, UraMin has completed 24,627 meters of reverse
circulation percussion drilling in 249 holes. Of these, a total of 171 drill
holes have been completed in the Patricia deposit aggregating 15,199 meters of
which 67 holes aggregating 5840 meters represents the 100 meter by 50 meter grid
data utilised for the current mineral resource estimate and the balance, being
the infill drilling designed to convert a proportion of the deposit to the
indicated mineral resource category or better.  A further 78 drill holes
aggregating 9,428 meters have been drilled in the Pama, Pato, Paloma and Fosse
deposits thus far and additional drilling is ongoing.


Mr. M, Sweeney, MAusIMM and Principal Resource Geologist AMC Consultants Pty
Ltd, is the qualified person responsible for the Bakouma drilling program and
has verified the data reported above. Mr Sweeney is a independant consultant to
UraMin, and has consented to the inclusion in this announcement of his name in
the form and context in which it appears. Exploration data utilized in
calculating the above referred to mineral resources was obtained by UraMin using
best practice quality assurance and quality control protocols. Reverse
circulation percussion chip assay samples are collected by appropriately
qualified personnel and are assayed at SANAS accredited laboratories in
Johannesburg, South Africa; Set Point Laboratory (SANAS No. T0223) and ISO/IEC
17025, SGS Lakefield Research Africa (SANAS No. T0169) and Mintek Analytical
Services (SANAS No. T0042). U3O8 assays are performed using x-ray fluorescence
spectrometry on a pressed powder pellet. Quality control procedures follow
industry best practice and include the use of blind control samples.


Mr. G M Greenway, Pr.Sci.Nat (SACNASP), MSAIMM, MGSSA, is the qualified person
responsible for the current Bakouma diamond drilling program and has verified
the data reported above. Mr Greenway is an independent consultant to UraMin,
with no interest in the company and has consented to the inclusion in this
announcement of his name in the form and contect in which it appears.


Resource estimation by AMC, follows CIM (Canadian Institute of Mining and
Metallurgy) resource classification categories. and the mineral resources were
determined using ordinary kriging for grade estimation and industry standard
block modeling techniques. Industry accepted "Best Practices Guidelines" were
followed in data collection, documentation, analyses, and reporting. UraMin has
an industry standard QA/QC program in place for sample analytical data and
down-hole radiometric probe data.



GLOSSARY


Feasibility   a comprehensive study of a deposit in which all geological, engineering, operating, economic and other
study         relevant factors is 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

U3O8 ppm      Triuranium octaoxide grades in parts per million generated as a result of the conversion of down hole     
              gamma radiometric probe data to equivalent uranium oxide using probe calibration on known uranium sources 
              andIndustry Standard QA/QC procedures.

Inferred      An 'Inferred Mineral Resource' is that part of a mineral resource for which quantity and grade or quality
Resource      can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not
              verified, geological and grade continuity. The estimate is based on limited information and sampling
              gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and     
              drill holes.

eU3O8 (ppm)   Triuranium octaoxide grades in parts per million generated as a result of the conversion of down hole     
              total gamma radiometric probe data to equivalent uranium oxide using probe calibration on known uranium   
              sources and Industry Standard QA/QC procedures.
Uranium       heavy silvery-white metallic element

RC            Reverse Circulation
Lb            Pound

NI 43-101     National Instrument 43-101 - Standards of Disclosure for Mineral Projects, Form 43-101F1 and Companion
              Policy 43-101CP as used by Canadian regulatory authorities


For further information:

Ian Stalker, Chief Executive Officer
Neil Herbert, Finance Director
Tel: [phone]

Toronto
Steve Vaughan
Tel: [phone]

Nominated Advisor
Canaccord Adams
Robin Birchall
Tel: [phone]

UK Media Enquiries
Financial Dynamics
Ben Brewerton / Ed Westropp
Tel: [phone]

Background Information:


UraMin (www.uramin.com) was established in 2005 to acquire and develop mineral
properties, predominantly uranium. Following a recently completed private
placement (March 2007) the Company currently has working capital of
approximately US$297 million and a market capitalization of approximately US$1.5
billion on an undiluted basis. UraMin (www.uramin.com) is traded on the
Alternative Investment Market of the London Stock Exchange plc and the Toronto
Stock Exchange under the symbol UMN.


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



UraMin has a 90% interest in the exploration licenses covering the Bakouma
Project with the remaining 10% owned by the CAR government.  The Bakouma Project
is located in the Bakouma Basin, 100 kilometres north of Bangassou in the
Central African Republic ('CAR').  Uranium mineralisation was initially
discovered in the valley of M'Patou, near Bakouma in 1961. Exploration in the
area continued in the 1960's and 1970's culminating in a feasibility study
report being issued in 1977 by Societe de l'Uranium Centrafricain.  The Patricia
deposit is currently the largest of the 10 historically reported near surface
uranium deposits at Bakouma which are currently being investigated.



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.



These forward-looking statements speak only as of the date they are made.



This announcement and the information contained herein shall not constitute an
offer to sell or the solicitation of an offer to buy any securities of the
Company in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
such jurisdiction, including the United States.


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

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