We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Uramin Inc | LSE:UMN | London | Ordinary Share | VGG9298V1067 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 389.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9563W UraMin Inc 22 May 2007 22 May 2007 UraMin Inc. ("UraMin or "the Company") NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES Award of Additional Exploration Licences Extends Recently Established Niger Uranium Project UraMin, the company primarily focused on near-term uranium mining projects in Africa, announces that it has signed mining conventions for two additional exploration areas in the Republic of Niger to prospect for and, if economically viable, mine all minerals, including uranium. This follows the announcement on 7 May 2007 of the signing of four mining conventions in the area. The project is UraMin's fourth uranium mining project in Africa. Key Points * Strengthens and consolidates UraMin's position by signing mining conventions for two additional exploration areas (Dabala 3 and 4) adjacent and to the north of the four existing UraMin licenses (Kamas 1 to 4) * UraMin's Niger licenses are all located within the well known and prospective Tim Mersoi Basin * The six license areas total 2,773 square kms and are situated along the proven Arlit Fault zone to the north of existing uranium producing mines * Stable, favourable fiscal regime for duration of the prospecting and mining period * State entitled to 10% free carried interest and to acquire additional interest of up to 30% on commercial terms in respect of all six concession areas * Exploration planning complete and mobilization to site is imminent Further Details The Tim Mersoi basin is a major world uranium province wherein the deposits, hosted by sandstones, are roll front type, which are reduced and consist of pitchblende and coffinite (Akouta, Arlit, Afasto, Madaouela) associated to Carboniferous terrains or oxidized (Imouraren) within Jurassic age formation. Niger has been mining uranium since 1971 and past production from its 2 operating mines exceeds 100,000 tonnes of uranium (approximately 2,600,000 lbs of U3O8) to the end of 2006. With an output of over 3,093 tU in 2005, Niger was the world's 6th largest uranium producer contributing 7.75% of the total world production. All of UraMin's six concession in Niger are located along the western edge of the Arlit Massif and to the north of SOMAIR's successful Arlit mine. The Arlit flexure/fault lies just inside and along the western edge of the UraMin concessions. Splays off this major structure strike north east through the Kamas and Dabala blocks. Its influence dominates the sedimentology and paleogeography, and consequently also the distribution of uraniferous mineralisation. The main prospecting target on the UraMin concessions is the Devonian ash-pit gravel, which in a reduction environment is favourable to the presence of uranium. On the structural plan, the favourable zones are along the Arlit flexure, where synforms related to the latter constitute traps for uraniferous mineralisation. The Mining Conventions entered into provide for favourable and stable fiscal conditions over the duration of the prospecting and mining period of 20 years, renewable for further periods if necessary. Incentives include total exemption from most taxes, import benefits and income tax waivers for expatriate employees during exploration. During the exploitation phase various tax, customs, export and related benefits are guaranteed. In addition, the state makes customary guarantees against discrimination, changes in law, restriction in funds transfer. State's entitlement to acquire additional interest Following preparation of a feasibility study, if the project should proceed to the exploitation phase, UraMin is required to incorporate a local company to conduct exploitation activities. The state is entitled to a free carried 10% interest in the company. The State is also entitled, at its election, for value and on commercial terms, to acquire a further 30% interest in the exploitation company. Correction to Press Release of 7 May 2007 The State's entitlement to acquire an additional 30% interest on commercial terms applies in respect of not only the two Dabala concession areas, but also the four Kamas concession areas previously awarded to UraMin and announced by the Company in a press release of 7 May 2007. The 7 May 2007 press release incorrectly reported that the State's entitlement to acquire an additional interest on commercial terms was limited to a 20% interest in the exploitation company when in fact the correct position is that it is limited to an additional 30% interest. Ian Stalker, Chief Executive of UraMin, said: "The new Niger license areas represent an extension and consolidation of our Niger interests. A UraMin team is currently in Niger to ensure that our exploration programme commences as soon as possible." For further information: Ian Stalker, Chief Executive Officer Neil Herbert, Finance Director James Pitman, Vice President Business Development Tel: +27 11 783 5056 Nominated Advisor Canaccord Adams Limited Robin Birchall Tyler Broda Tel: +44 20 7050 6500 Toronto Steve Vaughan Tel: +1 416 643 6924 UK Media Enquiries Financial Dynamics Tel: + 44 207 831 3113 Notes to Editors GLOSSARY 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 tU Tonnes uranium Lb Pound U3O8 Triuranium octaoxide Uranium heavy silvery-white metallic element found in several minerals, notably uraninite and carnotite UraMin (www.uramin.com) was established in 2005 to acquire and develop mineral properties, predominantly uranium. Following the private placement the Company currently working capital of approximately US$300 million and a market capitalization of approximately US$1.9 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 remaining applications for prospecting licences 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. This information is provided by RNS The company news service from the London Stock Exchange END DRLBSGDUDBDGGRB
1 Year Uramin Chart |
1 Month Uramin Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions