Bakouma Exploration Update

RNS Number:9346X
UraMin Inc
07 June 2007









07 June 2007

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



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



         High Grade Exploration Drilling Results at the Bakouma Deposit


Recent drilling results for the Patricia Deposit at Bakouma in the Central
African Republic include the following high grade U3O8 intersections over widths
in excess of 22 meters:



  * Borehole PRC061; 54m at 0.36% U3O8 from 39m depth
  * Borehole PRC065; 22m at 0.61% U3O8 from 19m depth including 3m at 1.32%
    U3O8 from 25m depth
  * Borehole PRC074; 43m at 0.27% U3O8 from 48m depth
  * Borehole PRC075; 30m at 0.28% U3O8 from 52m depth and 36m at 0.20% U3O8
    from 89m
  * Borehole PRC078 24m at 4.17% U3O8 from 53m depth including 10m at 9.06%
    U3O8 from 55m
  * Borehole PRC083; 62m at 0.81% U3O8 from 61m including 11m at 15.16% from
    112m



Ian Stalker, Chief Executive, said "We are delighted with these results which
further underline the high grade nature of this deposit. The infill drilling
programme at Patricia is now complete and these results indicate a near surface
deposit that is amenable to open-pit mining and the soft ground suggests low
mining costs.  We look forward to completing the feasibility study on track in
2008."



The highest (>2.5% U3O8) grade samples have been verified by alternative methods
of chemical analysis and the high uranium mineral content has been further
verified by X-ray powder diffraction. This latter technique has resulted in the
identification of a number of uranium phosphate minerals that are present as
major constituents in these samples. Because of the unusually high uranium
values in these ore samples further verification is to be undertaken in a
laboratory that specializes in analysis of high grade uranium-bearing ore.

On the 25th April 2006 an Independent Interim Mineral Resource classified in
accordance with the CIMM (2000) guidelines for the Patricia Deposit, Bakouma,
Central African Republic was announced. This Inferred Mineral Resource of 5.7
Million tonnes at an average grade of 0.20% U3O8 containing 12,000 tonnes U3O8
(26.0 Million lbs U3O8) using a cut-off grade of 1,000 ppm U3O8 was estimated by
AMC Consultants for the Patricia Deposit and represents an increase of 33%, (7.0
Million contained lbs U3O8), over the historical Mineral Resource estimate.

Infill drilling is now complete taking the deposit from a 100m by 50m grid to a
50m by 50m grid spacing. Assay results for 35% of the 96 infill RC holes have
now been received.



Drilling is progressing on schedule as part of the Definitive Feasibility Study
being conducted on behalf of UraMin by GRD Minproc. A NI 43-101 compliant
resource for the entire Bakouma Project is expected in Q3 of 2007.





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 nine months, UraMin has completed 34,835 meters of reverse
circulation percussion drilling in 542 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 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
371 drill holes aggregating 19,636 meters have been drilled in the Pama, Pato,
Paloma and Fosse deposits thus far and additional drilling is ongoing.



Mr. G M Greenway, Pr.Sci.Nat. (SACNASP), MSAIMM, MGSSA, of MSA Geoservices (PTY)
Ltd, is the qualified person responsible for the Bakouma 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 context in which it appears.
Exploration data is acquired 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; SGS Lakefield Research
Africa (SANAS No. T0169) U3O8 assays are performed using x-ray fluorescence
spectrometry on a pressed powder pellet. Samples containing more than 2,000ppm
uranium are re-analysed by ICP OES utilizing a sodium metaborate fusion, the
conventional XRF technique for high grade samples is unsuitable for Bakouma ore.
 A population of very high grade samples (greater than 2.5% U3O8) were analyzed
using X-ray powder diffraction to confirm the abundant uranium phosphate mineral
assemblage. Quality control procedures follow industry best practice and include
the use of blind control samples.







For further information:



Ian Stalker, Chief Executive Officer
Neil Herbert, Finance Director
James Pitman, Vice President Business Development
Tel: [phone]



Nominated Advisor
Canaccord Adams Limited
Robin Birchall
Tyler Broda
Tel: [phone]



Toronto
Steve Vaughan
Tel: [phone]



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



Notes to Editors



GLOSSARY


Definitive        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
Feasibility study the basis for a final decision by a financial institution to finance the development of the
                  deposit for mineral production
ICP-OES           Inductively coupled plasma optical emission spectroscopy finish - sophisticated electronic
                  means for determining the elemental content in a sample.
X-ray diffraction X-ray diffraction (XRD) is a nondestructive technique for studying complex materials on a small
                  scale. XRD analysis can be used to determine the composition of a material, as well as its
                  molecular and crystalline structure. Mineralogical characterization provides part of the data
                  required to determine the particular kind of mineral deposits encountered in mineral-resource
                  assessment studies.
CIMM              Canadian Institute of Mining and Metallurgy
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
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