Joint Venture

RNS Number:6986X
UraMin Inc
04 June 2007


4 June 2007

                   NOT FOR DISSEMINATION IN THE UNITED STATES

                 OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

 UraMin and Northwestern to form Joint Venture Company combining license areas
                     and expertise in the Republic of Niger

The Board of Directors of UraMin Inc. ("UMN" TSX and AIM) and Northwestern
Mineral Ventures Inc. ("NWT" TSX-V, "NWTMF" OTCBB) are pleased to announce that
they have agreed to form a joint venture company that will advance a total of
eight highly prospective uranium concessions in Niger. The agreement provides
that UraMin and Northwestern will each acquire a 50% equity stake in the new
company. Northwestern's properties, the Irhazer and In Gall concessions, will
become two of eight properties in the new company's uranium portfolio.  UraMin
will contribute six uranium properties, Kamas 1 to 4, and Dabala 3 and 4, which
are located in the same geographic area as Niger's two producing Areva mines.
UraMin will also make a US$15,000,000 contribution to the company from which
Northwestern will receive a cash payment of C$4,800,000. Each company will
receive a 3% net smelter royalty on the production of uranium and any other ores
and/or minerals produced from their contributing licenses. The formation of the
joint venture company is subject to certain consents being received in the
Republic of Niger.

Stephen Dattels, Deputy Chairman of UraMin said:

"By combining our resources in Niger we not only bring together the highly
prospective license areas of both companies but we also marry Northwestern's
established exploration team in Niger with UraMin's international mining team.
This is a very exciting combination within a mature uranium mining environment
and we look forward to a proceeding with a major exploration programme in Niger
at a pace that would otherwise not have been possible."

Marek J. Kreczmer, Northwestern's President and Chief Executive Officer, will
lead the new company and has been appointed Managing Director and Chief
Executive Officer.  Mr. Kreczmer will also serve as a member of the Board of
Directors. UraMin's Chief Executive Officer, Ian Stalker, an international
mining executive with over 30 years of mining experience in Europe, Africa and
Australia, has been appointed Executive Deputy Chairman and President of the new
company, while Neil Herbert, UraMin's Finance Director, has been named Chief
Financial Officer.  In addition, both Mr. Stalker and Mr. Herbert have been
appointed to the Board of Directors.  Northwestern will nominate one additional
director as well as a non-executive Chairman, to bring the total number of Board
members to five.

Marek Kreczmer, President and CEO of Northwestern said:

"This is an exciting development for both companies and for Niger.  The combined
entity will have considerable financial and technical resources at its disposal
and the result will be a major fast-track exploration programme on some of the
most prospective exploration properties in Niger, which is already one of the
world's largest uranium producing nations.  Initial results from Northwestern's
exploration programme combined with previous exploration results have enabled
the delineation of high-priority areas and we will begin our drill programme
shortly.  We look forward to a significant period of growth in our operating
activities."

Highly Prospective Uranium Property Portfolio

The joint venture company boasts eight uranium properties -- known as Irhazer,
In Gall, Kamas 1 to 4, and Dabala 3 and 4 -- covering a total of 1,673,644 acres
(6,773 square kilometers) all located in the Tim Mersoi basin.

Irhazer and In Gall have returned uranium values ranging from 0.22% U3O8 to 1.0%
U3O8 from five of 16 surface rock samples collected from outcrops, as reported
in a press release issued by Northwestern on May 29, 2007.  Producing mines and
deposits in Niger typically grade from 0.1% to 0.42% U3O8, with the highest
grades being mined at greater depths.

All of the eight concessions in Niger are located along the edge of the Air
Massif and in close proximity to SOMAIR's successful Arlit mine. The Arlit
flexure/fault and related structures lie just inside and along the joint
venture's concessions. Its influence dominates the sedimentology and
paleogeography, and consequently also the distribution of uraniferous
mineralisation.

The Tim Mersoi basin is a world class uranium province wherein the deposits,
hosted by sandstones, occur as tabular stratabound, roll front and
tectonic-lithologic deposits, which formed under reducing conditions and consist
of pitchblende and coffinite (Akouta, Arlit, Afasto, Madaouela) associated with
Carboniferous terrains or oxidized (Imouraren) within Jurassic age formations.

Niger has been mining uranium since 1971 and past production from its two
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 3,434 tU in 2005, Niger was
the world's 3rd to 6th largest uranium producer contributing 7.5% of the total
world production.


For further information:

UraMin Inc
Ian Stalker Chief Executive Officer
Neil Herbert, Finance Director
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 / Edward Westropp
Tel: [phone]

Northwestern Mineral Ventures Inc
Marek J. Kreczmer, M.Sc., P.Eng.
President and CEO
[phone]
[e-mail]

Background on UraMin Inc

UraMin (www.uramin.com) was established in 2005 to acquire and develop mineral
properties, predominantly uranium. UraMin is focused on advancing its 100%-owned
Trekkopje uranium project in Namibia to the completed Definitive Feasibility
Study ("feasibility study") stage. A trial mine is planned for the fourth
quarter of 2007 and commercial production is planned for late 2008.  The Company
is also has a feasibility study underway at its 90% owned Bakouma uranium
project in the Central African Republic and on its 74%-owned Ryst Kuil uranium
project in South Africa. SRK is the lead consultant for the Ryst Kuil Project.

UraMin intends to bring these near surface open pitable projects, into
production, utilizing efficient mining and processing methods currently in
practice worldwide in similar deposits in a cost effective manner.

UraMin also has a number of exploration projects in both Africa (Chad, Niger,
Senegal and Mozambique) and joint venture projects in Canada (the Rea Project
within the Athabasca Basin in Alberta and the Labrador Project in Quebec) on
which it is advancing exploration programmes that could provide a pipeline of
potentially economic uranium projects for the future.

Background on Northwestern Mineral Ventures Inc

Northwestern Mineral Ventures (www.northwestmineral.com) is an international
resource exploration company with an experienced management team.  The company
is focused on properties in Niger and Canada with potential uranium targets.
Northwestern also has a precious and base metal property in Mexico.
Northwestern is listed on the NASD Bulletin Board under the symbol "NWTMF" and
the TSX Venture Exchange under the symbol "NWT."

Mr. G M Greenway, Pr.Sci.Nat (SACNASP), MSAIMM, MGSSA, is the qualified person
responsible for the current exploration program in Niger and has verified the
data reported above. Mr. Greenway is a consultant to UraMin, and has sufficient
experience relevant to the style of mineralisation and type of deposits under
consideration and to the activity which he is undertaking, to qualify as a
Qualified Person for the purposes of the geological section in this report. Mr.
Greenway has no interest in the company and has consented to the inclusion in
this report of his name in the form and context in which it appears.


GLOSSARY
               

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

Lb             Pound

U3O8           Triuranium octaoxide

Uranium        heavy silvery-white metallic element found in several minerals, 
               notably uraninite and carnotite

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 and Industry Standard QA/QC procedures.

RC             Reverse Circulation

tU             Tonnes uranium

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

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.



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