Re: Trekkopje Project

RNS Number:2268W
UraMin Inc
08 May 2007







8 May 2007

                                  UraMin Inc.

                          ("UraMin" or the "Company")

                   NOT FOR DISSEMINATION IN THE UNITED STATES

                 OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES


134% Increase in Trekkopje Project Measured and Indicated Resource at the 100ppm Cut-Off Grade





The Board of UraMin is pleased to announce SRK's final NI 43-101 compliant DFS
resource statement on the Trekkopje uranium project in Namibia.  A 94%
conversion rate of resources from the Inferred to Measured and Indicated
resource categories has been achieved for the Klein Trekkopje deposit at the
100ppm eU3O8 cut-off grade.



Highlights are:


  * An increase of 134% (63 million contained lbs eU3O8) has been estimated by
    SRK Consulting (US), Inc. ("SRK") for the Trekkopje Project for the Measured
    and Indicated Mineral Resource, which now totals 335 million tonnes at an
    average grade of 0.015% eU3O8 containing 50,074 tonnes eU3O8 (110 Mlbs
    eU3O8) using a cut-off grade of 0.010% eU3O8.



  * At the 100ppm cut-off the average grade of the Measured and Indicated
    resource has increased to 149ppm which represents a 2% increase.



  * Trekkopje DFS remains on schedule for completion 3rd Quarter 2007 and
    production on stream for 4th Quarter 2008.



  * A 9,367m reverse circulation (RC) infill drilling program focused on the
    Klein Trekkopje deposit has been completed.  A total of 94% (51 million
    contained lbs eU3O8) of inferred resources have been converted to the
    Measured and Indicated resource categories which now amount to 307 million
    tonnes at an average grade of 0.015% eU3O8 containing 46,415 tonnes eU3O8
    (102 Mlbs eU3O8 ) using a cut-off grade of 0.010% U3O8.



  * A 1,251m RC Infill drilling program on the Trekkopje deposit has started
    to upgrade the current inferred resource of 18 million tonnes at an average
    grade of 0.013% eU3O8 containing 2,284 tonnes eU3O8 (5 Mlbs eU3O8 ) using a
    cut-off grade of 0.010% U3O8.



  * Exploration drilling has now started on recently identified targets where
    possible extensions to the Klein Trekkopje deposit and newly identified
    paleochannels have been identified.





Ian Stalker, Chief Executive, said "This resource estimate has exceeded our
expectations both from a grade and tonnage perspective and further enhances the
extremely robust project economics associated with the Trekkopje Project.



The upgrade of a very high proportion of Inferred resources to the Measured and
Indicated resource categories (94% conversion) allows us to confidently plan and
deliver a mine schedule from the Trekkopje deposits at a minimum rate of 100
thousand tonnes ore per day and to produce in excess of 9 million pounds of U3O8
per annum (peaking at 10 Mlbs per annum in the early production phase of the
mine). The positive results being currently being produced by all elements of
the DFS reinforce the ongoing success of the project.



Our project schedule resulting in first production in Quarter 4 2008 is on
track."



Resource Estimates

The significant conversion of mineral resources into the Measured and Indicated
resource categories at Klein Trekkopje was achieved by increasing drillhole
density. Over 90% of the Klein Trekkopje resource area is now covered by a
staggered 200 x 100 metre drillhole spacing (effective 140 metre drill spacing).



All of the infill drill holes were drilled by reverse circulation and eU3O8
grades were determined by calibrated radiometric probes. As with the previous
estimate, 18 ppm was removed from all eU3O8 data to account for radiometric
background.



The estimate was made using a model comprised of 50 by 50 by 2.5 metre blocks.
Grades for blocks were estimated using ordinary kriging from composited data
points within a 35 ppm grade shell, using parameters derived from variography
and geological interpretations. The grade shell was constructed manually on a
section-by-section basis across the Klein Trekkopje deposit. Bulk densities were
determined from core samples. RC samples analysed for U3O8, and bulk samples
from 5-meter pits on drill holes will be used to re-examine equilibrium with
eU3O8 data, previously determined to be globally in equilibrium with local areas
of both positive and negative disequilibrium.



Resources were classified based on a proportion of the range, number of
composites, and a minimum number of drill holes; standard protocols for CIM
classifications of Measured, Indicated and Inferred resources. Trekkopje deposit
resources have not changed as RC in-fill drilling to 140 metre nominal spacing
has not yet been completed.



Trekkopje Project Resources (April 2007)
Table 1.0 Insitu Resource Statement, Combined Deposits (100 ppm eU3O8 cut-off)


Resource Classification                        Resource            Grade          Contained          Contained
                                               (tonnes)      eU3O8 (ppm)       Tonnes eU3O8       Pounds eU308

                                                  _____            _____              _____              _____
Measured
Klein Trekkopje                               7,199,000              162              1,167          2,574,000
Trekkopje                                             -                -                  -                  -

                                                  _____            _____              _____              _____
Sub-Total Measured                            7,199,000              162              1,167          2,574,000

                                                  _____            _____              _____              _____
Indicated
Klein Trekkopje                             300,019,000              151             45,247         99,753,000
Trekkopje                                    27,835,000              131              3,659          8,067,000

                                                  _____            _____              _____              _____
Sub-Total Indicated                         327,854,000              149             48,907        107,820,000

                                                  _____            _____              _____              _____
Measured & Indicated
Klein Trekkopje                             307,218,000              151             46,415        102,327,000
Trekkopje                                    27,835,000              131              3,659          8,067,000

                                                  _____            _____              _____              _____
Total M&I                                   335,053,000              149             50,074        110,394,000

                                                  _____            _____              _____              _____
Inferred
Klein Trekkopje                              10,752,000              127              1,370          3,019,000
Trekkopje                                    18,216,000              125              2,284          5,035,000

                                                  _____            _____              _____              _____
Sub-Total Inferred                           28,968,000              126              3,653          8,054,000

                                                  _____            _____              _____              _____





Trekkopje Project Resources (April 2007)
Table 2.0 Insitu Resource Statement, Combined Deposits (80 ppm eU3O8 cut-off)


Resource Classification               Resource (tonnes)            Grade          Contained          Contained
                                                             eU3O8 (ppm)       Tonnes eU3O8       Pounds eU3O8

                                                                   _____              _____              _____
                                                  _____
Measured
Klein Trekkopje                               8,683,616              150              1,301          2,865,786
Trekkopje                                             -                -                  -                  -

                                                  _____            _____              _____              _____
Sub-Total Measured                            8,683,616              150              1,301          2,865,786

                                                  _____            _____              _____              _____
Indicated
Klein Trekkopje                             445,066,569              131             58,217        128,252,542
Trekkopje                                    45,854,792              115              5,275         11,619,883

                                                  _____            _____              _____              _____
Sub-Total Indicated                         490,921,361              129             63,492        139,872,425

                                                  _____            _____              _____              _____
Measured & Indicated
Klein Trekkopje                             453,750,185              131             59,518        131,118,328
Trekkopje                                    45,854,792              115              5,275         11,619,883

                                                  _____            _____              _____              _____
Total M&I                                   499,604,977              130             64,793        142,738,211

                                                  _____            _____              _____              _____
Inferred
Klein Trekkopje                              32,054,675              101              3,240          7,138,025
Trekkopje                                    20,554,496              110              2,262          4,982,461

                                                  _____            _____              _____              _____
Sub-Total Inferred                           52,609,172              105              5,502         12,120,486

                                                  _____            _____              _____              _____





The information contained in this announcement has been reviewed by Allan Moran,
Principal Geologist with SRK. He is the Qualified Person overseeing the
Trekkopje Project drilling and resource estimation activities for the purposes
of NI 43-101 compliance. Mr. Moran has sufficient experience relevant to the
style of mineralisation and type of deposit under consideration and to the
activity which he is undertaking to act as a Qualified Person for the purposes
of this announcement.



Resource estimation by SRK follows CIM (Canadian Institute of Mining and
Metallurgy) resource classification categories. 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.



The Interim Progress Update Report represents the latest view of project
concepts, designs and likely projected outcomes based on the work conducted to
date, industry accepted practice and certain project specific assumptions.
Readers are cautioned that the results reported are not definitive and maybe
subject to change as further work is undertaken.  Project outcomes may
ultimately be materially different from those projected in this report.





GLOSSARY


DFS        Definitive Feasibility Study - a comprehensive study of a deposit in which all geological, engineering,
           operating, economic and other 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 and Industry Standard QA/QC procedures.

Inferred  An 'Inferred Mineral Resource' is that part of a mineral resource for which quantity and grade or quality 
          can Resource 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    Triuranium octaoxide grades in parts per million generated as a result of the conversion of down hole total
(ppm)    gamma radiometric probe data to equivalent uranium oxide using probe calibration on known uranium sources 
Uranium                                 and Industry Standard QA/QC procedures. 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

SO4                                                                                                            Sulphate



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]


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$299 million and a market capitalization of approximately US$1.9
billion on an undiluted basis. UraMin (www.uramin.com) is traded on the AIM
Market of the London Stock Exchange plc and the Toronto Stock Exchange under the
symbol UMN.





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

DRLUWRSRBWRVRAR