Rea Uranium Project Update

RNS Number:3830Y
UraMin Inc
14 June 2007


 June 14, 2007


       Winter Drill Program completed on the Rea Uranium Project, Alberta

UraMin Inc. (TSX and AIM: UMN) and its joint venture partner, Red Dragon
Resources Corporation (TSX-DRA.V), are pleased to report the completion of the
winter drilling program on the Rea Uranium Project in northeastern Alberta. The
diamond drill program (1,908m in 8 holes) tested six airborne electromagnetic
(EM) anomalies, out of several hundred anomalies that were identified on the
property. The anomalies drilled in this program extend over a distance of 35
kilometres and test several conductors along and parallel to the north-northwest
trending Maybelle River linear that is known to host economic concentrations of
uranium mineralization.

The six EM anomalies were previously profiled by ground induced polarization
surveys prior to drilling to identify areas of low resistivity and high
chargeability, which can be related to clay alteration that may be associated
with unconformity-type uranium mineralization. While none of the eight drill
holes intersected economic concentrations of uranium mineralization, a number of
holes intersected significant alteration and one of the drill holes (R130107)
intersected anomalous concentrations of uranium (34ppm over 4m including 55ppm
over 1m) in sedimentary rocks immediately above the unconformity with the
underlying basement pegmatite. Management of Red Dragon and UraMin are
encouraged by this initial drill program and are planning additional ground
geophysical surveys and diamond drilling in the second half of 2007.

The Rea Project consists of a large exploration package (446,330 acres) covering
the under explored western margin of the Athabasca basin in northeastern
Alberta. The project surrounds the high-grade Maybelle River deposit held by
AREVA. The Maybelle River deposit has a reported drill intersection of greater
than 20% U3O8 over 5 metres. The Athabasca Basin is host to some of the world's
largest and richest uranium mines and currently contributes about 32% of the
world's uranium supply; past production and resources total almost 1.5 billion
pounds of U3O8.

UraMin Inc. is earning a 50% interest in the project by making expenditure of
US$5.5 million over a three year period. UraMin Inc. has now earned 10% interest
in the project and has confirmed their continued participation in the next phase
of exploration.

Laboratory Procedures:

Drill core samples were analyzed by ALS Laboratory Group, Vancouver, Canada, an
ISO 9001:2000 and ISO 17025 certified laboratory. Samples arriving at the
laboratory in Vancouver are sorted, dried with fine crushing of the entire
sample to better than 70% passing 2 millimetres. The sample is then reduced to a
1 kilogram charge by repeated passes through a riffle splitter and then
pulverized to 80% passing 75 microns. The sample is then dissolved using a four
acid (HF, HNO3, HCLO4, HCL) "near-total" digestion followed by inductively
coupled plasma with mass spectroscopy finish for 48 elements. Red Dragon
Resource Corp. has inserted quality control samples in addition to quality
control samples inserted by the laboratory.

Background on Red Dragon Resources Corp.:

Red Dragon Resources Corp. (www.reddragonresources.com) is a Toronto Stock
Exchange listed exploration company engaged in the identification, acquisition
and exploration of mineral properties with potential for world-class mineral
deposits in China and Canada.

Background Information on UraMin Inc.:

UraMin Inc. (www.uramin.com) was founded in February 2005 and its shares are
traded on the AIM market of the London Stock Exchange and the Toronto Stock
Exchange under the symbol 'UMN'. The Company was established to acquire and
develop mineral properties, predominantly uranium. The Company currently has
working capital of approximately US$285 million and a market capitalization of
approximately US$2 billion on an undiluted basis.

UraMin is currently focusing on the development of its advanced exploration
projects at Trekkopje in Namibia, Bakouma in the Central African Republic and
Ryst Kuil in South Africa. Through the 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 the prospecting rights in the Ryst Kuil Channel or elsewhere in
South Africa will be successful.


For further information:

UraMin Inc.                                   Red Dragon Resources Corp.
Ian Stalker, Chief Executive Officer          Alvin Jackson, Chairman and Chief
Neil Herbert, Finance Director                Executive Officer
Tel: [phone]                      Tel: [phone]

Canaccord Adams Limited                       Harbour Financial Inc.
Robin Birchall/Tyler Broda                    Brian N. Barbour
Tel: [phone]                         Tel: [phone]
Steve Vaughan
Tel: [phone]

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

The technical information in this news release has been prepared in accordance
with Canadian regulatory requirements as set out in National Instrument 43-101
and reviewed by Garnet Dawson, P.Geo., Vice President of Exploration for Red
Dragon Resources Corp.

Louis Covello, P.Geo. is the Qualified Person as defined in NI 43-101 on the Rea
Project and is responsible for supervising the drill program, sampling
procedures and quality assurance program. He is employed by Aurora Geosciences
Ltd., Yellowknife, Northwest Territories, who are managing the Rea Project on
behalf of Red Dragon Resources Corp.

The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of the content of the information contained herein. The
statements made in this press release may contain certain forward-looking
statements that involve a number of risks and uncertainties. Actual events or
results may differ from the Company's expectations.

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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