UraMin Inc - Placing and Admission to AIM
RNS Number:7788BUraMin Inc 21 April 2006
UraMin Inc. raises $60m (#34m) via a placing of 50,000,000 ordinary shares at a price of $1.20 (68.5p) per ordinary share ('the Placing') and is admitted to AIM
UraMin Inc.

('UraMin' or 'the Company') begins trading today with ticker symbol 'UMN', following completion of the Placing and admission of its entire issued share capital to trading on the AIM market of the London Stock Exchange plc ('AIM').

The Company has raised US$60 million (approximately #34 million) before expenses and at the Placing price the Company has a market capitalisation of US$209 million (approximately #120 million).

Matrix Corporate Capital Limited isthe nominated adviser and Canaccord Adams Limited is broker to the Company. BMO Nesbitt Burns Inc. was the placing agent.

Samuel Jonah KBE, non-executive chairman, and Stephen R. Dattels, executivedeputy chairman and founder, head the UraMin board of directors. Mr. Dattels said: 'With the Placing and admission to AIM, UraMin has positioned itself to become an important uranium producer in the near term. The Company has the financial strength to develop its existing projects as well as assess new projects. Most importantly, we have built a top management team which can advance the Company's uranium projects to the bankable feasibility stage and ultimately into production.'

John (Ian) Stalker, CEO of UraMin, added 'This is an exciting time for uranium mining companies and with our listing, we expect our profile to grow within the industry.

'Expected TimetableAdmission and dealings in the ordinary shares commence on AIM 8.00 a.m. on 21 April 2006
Delivery of depositary interests into CREST 21 April 2006
Where applicable, despatch of definitive share certificates in respect of the 28 April 2006
Placing shares to placees by no later thanPlacing StatisticsPlacing price US$1.20 per shareNumber of Placing shares 50,000,000Number of ordinary shares in issue following the Placing 174,175,792Percentage of the enlarged issued share capital subject to the Placing 28.7 per centEstimated net proceeds of the Placing US$54 millionMarket capitalisation following admission at the Placing price US$209 millionNumber of options in issue on admission 22,133,332Number of warrants in issue on admission 20,093,947Number of ordinary shares on a fully diluted basis on admission 216,403,071ISIN number for the ordinary shares VGG9298V1067

For further informationUraMinIan Stalker, Chief Executive OfficerTel: +27 (0)11 783 5056Neil Herbert, Finance DirectorTel: +44 (0)20 7408 2018Matrix Corporate Capital LimitedAlastair StrattonTel: +44 (0)20 7925 3300Canaccord Adams LimitedRobin BirchallTel: +44 (0)20 7518 7388Britton FinancialTim BlackstoneTel: +44 (0)20 7251 2544

This press release has been issued by UraMin and is the sole responsibility ofthe Company. This press release does not contain or constitute an offer orinvitation to purchase or subscribe for any securities of UraMin and should notbe relied on in connection with any decision to purchase or subscribe for anysuch securities.The securities referred to herein have not been and will not be registered underthe U.S. Securities Act of 1933 and may not be offered or sold in the UnitedStates absent registration under the Securities Act or an available exemptionfrom it.Notes to EditorsUraMin Inc.

UraMin Inc. ('the Company' or, collectively with its subsidiaries, 'the Group')was incorporated in February 2005 for the purpose of seeking to acquire and develop mineral deposits, predominantly uranium, throughout the world. Provided its application for an exclusive prospecting licence (EPL) for its advanced exploration project, the Trekkopje Project in Namibia, is successful, the Group currently plans to develop and bring the project into production. The Group is also actively seeking and exploring additional uranium properties throughout the world.

The Trekkopje Project is located in west-central Namibia about 65 km northeast of Swakopmund. The project area has been extensively explored in the past with primary drilling in mineralised areas at approximately 100m to 200m intervals along lines 400m apart, with more closely spaced infill drilling covering areas of better grades. Aggregated SAMREC Code compliant resources in both the indicated and inferred categories are estimated by the competent persons of Dr.Morris Viljoen and Dr. Richard Viljoen at 120.9 Mlbs of U3O8. Total indicated resource alone is estimated at 13.2 Mlbs of U3O8.

The vanadium content isestimated to average approximately one third of the uranium content. Upon grant of the relevant EPL, the Group plans to complete a feasibility study on the Trekkopje Project over the next eighteen months, which will be followed by construction assuming that the results of the feasibility study are favourable.

Initial capital costs for the development of the project are estimated at US$181 million. A conceptual technical and economic evaluation of the Trekkopje Project was undertaken by Turgis Consulting (Pty) Ltd based on spot prices at the time of analysis of US$38.50/lb for U3O8 and US$9.50/lb for V2O5 and an exchange rate of US$1=R6.20.

The analysis assumed a mine life of 20 years for the indicated and inferred resources of the Trekkopje Project with an annual production rate of 3.1 Mlbs of U3O8 and an average operating cost of US$15.60/lb of U3O8. The net present value of the pre-tax cash flow at a 10 per cent discount rate was estimated at US$349 million with an internal rate of return of 44 per cent.

The net present value of the post-tax cash flow was estimated at US$167 million at a 10 per cent discount rate. SAMREC requires that in addition to reporting the results of any cash flow modelling on the total resource figure, that the results of the indicated resource alone are also reported. On this basis, the mining resource would comprise 13.2 Mlbs of U3O8 with an overall production cost of US$14.67/lb of U3O8 and would result in a pre-tax net present value of US$17 million at a 10 per cent discount rate.

The post-tax net present value at a 10 per cent discountrate would be negative US$28 million. Overall U3O8 production would be 9.7 Mlbs.

The Group is also attempting to secure mineral rights in the Beaufort West, Sutherland and Springbok Flats districts of South Africa and plans to explorethose properties on which it acquires or is granted prospecting rights. The Group also plans, subject to publication of a decree ratifying the Mining Convention between the Group and the Chad government, to conduct preliminary evaluation work on the areas over which it has been granted exploration permits in Chad. In addition, the Company has recently signed an option agreement to acquire up to a 50 per cent. interest in the Rea Property located in the highly uranium-prospective Athabasca Basin in Alberta, Canada.

The Group is also attempting to secure five prospecting and research licences in Mozambique and licences in the Botsalano Ring Complex region on the South Africa/Botswana border.

The UraMin board is headed by non-executive chairman Samuel Jonah KBE and executive deputy chairman Stephen R. Dattels. Samuel Jonah KBE is non-executive president of AngloGold Ashanti Limited and executive chairman of Equator Exploration Limited, as well as a member of President Thabo Mbeki's advisorycouncil of South Africa. Mr. Dattels is the founder of UraMin and has beena ctive in its formation, development and financing. He was also a key executive at Barrick Gold Corporation during its formative years and is a financier andfounder of a number of mining companies. John (Ian) Stalker is chief executive officer. He has over thirty years of experience as an international miningexecutive, having most recently worked for Gold Fields Ltd. as vice president responsible for the company's main project activities in Europe and Australia. Mr. Stalker has been responsible for placing into production eight mines with several important mines in Africa including the Siguri, Bibiani and Geita mines.

Since its incorporation, the Company has raised US$100.8 million in equity finance, including the gross proceeds of the Placing. Should the Group's EPL application prove successful the funds raised by the Company will be used to move the Trekkopje Project to the feasibility study stage. No assurance can be given that the Group's application for an EPL will be successful; however, the Group has been advised by local counsel that an application of this nature should not normally be refused. Net proceeds of the Placing will also be applied to the Group's other prospecting programmes and towards securing an interest in the Rea Property. The directors will also continue to identify and evaluate opportunities for the acquisition of uranium properties and may apply net proceeds to the securing of additional properties.

I told micky and he had got on and in profit now.

Good one for UMN...UraMin to increase its stake in the South African venture from 65% to 74%


UraMin Inc
20 February 2007

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

Acquisition of additional interest in the Ryst Kuil Uranium Project and
resolution of disagreements with South African partner


UraMin is pleased to announce that it has entered into an agreement to acquire
the 26.25% stake of Mago Resources (Pty) Ltd ('Mago') in UraMin-Mago-Lukisa JV
Company Limited ('JVCo') for R51 million (US$7.1 million). Mago is one of
UraMin's two South African black economic empowerment partners and JVCo is the local company in which UraMin's South African interests are housed. Prior to the transaction UraMin held a 65 per cent stake in the South African venture.

UraMin's acquisition of Mago's stake in JVCo represents a final resolution to
the disagreements which have persisted between UraMin and Mago since the
venture's establishment. In terms of the agreement JVCo will also relinquish to
Mago the entitlement to benefit from prospecting rights and applications for
prospecting rights in the Mpumalanga and Limpopo Provinces of South Africa.
JVCo, however, will retain all rights, titles and interests in and to those
prospecting rights and applications for prospecting rights in the Northern,
Western and Eastern Cape Provinces. These include the Ryst Kuil Channel, Riet
Kuil and Tanqua projects.

Ian Stalker, UraMin's Chief Executive Officer, said 'The agreement with Mago
will enable UraMin to increase its stake in the South African venture from 65%
to 74%, while resolving all differences and disagreements in relation to our
South African business. Of the 26.25% interest in JVCo purchased from Mago,
shares representing 17.25% of the company will be placed with attorneys in trust
pending their on-sale to another suitable black economic empowerment partner.
UraMin will retain the balance of 9%, thereby increasing its stake in the
exciting South African project to 74%' '

Sam Jonah, Chairman said 'The acquisition of this additional interest in our
South African joint venture maximises the benefit to shareholders from the
development of the Ryst Kuil uranium project while at the same providing the
opportunity for new black empowered partners to take an active role in the
development of what has the potential to become South Africa's first primary
uranium mine. With the first phase of the Ryst Kuil RC drilling programme about
to begin and with feasibility study engineers to be appointed shortly we can
look forward to an exciting period of growth in South Africa.'

This is exciting...Trekkopje's production would rise to more than 8 mln lbs per annum of U308 using heap leach technology compared with the 3.3 mln lbs of production...see below


UraMin says Trekkopje feasibility study results exceeds co's expectations
AFX


LONDON (AFX) - UraMin Inc claimed its Trekkopje Uranium Project in Namibia is set to become 'one of the largest uranium producing mines in the world' with much higher than previously envisaged production, according to the results of a feasibility study.

The study, conducted for the AIM-listed miner by SRK Consulting, said production would rise to more than 8 mln lbs per annum of U308 using heap leach technology compared with the 3.3 mln of production previously considered using tank leach processing.

It added estimated operating costs at the project would come in at 18.07 usd per lb of U308 after Vanadium pentoxide (V205) credit (20.08 usd per lb without) and estimated capital expenditure at 461 mln usd.

UraMin CEO Ian Stalker said: 'SRK's interim results have exceeded expectations and we look forward to completing the Feasibility Study and beginning the development stage later this year.'

SRK's model envisages a two-year pre-production period, followed by a production period of eight years producing 61 mln lbs U308 and 20 mln V205.

UraMin said a trial mine is planned for the fourth quarter of 2007 and Trekkopje should commence commercial production in the fourth quarter of 2008 at initial production rates of 4 mln lbs per annum scaling up to in excess of 8 mln lbs within two years thereafter.

Earlier today, UraMin said it was planning to evaluate its strategic options in light of the consolidation taking place in the uranium mining sector.

The company is also developing its properties in the Central African Republic and South Africa to the definitive feasibility study stage.

newsdesk@afxnews.com

nes

I think it is a great opportunity to get in at 254p now with regards to news above.

rsi remains significantly o'bought, as UMN has been for about the last month ..... if FTSE pulls back (retrenches / consolidates), which is also well overdue, then expect UMN to do likewise, probably disproportionately, following general trend and also likely appearance of profit takers in numbers.

imo, there is no hurry to dive in now, but better to sit back and wait for 240 or even 230 which are approx 10 and 13 dma levels .... 210/220 would be a better level, but you may find it diff to sit on your hands that long!

looks like your right today cynic 242 and still droping

been right on a few counts today for a change ...... also called SOLA correctly, and sold POG and SERC within a copper or two of their highs ..... and told you guys to follow DOM (buy now! sp fallen back on stright profit taking following first class figures), and SHP which has rocketed following its results.

howver, am not so arrogant as not to own up to howlers i have made in the past

Profit taking , buy and sell and then buy back again .

2nd chance to get in below 2.40

what you see above is not a true price ..... look at the spread ...... 180/260!

Nice 2 mil buy at the end of the day .

A big trade at the end of the day , can they keep the sp down any longer ?

Watching from the side, a few got caught out today, in the mad rush it was up 30p at one stage.

Yes they may have done , but if they sit tight they will be up in the long run . 5 target .

Oh, I thought UMN was very crafty this afternoon. At 15:15 it came up with the Bakouma update, then the sp went up by 30p and within the hour, it came up with a share placing/funding - sp fell thereafter. I think it may fall back to 230p in the short term.

98 sold out ?

no not yet fliper

UMN and VML seem to be current faves of the month as uranium plays (what happened to Ridge Mining?) ...... given the surge in uranium oxide prices, i guess that creates some raison d'etre for buying in to a producer ..... being an idle git, would someone enlighten me as to which if UMN and VML is the better actual producer and why.

VML is probably better as it is cash-rich and is already a producer and funding for its own projects whilst UMN is currently looking for funding and finances.

Why are there so many 420 shares sell in UMN at the end of the day???