UrAsia Energy Limited is the holding company of a group which owns uranium operating and exploration interests in Kazakhstan and Kyrgyzstan. The Group has four projects, three of which relate to the mining and exploration for uranium in Kazakhstan and the fourth relates to the exploration for uranium in Kyrgyzstan. The Akdala project in Kazakhstan is currently the only mine that is in production.

            Red = 25 day moving average.

UrAsia Energy Ltd. is a new, uranium producer, with low-cost, in-situ leach mining operations in the Republic of Kazakhstan. The Company is led by former ERA Managing Director, Mr. Phillip Shirvington.

The Company currently produces 1.8 million pounds of U3O8 per year; this production rate is set to increase over the coming decade as the Company, along with its joint venture partners, embark on the accelerated development and construction of two additional operating mines within the Republic of Kazakhstan.

With annual production in 2005 of approximately 11.0 million pounds U3O8, Kazakhstan is the world's third largest producer of uranium.


UrAsia has three uranium projects in the Republic of Kazakhstan, including the
Akdala uranium mine and mineral exploration licences in Kyrgyzstan. Commenting
on the admission to AIM, Phillip Shirvington, President and Chief Executive
Officer, said "Urasia is the fourth largest quoted pure producer of uranium in
the world and is the largest UK quoted Uranium producer. Our admission to AIM
will enable us to increase our international profile as we continue our global
growth".

The Company has a 70% interest in the Betpak Dala Joint Venture which has a 100%
interest in the Akdala uranium mine 'Akdala' and South Inkai uranium project '
South Inkai'. In addition, the Company has a 30% interest in the Kyzylkum Joint
Venture, which has a 100% interest in the Kharassan uranium project 'Kharassan'.

UrAsia has proven reserves of 4.5 million pounds and probable reserves of 15.0
million pounds U3O8 contained within 25.5 million pounds of indicated resources
and 59.1 million pounds U3O8 of inferred resources (all mineral reserves and
resources are compliant with Canadian National Instrument 43-101 and defined by
the Canadian Institute of Mining and Metallurgy and Petroleum 'CIM' Standards on
Mineral Resource and Reserve definitions) as stated in the Technical Reports
titled "Technical Report on the South Inkai Uranium Project, Kazakhstan"
"Technical Report on the Akdala Uranium Mine, Kazakhstan" and "Technical Report
on the North Kharassan Uranium Project, Kazakhstan" dated March 20, 21 and 25,
2006 respectively. These reports were prepared by Roscoe Postle Associates Inc.
and are available on SEDAR at www.sedar.com. In addition, UrAsia intends to
extend its resource base by converting Russian classified P1 mineral resources
on its Kazakh-based uranium projects through the implementation of an extensive
drilling programme.

Recent financial results for the three and nine month period ending April 30,
2006 confirmed that the Company produced over 1.0 million pounds of U3O8 from
its Akdala mine, increased production rates by more than 50% in the last
quarter, and is currently producing 2.6 million pounds U3O8 on an annualized
basis.

The Company is led by Phillip Shirvington, the former Managing Director of
Energy Resources of Australia, the world's second largest quoted pure uranium
producer. In addition, Ian Telfer, is the non-executive Chairman of UrAsia, and
is currently the President and Chief Executive Officer of Goldcorp.

The Nominated Adviser and Broker to the Company is Canaccord Adams Limited.

UrAsia Energy is a Canadian-based uranium producer that offers investors
exposure to low-cost, uranium production and growth. The Company plans to create
shareholder value by focusing on development and operation of low-cost, in-situ
leach uranium projects in Central Asia.

Thunder Capital Management - Sunday, 1 October 2006

The Incredible Stealth Uranium Bull Market - By: Richard J. Greene


While most commodities have been plummeting in vicious corrections of late, one commodity remains not only unscathed but is relentlessly moving higher. Uranium closed the month of September with the most recent spot and term prices at $54 per pound, up over seven times from its lows in the year 2000 of around $7 per pound! Uranium stocks have traded down somewhat in sympathy with energy and precious metal stocks in the last month, yet the need for new production could not be more glaring. As you will see from the evidence that follows, identifying the companies that can bring on sizable deposits over the next few years are about as sure a bet as you can make in the uncertain world of stocks.

Currently, there are a little over 440 nuclear power plants operating around the world in 31 countries producing about 17% of the worlds electricity. Over 100 of these are in the United States and those produce about 20% of our electricity needs. Depending on your source and there are many: Uranium Information Center, International Atomic Energy Agency, World Nuclear Association, The UX Consulting Company, as well as a few of the major brokerage houses; these reactors use between 170-180 million pounds a year of uranium of which maybe a little over 100 million pounds is mined. The shortfall which ranges between 70-80 million pounds per annum is procured from either natural and enriched uranium inventories or the reprocessing of spent reactor fuels. These are the supplies which are in steady decline and must be replaced in addition to fulfilling new demand from reactors which are under construction or in the planning stages.

There are 30 new nuclear reactors under construction with another 50 approved, more than half of these in Asia. In addition, there are close to another 100 proposed. China and India are among the leading catalysts behind this newfound growth with over 50 planned, proposed, or under construction between them. While estimates vary we should expect at least 100 more reactors operating by 2015 and close to 400 more by 2030. This highlights the emerging need and scramble to find and develop new reserves.

Another big catalyst which surprisingly received little fanfare when announced was when Russia recently announced it would not be renewing its (HEU) highly-enriched uranium agreement which expires in 2013. For the US in particular this is a highly significant event since the US has been receiving an allotment of 15 Million pounds per year out of the total 23 Million pounds supplied annually through this agreement. It becomes even more alarming when one considers the US consumes about 50 Million pounds per year and produces only about 3 Million pounds per year.

We believe identifying the big winners in the uranium industry will depend on finding producers with large or highly economic deposits in politically safe environments. In light of this we note that while Canada is the leading supplier of world demand it has only 12% of known reserves while Australia supplies 23% of world demand yet has 30% of known reserves. Other big reserve holders are Kazakhstan 17%, South Africa 8%, Namibia 6%, and Russia, Brazil, and the US with about 4% each. Kazakhstan is one of the big hopes as far as rapidly increasing supply. They are hoping to almost quadruple their production from last year by 2010 from 10 Million pounds to 39 Million pounds although many industry insiders are highly skeptical. We believe identifying the next big projects to come online and the related companies is a high percentage bet to score outsized returns in this arena.

Hi Dai
what do you know about the flooding of the Cigar Lake Mines in Canada?
what do you expect for the uran price

thanks
FT

Sorry FT - been out! Please see following article.

Telegraph.co.uk - 27/10/2006

Uranium to double after flood at mine - By Fred Langan in Toronto


A flood in a uranium mine in northern Saskatchewan could mean a doubling of uranium prices over the next few years.

Demand for nuclear power has already driven the price of uranium from below $10 (5.50) a pound in November of 2002 to $56 a pound today. CIBC World Markets has predicted a price of $70 a pound by the end of 2007.

The Cigar Lake Mine is the second highest grade uranium mine in the world. Workers need to wear a protective suit when they are close to ore. The only one higher grade mine is also owned by Cameco Corp, of Saskatoon, Saskatchewan, the world's largest uranium producer.

"This one mine once it's up and running would produce enough uranium to power two per cent of the world's electricity," says Ray Goldie, a mining analyst with Salman Partners in Toronto. "Saskatchewan is the Saudi Arabia of the uranium business."

Mr Goldie feels prices could reach $95 by 2009.

At current uranium prices Cigar Lake is worth and estimated $12bn. The company abandoned efforts to stop the flooding on Monday morning. The Cigar Lake mine is divided into two parts. One side is surrounded by water, which flooded after a rock cave in. Bulkhead doors meant to protect the dry side of the mine did not hold and the entire mine is now flooded.

The company could not say when it would be operational again, but at least two mining analysts predicted it could mean a delay two 2 years.

"My guess is that instead of coming on line in 2008 this mine is going to come on around the end of the 2010," said Mr Goldie.

The company said it would try to make up production by drawing down stocks from warehouses and ramping up production at its other properties.

"We'll be looking at opportunities to expand production at our other operating sites," said Jerry Grandey, Cameco chief executive.

Demand for uranium is expected to stay high as expensive oil has meant more demand for nuclear power plants. Right now mines produce 62pc of uranium used. The rest comes from storage, the re-processing of spent reactor fuels and dismantling nuclear weapons.

thanks Dai
long term worth taking a look at Cameco
speak soon
FT

Oct. 31 (Bloomberg)

Uranium Prices Surge After Flood Closes Cameco Mine - By Christopher Donville and Gavin Evans


Uranium prices surged 7 percent to a record after Cameco Corp., the world's largest supplier, said a flood at an unfinished mine in Canada will delay initial shipments of the nuclear fuel by at least a year.

Uranium rose to $60 a pound from $56 in a weekly posting by Roswell, Georgia-based Ux Consulting Co. Ux's price is based on the company's assessment of the uranium market and is widely used within the nuclear industry.

``It is the largest weekly increase on record'' in the 20 years the company has published uranium prices, Ux executive Eric Webb said in an interview today.

Uranium, the raw material in reactor fuel, has risen more than sixfold since October 2001. Speculation is growing that 28 reactors under construction and a further 62 plants planned may outstrip available supplies. About 16 percent of the world's electricity was generated at 440 reactors last year, according to World Nuclear Association data.

``Anyone who sells at these levels is going to be very disappointed in the coming weeks,'' Kevin Bambrough, a strategist at Sprott Asset Management Inc. in Toronto, said before Ux Consulting released its latest price assessment. ``The price is going higher.''

During the last record rally, uranium rose as high as $43.40 a pound in May 1978, said Thomas Neff, a nuclear expert at the Massachusetts Institute of Technology in Cambridge. Adjusted for inflation, that price would be about $111.65 in today's dollars, he said.

Ux Consulting's price has risen 80 percent in the past year.



Under Water

Saskatoon, Saskatchewan-based Cameco said Oct. 23 that construction of its Cigar Lake, Saskatchewan, mine may be delayed by at least a year after a rock fall triggered a subterranean flood. The company had planned to open the mine next year.

The delay at Cigar Lake will mean buyers who were counting on 7 million to 8 million pounds of supply from the new mine's initial production will have to find it somewhere else, analysts said. Cameco expects the mine to eventually produce 18 million pounds a year.

Cigar Lake's proven and probable reserves of 232 million pounds have a gross value of about $13.92 billion, based on the current spot price. Rock at Cigar Lake on average is 19 percent uranium, a concentration exceeded only by the 25 percent grade at Cameco's deposit at McArthur River, Saskatchewan.

The mine at Cigar Lake is 50 percent owned by Cameco, with the remainder held by AREVA Resources Canada Inc., Idemitsu Uranium Exploration Canada Ltd. and TEPCO Resources Inc.

Cameco is scheduled to announce its third-quarter earnings today after the close of trading in New York and will conduct a conference call on Nov. 1 that may include new information about its flooded uranium mine.

UUU up 50% in around six weeks - any comments?

Where is UUU going next?

Can anyone tell me how many shares are in issue ?.