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URU hold 27.68 million shares(16.6%) in Kalahari Minerals(KAH) which hold a large stake in the Aussie company Extract(EXT) the holder of the licence to work the Rossing
South, which have turned out to be one of the largest uranium deposits in the world.
RIO who have the site are investing heavely in both companys and it seems will
make a take over bid in th not to distant future? A couple of posts which give an idea whats what,

Excerpts from the Hanson research note on Jan 29th 2009 relating to company valuation:


For the purpose of our valuation we have used the long term $80/lb price and the current $/� exchange rate of $1.40/�1.00. Other assumptions include:
� Cash � URU currently has �1.4m in cash (1.3p per share) and no debt. We believe that this is enough to fund the company�s activities until July/ Aug 2009

� Kalahari Minerals � The total market capitalisation of Kalahari Minerals is �77.83m. At the current share price of 43.5p, this makes Niger Uranium�s 27.68m shares worth �12.04m or 10.64p per share.

� Henkries project - Niger Uranium has an NPV15% for the project of US$150m before tax. Our own valuation based on the original 3.72Mlbs estimate is US$17.43m after tax. As no resource has been defined we apply a x0.6 discount to NPV, which equates to 4.89p per share for their 74% stake.

o If Niger Uranium can define an 11 Mlbs resource we calculate an NPV of $102.87m after tax or 28.83p per share again at a x0.6 discount for risk. Neither valuation includes any upside for the unsampled Henkries South.

� Niger project - We don�t believe that this is economic as a standalone project at this grade and tonnage. The grades are low but are typical for the region being similar to those at Imouraren and Arlit. However, with Niger Uranium continuing its exploration drilling with two rigs currently on site, the company could increase the tonnage significantly.

o With existing operations in the area including those of Areva and China Nuclear International Uranium Corp., we believe that the most likely scenario is that URU�s Niger project assets will be acquired by an existing producer. The Paladin (ASX:PDN) and Fusion Resources (ASX:FSN) deal in late December 2008 provided an indicated value to resources of US$1.97/resource lb. On this basis and factoring in assumed recoveries and a x0.5 discount due to the perceived risks in Niger, we arrive at a value of �2.35m or 2.1p per share for the Niger project.

� Argentina UrAmerica � This is more difficult to value as it is a private company. However, Niger paid $2.5m and 4,664,306 new shares for its interest which would value the stake at �2.3m or 2.06p per share.
Conclusion

Our total sum of parts value is 20.90p, which does not include any share holder dilution caused by any subsequent fund raisings. It also does not include any upside for Henkries North and South, the Niger exploration or expected upside in the value of the company�s Kalahari minerals stake when the full resource is announced by Extract Resources.

Given KAH's sp increase, the 27.68mln shares is currently worth 17.7p per share (at KAH = 72.5p), which would increase the valuation to 28.02p per share.

And - If they can get the 11 Mlbs resource from Hankries, then this would increase the sp to 51.96p per share.

So currently they are trading at a discount of 12p (or 75%) to the current mid price.


if RIO pay �5/lb of U based on the forsys/forrest deal then KAH holding in EXT would be worth around �300M. URU holding is worth around �45M at this price. by all accounts the grade at Rossing South is high grade and superior to the forsys/forrest U grade so a price equivalent to this deal is not pie in the sky in the slightest. In fact you could argue EXT should be asking more for its Rossing South asset


Right, here's what I reckon is going on.

EML is Dattels & Mellon's vehicle, aligned with URU (which they also have interests in).

There is a big battle on at EXT right now, to determine the Board composition. Whoever gains contol of EXT's Board will do the final negotiating with RIO (or a.n.other, e.g. Areva, Chinese, Russians - all may be interested, I understand) concerning either a sale or a JV to exploit Rossing South.

With over 40% of EXT's votes, KAH's votes are crucial in determining the outcome of that battle... so, whoever controls KAH effectively controls EXT. At present, IMV Dattels, Mellon & co control KAH via URU and EML. ISTM, from his statements and past actions, that Hohnen has aligned himself with them. When he said on Tuesday "Clearly certain Kalahari shareholders voiced the same concerns when they refused to endorse the potential merger between Extract and Kalahari over concerns that Rio Tinto could emerge with a controlling interest.", that's who the "certain shareholders" are. RIO are trying to dilute that control by buying KAH shares themselves. EML's move is a fightback to retain/strengthen Dattels, Mellon & co's position.

From RIO & Dattels' POV (and mine :0)) these shares are still cheap, so they don't mind paying up now to reinforce their positions for the endgame.

The last posts were c&p, from very capable investors.

A quick way to value URU's holdings in KAH is multiply its SP by 24.4%

http://www.freesharedata.com/eml


cyril

Also sorry to hear your news Cyril - my mum passed away many years ago whilst I was overseas and I still have regrets (even after so so long a period) that I wasn't there her at the time.
Keep you chin up - best wishes Clive.

From the Brisbane Times,

EYES ON EXTRACT

In light of the high quality of Extract Resources's Rossing South uranium project in Namibia - adjoining Rio Tinto's Rossing mine - there is obviously plenty of corporate interest in the $2.4 billion company.

However, Extract has made clear that while it is interested in strategic partnerships to help develop the $US704 million ($768 million) mine, which could produce 6800 tonnes of uranium a year, it is not looking to be taken over.

Extract has a very concentrated register. Kalahari Minerals of London, now in effect a holding company, owns a 40.9 per cent stake, Rio Tinto owns 15.1 per cent and Polo Resources of London owns 10 per cent.

There are suggestions that as part of the search for a strategic partner, led by Rothschild, the parties that have signed confidentiality agreements have also agreed to standstill arrangements preventing them from buying Extract shares.

Rio is believed to be among those interested in a partnership, because there are obvious cost savings available due to the proximity of Rossing South to the Rossing operation. The Rossing South ore has a higher grade than the material Rio is processing.

Extract will have plenty of uranium to sell once Rossing South enters production in 2013, so its primary concern in a joint venture is being able to place the material with customers rather than raising the funding for construction.

In recent months the uranium miners Uranium One and Denison Mines have partnered with a Japanese consortium and Korea Electric Power respectively for funding and offtake partnerships.

Extract's potential product is already said to have attracted interest from uranium buyers in China, India, South Korea and Japan, so miners may not be the only ones taking part in the search for a partner. Extract is targeting a resource of at least 227,000 tonnes, which would make it the second-largest uranium deposit in the world behind BHP Billiton's Olympic Dam.


Everything has a price? New CEO appointed for Nambibia Norman Green


Interview with Bloomberg,

Oct. 16 (Bloomberg) -- Extract Resources Ltd., a uranium explorer whose shares have surged almost eightfold in Australia this year, said it has been inundated with requests from companies proposing to join or take over its Namibian project.

Were looking at options to see whether one of the big players would want to come in on a strategic partnership level, Chairman Steve Galloway said in an Oct. 13 telephone interview from Namibia. Extract is being advised by Rothschild, the largest family owned bank, and may ask shareholders in November to consider proposals to bring its Rossing South mine to production, he said. He didnt name any potential partners.

Extract, 15 percent owned by Rio Tinto Group, has gained more this year than any other stock in Australias S&P/ASX 200 Energy Index as investors bet countries will turn increasingly to nuclear power, using fuel derived from uranium, in response to climate change. Drilling at Rossing South suggests it could become one of the worlds largest uranium mines, Galloway said.

Investors are jostling for a piece of the action, said Gavin Wendt, an independent resources analyst who has followed Extract for three years and met with executives from the explorer in the southwest African country about two months ago. A joint venture, possibly with Rio, may be the most likely scenario, he said, adding that the stocks remarkable ride has driven up the potential acquisition cost.

Extract Resources has told suitors were not for sale, Galloway said. Rio Tinto doesnt comment on market rumors or speculation, Tony Shaffer, a spokesman for the company, said by phone from Melbourne yesterday.

Fund Raising

The stock traded at A$10 at 11:10 a.m. in Sydney, valuing the company at almost A$2.4 billion ($2.2 billion), compared with about A$311 million at the end of last year.

The Perth-based explorer may sell more than $700 million in shares and debt in 2011 to bring the Rossing South mine into production, Galloway said. Thats in addition to A$91 million it raised this year by issuing equity.

The Australian company has appointed a chief executive to run its Swakop Uranium subsidiary and oversee development of the mine. Galloway declined to name the person before an announcement due today. Extract also expects to replace Managing Director Peter McIntyre, who stepped down in September, by early next year, he said.

Extract said Oct. 9 it found new high-grade mineralization at Rossing South and estimated the total uranium resource could reach 500 million pounds. The deposit is about 7 kilometers (4.4 miles) from Rio Tintos Rossing mine and approximately 30 kilometers from Paladin Energy Ltd.s Langer Heinrich project.

No Bad News

We keep finding better and better resources, said Galloway, a former mineral economist with the Namibian government. We havent seen bad news yet.

London-based Kalahari Minerals Plc, which owns about 41 percent of Extract, said Oct. 9 the project potentially could rival the worlds biggest known uranium deposit at BHP Billiton Ltd.s Olympic Dam. BHP wouldnt provide an estimate in pounds.

Even before the latest drilling results, Brock Salier, an analyst at Ambrian Partners Ltd. in London, said in research notes that he was confident Extracts resource could exceed 560 million pounds. In an e-mail yesterday, he wrote that the update from Extract showed not only some of the widest, but highest grades, weve seen to date.

Rossing South may be able to produce more than 15 million pounds of uranium oxide a year, a huge amount, Galloway said.

Profitable Business

A possible risk to profits is that a lot of other uranium comes on stream, curbing gains in the price of the nuclear fuel, he said. But I think, over the long run, uranium will be a very profitable business.

The uranium market will have a surplus next year for the first time in at least three years as producers increase output faster than demand rises, the London-based World Nuclear Association said in a Sept. 10 report. Secondary sources such as stockpiles will supply 18,711 metric tons in 2010 compared with 17,620 tons this year, the report showed.

Uranium prices, which peaked at $136 a pound in 2007, rose 5.7 percent in a week to $46 a pound on Oct. 12, Ux Consulting Co. said in an Oct. 13 report.

Extract expects favorable supply and demand conditions when Rossing South is projected to begin production in 2013, Galloway said. By 2013, 2014 there will be a space for new uranium on the market.

Some 440 commercial nuclear power reactors operate in 30 countries, with a further 30 under construction and another 90 planned, the World Nuclear Association said in a March report posted on its Web site.

Galloway said the company is at a crossroads as it explores partnership options and considers whether to expand beyond a single project in a single country. For now were trying to get on with developing the resource as fast as we can, he said.

To contact the reporter on this story: James Paton in Sydney jpaton4@bloomberg.net.

Cyril

Food for thought in this present market,

......Few interesting observations from the annual report shareholder distribution and top 20 shareholders tables.

1. The % of issued capital held by top shareholders (>100,000 shares) increased from 86.07% to 91.16% between September 2008 to September 2009. These results clearly show significant transfer of shares from weaker to stronger hands and demonstrate how tightly EXT shares are currently held.

2. The % of issued capital held by shareholders with shares in excess of 10,000 increased from 95.57% to 96.83%. However, the total number of shareholders reduced by 30% (i.e. from 773 to 541). These figures confirm that shares are being transferred into fewer hands.

3. The number of shareholders with less then 1,000 shares has about doubled to 1,149. These are likely to be late comers, traders and people who dont have strong financial capacity but still want to be part of the action. They hold 0.27% of total issued capital at an average of 530 shares/stockholder.

4. Majority of top 20 shareholders have not sold any shares and the % of shares held under nominees accounts keeps increasing. Once again this suggests progressive transfer of shares to the so called sophisticated investors. With the inflow and outflow of shares between nominees accounts being very similar it is very likely that shares are just being transferred from one account/fund to another.

In summary, in a tightly held shares company when the fair value has been reached, one would normally see increasing register of smaller shareholders who are picking up shares being offloaded by major players (i.e. distribution phase). This is still not the case with EXT (in fact its quite the opposite) which strengthens the notion that there is still significant potential for SP growth above current levels. Therefore, recent SP games are simply a continuation of the slow and painful process of accumulation or transfer of shares into strong hands by taking advantage of basic human vulnerabilities/weaknesses in particular greed and impatience.

I believe that recent 1 : 35 rights issue is unlikely to have changed the above results by much as most shareholders took up their entitlements.

Regards,
Drag

Taken from an aussie bb.
cyril

Niger Uranium announces that the Company proposes a conditional dividend in specie of substantially all of its stake in Kalahari Minerals.

The proposed Special Dividend constitutes a fundamental change of business for the Company which, under Rule 15 of the AIM Rules for Companies, requires Shareholder approval.

Following the Special Dividend (if approved), the Company will continue to hold 2,680,000 Kalahari Shares and its exploration licences in Niger together with its interests in South America and shall continue to operate its business in line with its stated strategy (as adopted at the time of Admission) as a uranium exploration and development company.

Not sure on how this works out,from reading around it seems 36p for the sale of KAH+ the 2m they hang onto+ cash 4?+ Niger and + URA,makes for a value into the mid 40p's. If we hit 42p then i will sell as it's above my understanding and look for another way in,maybe. PRL or even KAH which might fall with all this going on?
Its good news but a little complicated for me,so as i stated i will look for a exit point and wait and see.
A confused
cyril

Just as confused as you Cyril. I noticed an interesting comment on another site regarding how any gain would be taxed if one took the KAH shares - would it be at the higher rate on dividends as opposed to the standard CGT..?? Copy as follows:

"Is the special divi classed as a Dividend for tax ie 40% or whatever or does it act like you havent sold any or as CGT??
Im confused, but if its taxed as a proper divvi then id rather take the CGT gain by selling before the date, as i have plenty of losses still from last year!"

Do you have any thoughts as to how all this may play out on EML..??

Clive.

Clive;sorry can't help on those issue's. As far as EML is concerned, not taken enough interest to comment,more PRL who hold a large stake in EXT and will be looking to increase my holdings as its undervalued on known assets.Will be interesting to see what happens tomorrow although the markets are volitille at the moment?
cyril
ps might if i sell, top up CHL as i see it a no brainer?

Just found this,
Valuation
In our valuation, we have assumed that the 8.5m URU shares held in escrow will be cancelled and only 6,943,667 of the outstanding options will be excised. This results in 115,947,967 shares being eligible for the special dividend.
URU currently holds 27,680,000 Kalahari shares and plans to retain 2,680,000. This leaves 25,000,000 for distribution equivalent to 21.56 Kalahari shares per 100 URU shares. This is an increase on the 20.66 Kalahari shares previously announced due to fewer options being excised.
Our valuation of URU at the current Kalahari share price of 178.28p per share, is 45.28p per URU share. If we include the $4.28m valuation for URUs Niger assets and our 1.53 valuation for UrAmerica, this rises to 49.13p per share. However, post the special dividend, we do not believe any value will be given to these assets and we expect the post Special Dividend share price to be 6.5p.

Conclusion
The proposed Special Dividend still needs approval at shareholder meeting on 24 November 2009. However, we believe this is a great opportunity to release value to shareholders. Even attributing zero value to the companys other assets, the 45p target price pre-Special Dividend (6.5p post) represents a significant premium to the current share price and hence we maintain our BUY recommendation.

Still holding and will continue to do so for 42p+,easy 10% from where we are,not to be sneezed at.
aimho
cyril

Sold out this am,not sure of tax issues? Looks like a speight of selling to opt for EML Considering doing so myself but at 7p or less,otherwise PRL who have increased their holdings in EXT?
cyril

Cyril - Likewise sold out a couple of days ago (at just under break-even) as the tax situation seemed complex. I already have EML and was considering exiting but will probably hang on for a little longer to see if anything happens - the discount to 'effective Extract holding' is very high at around 40%..??
Clive.

Looks like NWT are trying force a bid sitiation for EXT,this in turn will have a effect on KAH,ENL and PRL,so interesting times ahead?

The Company announces that NWT Uranium Corp. has confirmed to the Company today that it has a direct and indirect interest in aggregate of 39,768,339 ordinary shares in the capital of the Company ("Ordinary Shares") representing 35.13 per cent. of the Company's issued share capital.

The Company has received a requisition (the "Requisition") to convene an Extraordinary General Meeting ("EGM") under Section 82 of the BVI Companies Act, 2004, as amended (the "Act") and the memorandum and articles of association of the Company from NWT Uranium Corp. (the "Requisitionist") which states that it is the holder of not less than thirty (30) per cent. of the outstanding shares of the Company.
cyril

some serious buying going on here today.

Watch URU metals presenting at the recent Minesite Conference.

Video Link

might have acloser look at this one...might be worth getting into at these levels

I'm in as of this morning... anyone a holder of URU?

I am but inherited from some take over. Can't remember which. So know very little about them as very small holding. You think there might be movement here?

Listen to URU

URU Metals - 2013 Annual Report and Financial Results

CLICK HERE

Great Rns here today gone un-noticed,now have an oil aspect to this !

Possible multibagger here IMVHO



TIDMURU

RNS Number : 4850P

URU Metals Limited

02 October 2013

2nd October, 2013

URU Metals Limited

("URU" or "the Company")

First Analytical Results from Närke Uranium-Oil Project and

Appoints SGS Lakefield

The Director's of URU Metals Limited, (AIM:URU), the base metals and uranium explorer and development Company, are pleased to announce the first analytical results of Source Rock Analysis/Rock Eval Pyrolysis Tests, Fischer Assay tests, and metals geochemistry from the Närke Oil-Uranium Project, located in Central Sweden.

Highlights

-- Exceptionally high total organic content in the samples in the form of kerogen, ranging from 16.6 - 21.1 wt% TOC

-- Confirmed that the form of kerogen is Type II, favorable for oil extraction

-- Between 66.2 and 106.9 mg of hydrocarbons per gram of rock was extracted from cracking of kerogen, at a relatively low Tmax average temperature of around 420degC.

-- The samples from the K1 pit area returned the best S2 results, averaging 93.52 mg of hydrocarbons extracted per gram of rock.

Commenting upon the results, URU CEO Roger Lemaitre said, "URU is pleased with the first phase analytical results from our first samples collected at the Närke Project. The hydrocarbon testing indicates that we may be able to extract much more oil than we previously thought possible, and suggests that the potential exists to produce gas hydrocarbons as well.

"Although we are still at an early stage of our exploration, initial results indicate that the Närke Project is likely to become an oil project with uranium as a by-product. We are looking forward to the results of our Preliminary Metallurgical Test program which will provide us with more clarity on whether the fundamentals of the project and whether it is economically viable."

Nine rock samples were collected from three abandoned small open pit quarries, two of which were located on the Kvarntorp #5 exploration license, and one from the Latorp #1 license. One blank sample was inserted into the batch for quality control/quality assurance purposes. The Kvarntorp pits were excavated as part of the oil shale mining project conducted by the Swedish government from the 1940's to 1960's.

The Source Rock Analysis and RockEval pyrolysis tests showed that there is an exceptionally high total organic content in the samples in the form of kerogen, ranging from 16.6 - 21.1 wt% TOC and confirmed that the form of kerogen is Type II, considered favorable for oil generation. The Alum Shales at the Närke Project are very immature, meaning that most of the hydrocarbons that could have be generated from these rocks currently remains trapped within the rocks, as only a minor amount of potential hydrocarbon has been released over time through natural geological processes.

Most encouraging from the laboratory testing were the large amounts of hydrocarbons released during the second stage of the Rock-Eval pyrolysis test (S2 on the Rock-Eval table). S2 measures the amount of hydrocarbons (both oil and gas) produced through the cracking of kerogen at temperatures between 300-600degC. Between 66.2 and 106.9 mg of hydrocarbons per gram of rock were extracted from the cracking, at a relatively low Tmax average temperature of around 420degC. The samples from the K1 pit area returned the best S2 results, averaging 93.5 mg of hydrocarbons extracted per gram of rock.

The three samples from the K1 pit on the Kvarntorp #5 license averaged a moisture-corrected Fischer Assay Method oil yield of 4.2 wt%, 123 ppm uranium (equivalent to 145 ppm U(3) O(8) ), 440 ppm vanadium, and 172 ppm molybdenum.

The three samples from the K2 pit on the Kvarntorp #5 license averaged a moisture-corrected Fischer Assay Method oil yield of 2.44 wt%, 52 ppm uranium (equivalent to 61 ppm U(3) O(8) ), 406 ppm vanadium, and 178 ppm molybdenum.

The three samples from the L1 quarry located on the Latorp #1 license averaged a moisture-corrected Fischer Assay Method oil yield of 4.2 wt%, 55.7 ppm uranium (equivalent to 65.7 ppm U(3) O(8) ), 464 ppm vanadium, and 171 ppm molybdenum.

Details from the individual samples can be observed in the attached tables.

Table 1 - Results of the Fischer Assay Tests - Närke Project


Location Sample Number As Received Moisture Corrected
------------- --------------- ------------------------ ------------------------
Oil Received Oil Yield
------------- --------------- ------------------------ ------------------------
wt% l/t gal/ton wt% l/t gal/ton
------------- --------------- ------ ------ -------- ------ ------ --------
Kvarntorp
#5 Licence
K1 Pit SSOAB-K1-1 4.89 50.03 11.99 4.94 50.47 12.10
------------- --------------- ------ ------ -------- ------ ------ --------
SSOAB-K1-2 3.02 30.51 7.31 3.05 30.80 7.38
----------------------------- ------ ------ -------- ------ ------ --------
SSOAB-K1-3 4.67 47.27 11.33 4.71 47.70 11.43
----------------------------- ------ ------ -------- ------ ------ --------
AVERAGE 4.19 42.60 10.21 4.23 42.99 10.30
----------------------------- ------ ------ -------- ------ ------ --------
Kvarntorp
#5 Licence
K2 Pit SSOAB-K2-1 3.17 32.27 7.73 3.20 32.62 7.82
------------- --------------- ------ ------ -------- ------ ------ --------
SSOAB-K2-2 1.82 18.40 4.41 1.83 18.58 4.45
----------------------------- ------ ------ -------- ------ ------ --------
SSOAB-K2-3 2.27 23.14 5.54 2.29 23.38 5.60
----------------------------- ------ ------ -------- ------ ------ --------
AVERAGE 2.42 24.60 5.90 2.44 24.86 5.96
----------------------------- ------ ------ -------- ------ ------ --------
Latorp
#1 SSOAB-L1-1 3.82 38.49 9.23 3.85 38.83 9.31
------------- --------------- ------ ------ -------- ------ ------ --------
Licence
L1 SSOAB-L1-2 3.77 38.15 9.14 3.81 38.55 9.24
------------- --------------- ------ ------ -------- ------ ------ --------
Pit SSOAB-L1-3 3.19 32.04 7.68 3.22 32.35 7.75
------------- --------------- ------ ------ -------- ------ ------ --------
AVERAGE 3.59 36.23 8.68 3.63 36.58 8.77
----------------------------- ------ ------ -------- ------ ------ --------
Blank SSOAB-L2-1 -0.43 0.00 0.00 -0.43 0.00 0.00
------------- --------------- ------ ------ -------- ------ ------ --------


Table 2 - Results of the Rock-Eval Tests - Närke Project


Location Sample Number Carbonate Leco Rock-Eval
------------- --------------- ---------- --------- ---------------------------------------------------------
TOC S1 S2 S3 Tmax Production Index
------------- --------------- ---------- --------- ------- ---------- -------- ------- -----------------
(wt%) (wt% HC) (mg (mg HC/g) (mg (degC) (S1/(S1+S2)
HC/g) CO2/g)
------------- --------------- ---------- --------- ------- ---------- -------- ------- -----------------
Kvarntorp
#5 Licence
K1 Pit SSOAB-K1-1 8.8 19.1 1.86 106.94 1.33 419 0.017
------------- --------------- ---------- --------- ------- ---------- -------- ------- -----------------
SSOAB-K1-2 13.6 16.8 1.55 81.04 1.47 419 0.019
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
SSOAB-K1-3 13.0 18.0 1.71 92.57 1.57 417 0.018
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
AVERAGE 11.8 18.0 1.71 93.52 1.46 418.3 0.018
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
Kvarntorp
#5 Licence
K2 Pit 1 SSOAB-K2-1 7.1 17.5 1.66 76.2 2.49 417 0.021
------------- --------------- ---------- --------- ------- ---------- -------- ------- -----------------
SSOAB-K2-2 9.1 16.6 1.49 66.22 2.19 420 0.022
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
SSOAB-K2-3 9.8 17.0 1.61 68.55 2.35 420 0.023
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
AVERAGE 8.6 17.0 1.59 70.32 2.34 419.0 0.022
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
Latorp #1
Licence L1
Pit SSOABL-L1-1 2.4 18.1 1.85 79.27 2.42 421 0.023
------------- --------------- ---------- --------- ------- ---------- -------- ------- -----------------
SSOABL-L1-2 4.3 21.1 1.9 91.94 2.37 422 0.020
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
SSOABL-L1-3 2.7 20.8 2.09 94.29 2.31 421 0.022
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
AVERAGE 3.1 20.0 1.95 88.50 2.37 421.3 0.022
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
Blank SSOAB-L2-1 28.9 0.12 0.03 0.19 0.25 0 0.136
------------- --------------- ---------- --------- ------- ---------- -------- ------- -----------------


Where


S1 is the milligrams per gram of sample of
hydrocarbons (not kerogen) present in
the rock, liberated by heating up to 300
degC
----------- ---------------------------------------------
S2 is the milligrams per gram of sample of
hydrocarbons derived from kerogen during
pyrolysis heating between 300-600 degC
----------- ---------------------------------------------
S3 is the milligrams per gram of sample of
carbon dioxide derived from kerogen during
pyrolysis heating between 300-600 degC
----------- ---------------------------------------------
Tmax is the temperature at which the maximum
amount of hydrocarbons derived from kerogen
is released
----------- ---------------------------------------------
Production is the percentage of generated hydrocarbons
Index removed from the rock during its geological
history relative to the maximum amount
of hydrocarbons the rock can generate
----------- ---------------------------------------------


Table 3 - Results of the Geochemical Analysis - Närke Project


Sample Number V Mo U
------------- ----------------- ------ ------- ------
Location Detection Limit 2 0.05 0.05
------------- ----------------- ------ ------- ------
Units ppm V ppm Mo ppm U
------------- ----------------- ------ ------- ------
Kvantorp
#5 Licence
K1 Pit SSOAB-K1-1 444 178 154
------------- ----------------- ------ ------- ------
SSOAB-K1-2 452 174 104
------------------------------- ------ ------- ------
SSOAB-K1-3 425 164 111
------------------------------- ------ ------- ------
AVERAGE 440.3 172.0 123.0
------------------------------- ------ ------- ------
Kvantorp
#5 Licence
K2 Pit SSOAB-K2-1 427 168 52.2
------------- ----------------- ------ ------- ------
SSOAB-K2-2 395 184 52.1
------------------------------- ------ ------- ------
SSOAB-K2-3 395 183 51.9
------------------------------- ------ ------- ------
AVERAGE 405.7 178.3 52.1
------------------------------- ------ ------- ------
Latorp #1
Licence
L1
Pit SSOAB-L1-1 389 147 53.9
------------- ----------------- ------ ------- ------
SSOAB-L1-2 505 185 57.8
------------------------------- ------ ------- ------
SSOAB-L1-3 499 182 55.4
------------------------------- ------ ------- ------
AVERAGE 464.3 171.3 55.7
------------------------------- ------ ------- ------
Blank SSOAB-L2-1 46 1.23 2.85
------------- ----------------- ------ ------- ------


Appointment of SGS Lakefield

URU's 100% subsidiary, Svenska Skifferoljeaktiebolaget, has signed a contract with SGS Laboratories to conduct early-stage metallurgical and oil recovery tests on approximately 200 kg of rock that will be collected from the Närke project in the next few weeks. Oil recovery testing will be conducted at SGS's Burnaby lab and the metallurgical work completed at SGS Mineral Services, Lakefield.

The purpose of this Preliminary Metallurgical Test ("PMT") program is to determine whether there are technical and economic methods to extract oil, uranium, vanadium and molybdenum from the Alum Shales present on the property. Further investment will be dependent on these results.

URU is currently in the process of acquiring the necessary approvals to collect these samples from the same historic open pits as the first samples were obtained. Sample collection is planned for early October with results likely to be received in early March, 2014.

URU has also signed an agreement with Golder Associates UK, to provide a preliminary operating and capital costs estimates based on the laboratory results to assist the Company in making a decision whether or not to proceed to the resource definition stage after the PMT.

Non-Core Niger Operations Closed

Over the past year, URU has been rebalancing its portfolio of assets. With the addition of the Närke Oil-U Project in Sweden, the Nueltin Gold-Uranium Project in Canada, and our continued involvement in the SAN Nickel Joint Venture in South Africa, the Company has three significant projects that are poised to increase shareholder value as we continue to invest in their development.

URU believes that all of our current resources should be steered towards the development of these three projects. For the past year, URU has been actively searching for a partner to share the risk of exploration on our Niger uranium assets, and have even contemplated an outright sale of our Niger subsidiary to several parties. Unfortunately, since this extensive search has failed to yield any potential partners or purchasers, the Company has decided to close its Niger operations effective immediately, and our existing exploration licenses will be returned back to the Niger Ministry of Mines as soon as possible.

Background information on Närke Project

Sweden is one of the world's most favourable mining jurisdictions. Between 1941 through 1966, a Swedish government-owned company produced 62 tonnes of uranium (134,500 lbs) and established an oil-recovery plant on the Närke Project, which recovered approximately 159,100 m(3) of petroleum (1 million barrels) and 418,400 m(3) of fuel oil (2.6 million barrels) from approximately 50 million tonnes of mined rock.

The Alum shale is world renown as being one of the world's largest repositories of metals, particularly uranium. Perceived uranium resources within the Alum Shales are generally believed to be larger than most of the combined uranium resources from the producing global uranium districts. Although an economic recovery of uranium from the Alum Shale has not yet been developed at today's uranium prices, technological advances in oil and uranium recovery the last decade make this project potentially viable.

URU's focus will be on reducing risk by proving that a co-recovery extraction process can be developed using existing technologies before incurring significant investment into proving up uranium and oil mineral resources and reserves.

Historic drill holes testing the Alum Shale on the existing licenses were completed by previous explorers, indicating that good thickness of uranium and oil-bearing Alum Shale are present across all the mineral licenses being acquired by URU.

About the various analytical techniques

The Fischer assay is a standardized laboratory test for determining the oil yield from oil shale to be expected during conventional shale oil extraction. A 100 gram oil shale sample crushed to <2.38 mm is heated in a small aluminum retort to 500 degC (930 degF) at a rate of 12degC/min (22degF/min), and held at that temperature for 40 minutes. The distilled vapors of oil, gas, and water are passed through a condenser and cooled with ice water into a graduated centrifuge tube, and subsequently analyzed.

Source Rock Analysisinvolves multiple tests to measure the total organic carbon (TOC), percent carbonate and RockEval pyrolysis which provides a measurement of free hydrocarbons (S1), kerogen content (S2), carbon dioxide associated with organic matter (S3) and temperature of maximum S2 peak (Tmax). From these data a range of kerogen quality and oil yield indexes can be calculated.

Geochemical Analysis was completed using SGS Mineral Services, Lakefield's GE ICM40B - Multi-Acid (4-Acid) Digestion technique, under which samples are first weight upon receipt and crushed using SGS's CRU22 process, under which the entire sample is crushed until 75% of the material passes a 2 mm screen. Following crushing, a 250 g split is taken from the larger sample and pulverized until 85% of the material passes 75 microns. The resulting sample is digested using a combination of HCl (hydrochloric acid), HNO3 (nitric acid), HF (hydrofluoric acid) and HClO4 (perchloric acid). A combination of ICP-AES AND ICP-MS Package (49 Elements) was used to determine the concentrations of Mo (1-10,000ppm), U (0.05-10,000ppm), V (2-10,000ppm), Ni (2-10,000ppm).

ICP-AES is a technique under which the digested sample is ionized with inductively coupled plasma. Nitrogen or dry compressed air is used to 'cut' the plasma at a specific spot. One or two transfer lenses are then used to focus the emitted light on a diffraction grating where it is separated into its component wavelengths in the photodetectors in an optical spectrometer which measures the intensity specific wavelength(s) attributable to each particular atomic element involved on an array of semiconductor photodetectors. The intensities each wavelength can be used to determine the concentration of a particular element.

Additional information regarding the Närke Project can be found on the Company's website at www.urumetals.com.

-Ends -

Contact details:


URU Metals Limited
Roger Lemaitre, CEO + 1 416 892 2870
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WH Ireland Limited
(Nominated Adviser and Broker)
Adrian Hadden
James Bavister + 44 207 220 1666
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Ribeiro Communications
Ana Ribeiro +44 (0) 7980 321 505
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This information is provided by RNS

The company news service from the London Stock Exchange

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