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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

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
--------------------------------- ---------------------
WH Ireland Limited
(Nominated Adviser and Broker)
Adrian Hadden
James Bavister + 44 207 220 1666
--------------------------------- ---------------------
Ribeiro Communications
Ana Ribeiro +44 (0) 7980 321 505
--------------------------------- ---------------------


This information is provided by RNS

The company news service from the London Stock Exchange

END

LISTEN: URU Metals - Enters into agreement to acquire 100% in SAN

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LISTEN: URU Metals (URU) - Zebediela project update

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