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THE UNITED STATES/
TORONTO, June 5 /CNW/ - Northwestern Mineral Ventures Inc. (TSX-V: NWT)
and UraMin Inc. (TSX: UMN; AIM: UMN) are pleased to announce that the joint
venture company they have agreed to form has entered into an agreement with
Haywood Securities (UK) Limited for a private placement to raise gross
proceeds of US$19 million. The proceeds of this private placement will be used
to fund the activities of the joint venture company, which will advance eight
highly prospective uranium concessions in Niger, as detailed in press releases
dated June 4, 2007. At closing, the joint venture company will have a treasury
in excess of US$30 million.
The private placees will acquire a total of 23% of the joint venture
company, while Northwestern and UraMin will each maintain a 38.5% interest.
The formation of the joint venture company remains subject to the receipt of
all regulatory approvals, including the approval of the TSX Venture Exchange.
At closing, Haywood Securities (UK) Ltd. will be paid a 6% cash
commission on gross proceeds. Haywood will also be granted broker warrants
equivalent to 6% of the private placement financing at the private placement
price. These warrants will expire 24 months from the closing date.
Northwestern Mineral Ventures (www.northwestmineral.com) is an
international resource exploration company with an experienced management
team. The company is focused on properties in Niger and Canada with potential
uranium targets. Northwestern also has a precious and base metal property in
Mexico. Northwestern is listed on the NASD Bulletin Board under the symbol
"NWTMF" and the TSX Venture Exchange under the symbol "NWT."
UraMin (www.uramin.com) was established in 2005 to acquire and develop
mineral properties, predominantly uranium. UraMin is focused on advancing its
100%-owned Trekkopje uranium project in Namibia to the completed Definitive
Feasibility Study ("feasibility study") stage. A trial mine is planned for the
fourth quarter of 2007 and commercial production is planned for late 2008. The
Company also has a feasibility study underway at its 90% owned Bakouma uranium
project in the Central African Republic and on its 74%-owned Ryst Kuil uranium
project in South Africa. SRK is the lead consultant for the Ryst Kuil Project.
UraMin intends to bring these near surface open pitable projects into
production, utilizing efficient mining and processing methods currently in
practice worldwide in similar deposits in a cost effective manner.
UraMin also has a number of exploration projects in both Africa (Chad,
Niger, Senegal and Mozambique) and joint venture projects in Canada (the Rea
Project within the Athabasca Basin in Alberta and the Labrador Project in
Quebec) on which it is advancing exploration programs that could provide a
pipeline of potentially economic uranium projects for the future.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
This news release includes certain "forward looking statements" within
the meaning of the United States Private Securities Litigation Reform Act of
1995. Without limitation, statements regarding potential mineralization and
resources, exploration results, and future plans and objectives of either
Northwestern or UraMin are forward looking statements that involve various
degrees of risk. The following are important factors that could cause the
actual results to differ materially from those expressed or implied by such
forward looking statements: changes in the worldwide price of mineral
commodities, general market conditions, risks inherent in mineral exploration,
risks associated with development, construction and mining operations, the
uncertainty of future profitability and the uncertainty of access to
For further information:
For further information: Marek J. Kreczmer, M.Sc., P.Eng., President and
CEO, (866) 437-9551, firstname.lastname@example.org