CALGARY, May 26, 2011 /CNW/ - The Board of Directors of Uravan Minerals Inc. (the "Corporation") has approved the granting of 1,025,000 common share options (the "Stock Options") pursuant to the Corporation's rolling share option plan (the "Share Option Plan") to directors, officers and employees of the Corporation. The Share Option Plan is administered by the Board of Directors of the Corporation who make allocations of Stock Options to eligible persons after considering their present and future potential contributions and value to the Corporation. Each Stock Option can be exercised by the optionee into common shares (the "Shares") of the Corporation, issued from treasury, at an exercise price of $0.22 per share. The term of the stock options granted under the Share Option Plan will be for five years.

The Corporation currently has 34,499,280 Shares issued and 1,310,000 stock options outstanding. The stock options granted are in accordance with regulatory policy as determined by the TSX Venture Exchange.  The proposed granting of these stock options is subject to the TSX Venture Exchange approval.

Uravan is a Calgary Alberta based diversified mineral exploration company that utilizes applied research to develop new innovative exploration technologies to identify buried uranium, rare earth elements (REE) and nickel-copper-platinum group element (Ni-Cu-PGE) deposits in under-explored areas. Our exploration focus in uranium is for potential high-grade unconformity-related uranium deposits in the Athabasca and Thelon Basins in Canada and other basin environments globally. Uravan is expanding its acquisition efforts toward REE geological domains in North America and specific areas globally. The REE and uranium mineralization occur in related geological environments thereby complementing the Uravan's uranium exploration efforts with a strategy to add diversification to its portfolio. Further, Uravan is pursuing the exploration of its advanced stage Rottenstone Ni-Cu-PGE project supported by the development of new drill targets defined by recent geophysical re-interpretation.  Uravan is a publicly listed company on the TSX Venture Exchange under the trading symbol UVN. All of the mineral properties Uravan owns are considered in the exploration stage of development.

This press release may contain forward looking statements including those describing Uravan's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Uravan and its management.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Uravan Minerals Inc.

For further information:

Larry Lahusen, CEO
Uravan Minerals Inc.
Tel: 403-264-2630
Email: llahusen@uravanminerals.com,
Website: www.uravanminerals.com


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