TORONTO, March 12 /CNW/ - UraMin Inc. is pleased to announce that a
diamond drilling program on the Rea Uranium Project in northeastern Alberta
commenced on March 9, 2007. This project is under joint venture with Red
Dragon Resources Corp. of Vancouver, British Columbia. Red Dragon Resources
Corp. is a mineral exploration company actively exploring for a number of
commodities in China and Canada and currently manages the exploration program
on the Rea Project.
UraMin is earning a 50% interest in the project by making expenditure of
U.S. $5.5 million over a three year period. The Rea Project consists of a
large exploration package (446,330 acres) covering the western margin of the
Athabasca basin in northeastern Alberta The project surrounds the high-grade
Maybelle River deposit held by AREVA, NC.
The diamond drill program will test eight geophysical anomalies
identified from the airborne electromagnetic and magnetic survey and
subsequent follow-up ground induced polarization survey completed last year.
Lithogeochemical studies will be used as a further guide to locating
mineralization and assist with identifying targets for drilling. A total of
3,000 metres of drilling has been contracted to test these targets with
further drilling dependent upon results.
Lithogeochemical - The chemical composition of rock samples
BACKGROUND INFORMATION ON URAMIN INC:
UraMin (www.uramin.com) was founded in February 2005 and its shares are
traded on the AIM market of the London Stock Exchange and the Toronto Stock
Exchange under the symbol 'UMN'. The Company was established to acquire and
develop mineral properties, predominantly uranium. The Company currently has
working capital of approximately US$88 million and a market capitalization of
approximately US$1 billion on an undiluted basis.
UraMin is currently focusing on the development of its advanced
exploration projects at Trekkopje in Namibia, Bakouma in the Central African
Republic and Ryst Kuil in South Africa. Through the South African joint
venture, UraMin also enjoys additional prospecting license applications for
important uranium deposits in the Karoo, South Africa. No assurance can be
given that remaining applications for the prospecting rights in the Ryst Kuil
Channel or elsewhere in South Africa will be successful.
BACKGROUND ON RED DRAGON RE
Red Dragon Resources Corp. is a TSX Venture (TSX-V) listed exploration
company engaged in the identification, acquisition and exploration of mineral
properties with potential for world-class mineral deposits in China and
This press release contains statements that are "forward-looking".
Generally, the words "expect," "intend," "estimate," "will" and similar
expressions identify forward-looking statements. By their very nature,
forward-looking statements are subject to known and unknown risks and
uncertainties that may cause our actual results, performance or achievements,
or that of our industry, to differ materially from those expressed or implied
in any of our forward-looking statements. Statements in this press release
regarding the Company's business or proposed business, which are not
historical facts, are "forward looking" statements that involve risks and
uncertainties, such as estimates and statements that describe the Company's
future plans, objectives or goals, including words to the effect that the
Company or management expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Actual results in each
case could differ materially from those currently anticipated in such
Investors are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date they are made.
For further information:
For further information: UraMin Inc., Ian Stalker, Neil Herbert, Finance
Director, Tel: +27 (0) 11 783-5056; Red Dragon Resources Corp., Chief
Executive Officer Alvin Jackson, Chairman and Chief, Executive Officer, Tel:
(604) 602-8188; Canaccord Adams Limited, Robin Birchall/Tyler Broda, Tel: +44
20 7050 6741, Steve Vaughan, Tel: (416) 643-6924; Harbour Financial Inc.,
Brian N. Barbour, Tel: (403) 813-5832