UraMin Completes US$226 million Private Placement


    TORONTO, March 20 /CNW/ - UraMin is pleased to confirm that it has
completed its previously announced private placement of 52.0 million ordinary
shares of UraMin at a price of (pnds stlg)2.25 per share for gross proceeds of
approximately US$226 million. BMO Capital Markets acted as lead agent for the
financing on behalf of a syndicate that included Canaccord Adams Limited and
Sprott Securities Inc.
    Subject to compliance with applicable law, the shares sold through the
placing may be traded through AIM immediately but will be subject to United
States resale restrictions, and resale restrictions in Canada for the period
from closing until 21 July 2007. The new shares rank pari passu in all
respects with the existing ordinary shares in issue.
    The net proceeds from the private placement will be used primarily to
advance the Trekkopje Project towards commercial production.


    The Company was established in 2005 to acquire and develop mineral
properties, predominantly uranium. Following the private placement the Company
currently working capital of approximately US$300 million and a market
capitalization of approximately US$1.3 billion on an undiluted basis. UraMin
(www.uramin.com) is traded on the Alternative Investment Market of the London
Stock Exchange plc and the Toronto Stock Exchange under the symbol UMN.
    UraMin is currently focusing on the development of its advanced stage
exploration projects at Trekkopje in Namibia, Bakouma in the Central African
Republic and Ryst Kuil in South Africa. Through a 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 prospecting licences will be successful.


    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.

    The securities referred to in this release will not be registered under
the United States Securities Act of 1933 or the laws of any state and may not
be offered or sold in the United States absent such registration or an
applicable exemption from registration requirements.

For further information:

For further information: Ian Stalker, Chief Executive Officer; Neil
Herbert, Finance Director, Tel: +27 11 783 5056; BMO Capital Markets:
Elizabeth Wademan, Tel: (416) 359-4241; Canaccord Adams Limited: Mike Jones,
Robin Birchall, Tel: +44 20 7050 6741; Toronto: Steve Vaughan, Heenan Blaikie
LLP, (416) 643-6924

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