UraMin Inc. - Board Changes

    TORONTO, Aug. 3 /CNW/ - Further to the successful US$7.75 per share offer
by AREVA (through its indirect wholly-owned subsidiary CFMM Développement) for
the outstanding ordinary shares of UraMin Inc ("UraMin" or "the Company")
(TSX/AIM: UMN), the Company today announces a restructuring of its board and
    The following members of the board of the Company (the "Board") have
resigned from the Board with immediate effect:

    -  Mr Francis Daniels (Non-Executive Director)

    -  Mr James Mellon (Non-Executive Director)

    -  Mr Ian Watson (Non-Executive Director)

    -  Mr Stephen Dattels (Executive Deputy Chairman)

    -  Mr John (Ian) Stalker (Chief Executive Officer)

    -  Mr James Pitman (Corporate Affairs and New Business Development)

    -  Mr Neil Herbert (Finance Director)

    Mr Samuel Jonah KBE has also resigned as Chairman of the Board with
immediate effect. However, he and Mr Graham Mascall, both currently
Non-Executive Directors of the Company, will remain on the Board. Mr Neil
Herbert will continue to be UraMin's Company Secretary going forward.

    In addition, the Board has appointed the following individuals as
Executive Directors of the Company:

    -  Mr Frédéric Bernard Tona (aged 59). Mr Frédéric Tona was the Senior
       Executive Vice President of the Mining, Chemistry and Enrichment
       sector at AREVA until 2004. Mr Tona has been appointed Chairman of the
       Board following the resignation of Mr Samuel Jonah KBE as Chairman.

    -  Mr Serge Lafont (aged 48). Mr Serge Lafont holds a doctorate degree in
       physics from Ecole Normale Supérieure, Paris, and is currently the
       chief representative of AREVA in South Africa.

    -  Mr Daniel Wouters (aged 54). Mr Daniel Wouters holds masters degrees
       in law and business administration, and has experience in mining
       finance. Mr Wouters is currently the Vice President in the area of
       mining business development at AREVA.

    -  Mr Sébastien Bernard de Montessus de Ballore (aged 32). Mr Sébastien
       Bernard de Montessus de Ballore holds a masters degree in business
       administration, and is currently the Executive Vice President of the
       Mining Business at AREVA. Mr Bernard de Montessus de Ballore has been
       appointed as UraMin's new Chief Executive Officer.

    In accordance with Schedule 2(g) of the AIM Rules, the following
information in relation to the appointment of Mr Frédéric Bernard Tona, Mr
Serge Lafont, Mr Daniel Wouters and Mr Sébastien Bernard de Montessus de
Ballore is disclosed:

    Mr Frédéric Bernard Tona

    Current directorships:

    -  ERAMET SA

    -  OSEAD SAS

    Directorships held in the past five years:

    -  Compagnie Française de Mokta SA


    -  Société des Mines de Jouac

    -  Compagnie française de Mines et Métaux





    -  SGN

    -  SOMAIR

    -  COMINAK

    -  Urangesellschaft

    -  COMIN

    -  Pathfinder Mines Co

    -  COGEMA Inc

    -  COGEMA

    -  COGEMA RE

SOURCES Inc - McCLEAN URANIUM Ltd - McCLEAN LAKE JV Mr Serge Lafont Current directorships: - ARESCA - FRAMEX Mr Daniel Wouters (no information falling to be disclosed under Schedule 2(g) of the AIM Rules) Mr Sébastien Bernard de Montessus de Ballore Directorships held in the past five years: - OFYE Save for the information disclosed above there is no other information falling to be disclosed under Schedule 2(g) of the AIM Rules. Forward Looking Statements: This announcement may include forward-looking statements. All statements other than statements of historical fact included in this announcement, including without limitation those regarding plans, objectives and expected performance, are forward-looking statements. These forward-looking statements are based on current expectations and projections about future events, including numerous assumptions regarding present and future business strategies, operations, and the environment in which the business will operate in the future. Forward-looking statements generally can be identified by the use of forward-looking terminology such as 'ambition', 'may', 'will', 'could', 'would', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'plan', 'seek' or 'continue', or negative forms or variations of similar terminology. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors. By their nature, forward-looking statements involve risks, uncertainties and assumptions, such as future market conditions and the behaviour of other market participants, which may cause the actual results, performance or achievements of UraMin to differ materially from any future results, performance or achievements expressed or implied by the forward looking statements. Given these risks, uncertainties, and assumptions, you are cautioned not to put undue reliance on any forward-looking statements. In addition, the inclusion of such forward-looking statements should under no circumstances be regarded as a representation that any results set out in such statements will be achieved or that the underlying assumptions used will in fact be the case. Other than as required by applicable law or the applicable rules of relevant exchanges, AREVA has no intention or obligation to update or revise any forward-looking statements included in this announcement after the release of this announcement.

For further information:

For further information: AREVA, Frédéric Potelle, Tel: +33 134 961 408;
UraMin Inc, Neil Herbert, Tel: +27 11 783 5056; Canaccord Adams Limited
(Nominated Adviser to UraMin Inc), Robin Birchall, Tel: +44 20 7050 6500

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