UraMin Inc. - GBP117.0 Million Private Placement Financing


    TORONTO, March 7 /CNW/ - UraMin is pleased to announce the size and
pricing of its previously announced private placement. The offering consists
of the private placement of 52.0 million ordinary shares of UraMin at a price
of GBP2.25 per share for gross proceeds of GBP117.0 million (the equivalent of
approximately US$226 million or CDN$266 million). The Company and BMO Capital
Markets, as lead agent, on behalf of itself, Canaccord Adams Limited and
Sprott Securities Inc. (the "Agents") have entered into an engagement letter
pursuant to which the Agents have agreed to act as agents for the private
placement. Closing is expected to occur on or around March 20, 2007. UraMin
intends to use the proceeds of this private placement to partially fund the
capital required to finance the Company's Trekkopje Project in Namibia to
commercial production, currently scheduled for late 2008. The private
placement is subject to regulatory approval. UraMin (www.uramin.com) is listed
on the Alternative Investment Market of the London Stock Exchange plc and the
Toronto Stock Exchange, trading under the symbol UMN.
    UraMin currently has approximately US$88 million of net free uncommitted
cash in its treasury which will primarily be used to carry out trial mining of
the Trekkopje Project and to advance to the feasibility study stage both the
Ryst Kuil Uranium Project in South Africa and the Bakouma Uranium Project in
the Central African Republic. The additional US$226 million will be used
primarily to advance the Trekkopje Project to commercial production including
the procurement of long lead time capital cost items and carry out development
work thereon.


    Feasibility     a comprehensive study of a deposit in which all
    study           geological, engineering, operating, economic and other
                    relevant factors are considered in sufficient detail for
                    it to reasonably serve as the basis for a final decision
                    by a financial institution to finance the development of
                    the deposit for mineral production
    Uranium         heavy silvery-white metallic element found in several
                    minerals, notably uraninite and carnotite


    The Company was established in 2005 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 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 the prospecting rights in the Ryst Kuil Channel of
the Karoo or elsewhere in South Africa 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 (0)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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