UraMin Inc. ("UraMin" or "the Company") - Block Listing - Block Admission Application - Clarification

    TORONTO, June 1 /CNW/ - UraMin Inc wishes to clarify the announcement
released yesterday regarding the application to the London Stock Exchange for
Block Admission to AIM of certain shares.
    The announcement made yesterday related to the options currently
outstanding under the Company's share option scheme. The Company wishes to
clarify that it has received no indication of the exercise of any share
options covered by the application, nor is it currently contemplating the
grant of any further options, under the scheme or otherwise. The grants of all
the options to which yesterday's announcement relates have previously been
announced to the market, either in the Company's admission document dated 13
April 2006 or in subsequent RNS announcements. UraMin's application for Block
Admission of the shares which may be issued in the future following the
exercise of the options granted under the share option scheme is intended
merely to simplify the administration of the share option scheme and thereby
reduce its compliance costs.
    The Block Admission procedure on AIM is a means whereby a company which
expects to issue shares on a regular basis may seek approval for their
admission to AIM in advance of their issue. In the absence of a Block
Admission arrangement individual applications for admission to AIM need to be
made on the occasion of each allotment. The Block Admission procedure is
commonly used by AIM companies in connection with share option schemes,
warrants or other convertible securities where the timing of allotments is not
under the control of the AIM company itself but of the holders of the
convertible securities. Companies taking advantage of the Block Admission
procedure are required at least once every six months to make an announcement
of the shares issued under the Block Admission procedure.
    UraMin already has such a procedure in place for its warrants issued in

    UraMin (www.uramin.com) was established in 2005 to acquire and develop
mineral properties, predominantly uranium. The Company currently has working
capital of approximately US$300 million and a market capitalization of
approximately US$1.9 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.

    Forward-Looking Statements:

    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: Ian Stalker, Chief Executive Officer, Neil
Herbert, Finance Director, Tel: +27 (0)11 783 5056; Nominated Advisor,
Canaccord Adams, Robin Birchall, Tel: +44 (0) 20 7050 6500

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