UraMin Inc. ("UraMin or "the Company") - High Grade Exploration Drilling Results at the Bakouma Deposit


    TORONTO, June 6 /CNW/ - Recent drilling results for the Patricia Deposit
at Bakouma in the Central African Republic include the following high grade
U(3)O(8) intersections over widths in excess of 22 meters:

    -  Borehole PRC061; 54m at 0.36% U(3)O(8) from 39m depth
    -  Borehole PRC065; 22m at 0.61% U(3)O(8) from 19m depth including 3m at
       1.32% U(3)O(8) from 25m depth
    -  Borehole PRC074; 43m at 0.27% U(3)O(8) from 48m depth
    -  Borehole PRC075; 30m at 0.28% U(3)O(8) from 52m depth and 36m at 0.20%
       U(3)O(8) from 89m
    -  Borehole PRC078 24m at 4.17% U(3)O(8) from 53m depth including 10m at
       9.06% U(3)O(8) from 55m
    -  Borehole PRC083; 62m at 0.81% U(3)O(8) from 61m including 11m at
       15.16% from 112m

    Ian Stalker, Chief Executive, said "We are delighted with these results
which further underline the high grade nature of this deposit. The infill
drilling programme at Patricia is now complete and these results indicate a
near surface deposit that is amenable to open-pit mining and the soft ground
suggests low mining costs. We look forward to completing the feasibility study
on track in 2008."
    The highest ((greater than)2.5% U(3)O(8)) grade samples have been
verified by alternative methods of chemical analysis and the high uranium
mineral content has been further verified by X-ray powder diffraction. This
latter technique has resulted in the identification of a number of uranium
phosphate minerals that are present as major constituents in these samples.
Because of the unusually high uranium values in these ore samples further
verification is to be undertaken in a laboratory that specializes in analysis
of high grade uranium-bearing ore.
    On the 25th April 2006 an Independent Interim Mineral Resource classified
in accordance with the CIMM (2000) guidelines for the Patricia Deposit,
Bakouma, Central African Republic was announced. This Inferred Mineral
Resource of 5.7 Million tonnes at an average grade of 0.20% U(3)O(8)
containing 12,000 tonnes U(3)O(8) (26.0 Million lbs U(3)O(8)) using a cut-off
grade of 1,000 ppm U(3)O(8) was estimated by AMC Consultants for the Patricia
Deposit and represents an increase of 33%, (7.0 Million contained lbs
U(3)O(8)), over the historical Mineral Resource estimate.
    Infill drilling is now complete taking the deposit from a 100m by 50m
grid to a 50m by 50m grid spacing. Assay results for 35% of the 96 infill RC
holes have now been received.
    Drilling is progressing on schedule as part of the Definitive Feasibility
Study being conducted on behalf of UraMin by GRD Minproc. A NI 43-101
compliant resource for the entire Bakouma Project in Q3 of 2007.

    Exploration Program

    The Bakouma Uranium Project consists of ten documented uranium deposits
in close proximity to one another. A review of prior technical studies
conducted by Compagnie des Mines d'Uranium de Bakouma and Societe de l'Uranium
Centrafricain between 1969 and 1977 reveals a historical non NI 43-101
compliant mineral resource of 6,915,000 tonnes at an average grade of 0.27%
U(3)O(8) containing an estimated 18,000 tonnes (41 million lbs U(3)O(8)) of
U(3)O(8) at a cut of grade of 1000ppm U(3)O(8).
    Over the past nine months, UraMin has completed 34,835 meters of reverse
circulation percussion drilling in 542 holes. Of these, a total of 171 drill
holes have been completed in the Patricia deposit aggregating 15,199 meters of
which 67 holes aggregating 5840 meters represents the 100 meter by 50 meter
grid data and the balance, being the infill drilling designed to convert a
proportion of the deposit to the indicated mineral resource category or
better. A further 371 drill holes aggregating 19,636 meters have been drilled
in the Pama, Pato, Paloma and Fosse deposits thus far and additional drilling
is ongoing.
    Mr. G M Greenway, Pr.Sci.Nat. (SACNASP), MSAIMM, MGSSA, of MSA
Geoservices (PTY) Ltd, is the qualified person responsible for the Bakouma
drilling program and has verified the data reported above. Mr. Greenway is an
independent consultant to UraMin, with no interest in the company and has
consented to the inclusion in this announcement of his name in the form and
context in which it appears. Exploration data is acquired by UraMin using best
practice quality assurance and quality control protocols. Reverse circulation
percussion chip assay samples are collected by appropriately qualified
personnel and are assayed at SANAS accredited laboratories in Johannesburg,
South Africa; SGS Lakefield Research Africa (SANAS No. T0169) U(3)O(8) assays
are performed using x-ray fluorescence spectrometry on a pressed powder
pellet. Samples containing more than 2,000ppm uranium are re-analysed by ICP
OES utilizing a sodium metaborate fusion, the conventional XRF technique for
high grade samples is unsuitable for Bakouma ore. A population of very high
grade samples (greater than 2.5% U(3)O(8)) were analyzed using X-ray powder
diffraction to confirm the abundant uranium phosphate mineral assemblage.
Quality control procedures follow industry best practice and include the use
of blind control samples.

    Notes to Editors


    Definitive    a comprehensive study of a deposit in which all geological,
    Feasibility   engineering, operating, economic and other relevant factors
    study         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
    ICP-OES       Inductively coupled plasma optical emission spectroscopy
                  finish - sophisticated electronic means for determining the
                  elemental content in a sample.
    X-ray         X-ray diffraction (XRD) is a nondestructive technique for
    diffraction   studying complex materials on a small scale. XRD analysis
                  can be used to determine the composition of a material, as
                  well as its molecular and crystalline structure.
                  Mineralogical characterization provides part of the data
                  required to determine the particular kind of mineral
                  deposits encountered in mineral-resource assessment
    CIMM          Canadian Institute of Mining and Metallurgy
    tU            Tonnes uranium
    Lb            Pound
    U(3)O(8)      Triuranium octaoxide
    Uranium       heavy silvery-white metallic element found in several
                  minerals, notably uraninite and carnotite

    UraMin (www.uramin.com) 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$1.9 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, James Pitman, Vice President Business Development,
Tel: +27 11 783 5056; Nominated Advisor, Canaccord Adams Limited, Robin
Birchall, Tyler Broda, Tel: +44 20 7050 6500; Toronto, Steve Vaughan, Tel:
(416) 643-6924

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