UraMin Inc. ("UraMin" or the "Company") - Independent Interim NI 43-101 Compliant Mineral Resource for the Patricia Deposit, Bakouma, Central African Republic


    TORONTO, April 24 /CNW/ -


    -   An Inferred Mineral Resource of 5,700,000 tonnes at an average grade
        of 0.20% U(3)O(8) containing 12,000 tonnes U(3)O(8) (26,000,000 lbs
        U(3)O(8)) using a cut-off grade of 1,000 ppm U(3)0(8) has been
        estimated by AMC Consultants for the Patricia Deposit that represents
        an increase of 33%, (7,000,000 contained lbs U(3)O(8)), over the
        historical mineral resource estimate.

    -   The historical mineral resource estimate for the Patricia deposit of
        2,900,000 tonnes at an average grade of 0.31% U(3)O(8) containing an
        estimated 7,400 tonnes U(3)O(8)(19,000,000 lbs U(3)O(8)) using a
        cutoff grade of 1,000ppm U(3)O(8) accounted for approximately 46% of
        the total Bakouma Project historical mineral resource estimate.

    -   Recently completed diamond drilling to further test the depth
        extensions within the Patricia Deposit have established the existence
        of economic mineralization up to 42 meters below the maximum depth
        delineated by reverse circulation drilling used in estimating the
        above referred to NI 43-101 compliant mineral resources drilling.
        This deeper mineralization is not accounted for in the NI 43-101
        compliant mineral resource estimate referred to above and additional
        deep drilling is ongoing.

    -   Drilling is progressing on schedule as part of GRD Minproc's
        feasibility study and UraMin is on track to report a NI 43-101
        compliant resource for the entire Bakouma Project in Q3 of 2007.

    Ian Stalker, Chief Executive, said "The NI 43-101 compliant resource
identified from the initial reverse circulation ("RC") drilling at the
Patricia Deposit indicates an inferred mineral resource of 5.7 million tonnes
(Mt) grading 0.203% U(3)O(8) (11,670t or 25,720,650 lbs. of U(3)O(8)) at a
1000 ppm U(3)O(8) cut-off grade which exceeds our expectations based on
historical records. This increase in the mineral resource in only one of the
ten know deposit previously identified in the Bakouma Project area augurs well
for a total increase in overall resource nos.
    The initial drill programme was limited by depth constraints of the
reverse circulation rigs being utilised by UraMin. Since the RC rigs have been
moved to determine the extent of mineralisation on the other 9 deposits at
Bakouma a diamond drill rig has drilled the mineralized zone to a depth of
153 meters at Patricia - some 42 meters below previous drilling in the current
resource delineation programme. This depth extension and open ended potential
on the central portion of the Bakouma deposit would indicate that the uranium
resource on this portion of the Patricia Deposit has the potential to increase
the current mineral resource estimate and thereby increase the historic
resource estimates for the project as a whole which were reported to be
6,915,000 tonnes at an average grade of 0.27% U(3)O(8) containing 15,891t 
U (3)O(8)(41,253,477lbs U(3)O(8)) at a cut off grade of 1000ppm U(3)O(8).
    For a cut off grade of 500ppm U(3)0(8) the current NI 43-101 compliant
Inferred resource estimate is restated as follows, 7,980,000 tonnes at an
average grade of 0.16% for 13,422t U(3)0(8) (29,580,000 lbs U(3)0(8)).
    Subject to mine plan economics it is possible that the ultimate cut off
grade could be lowered resulting in a further increase in the size of the
mineral resource which would enable UraMin to achieve a higher mining rate
with a resultant improvement in project economics."

    Resource Estimates

    The confirmatory RC drilling program recently completed on the Patricia
deposit as part of GRD Minproc's Feasibility Study program on the Bakouma
Project utilized a grid spacing for the resource estimate of 100 metres by
50 metres. UraMin is currently continuing exploration drilling at the other 9
Bakouma deposits. The infill drilling programme at Patricia has now been
completed and assay results are pending for this phase.
    AMC completed the mineral resource estimate for the Patricia deposit
using all geological and assay data available up to March 1, 2007 which
allowed AMC to generate a constrained grade model mineral resource in the
inferred category of 5.7 million tonnes (Mt) grading 2,034 ppm of U(3)O(8)
(11,667t U(3)O(8)) at a 1000 ppm U(3)O(8) cut-off grade.
    The uranium mineralisation of the Patricia Deposit has been identified
over an area of 850 metres by 250 metres with vertical widths ranging between
4 metres and 85 metres. In the current drilling program, the top of uranium
mineralisation was intersected at depths of 6 metres to 59 metres below
surface with the base of mineralisation extending down to a maximum of
106 metres below surface.
    The mineralised envelope was defined in sandstone and quartzite units
only with geological logging and assay information from drillholes using a
nominal cut-off grade of 250 ppm U(3)O(8). Extrapolation of the interpreted
mineralised zone was limited to 50 m between section lines and 25 m at the
ends of each section.
    A top cut of 10,000 ppm U(3)O(8) was applied to assay grades.
    No bulk density data measurements were available for use in this
estimate. Historical values reported by "Société de l'Uranium Centrafricain"
(URCA) in 1977 were used pending confirmation in the next phase of
investigation. No new metallurgical information on the deposit is available at
the time of reporting.
    The estimate has been classified as an Inferred Mineral Resource based on
the current drill hole spacing and confidence level of the geological and
grade continuity. AMC has not estimated any mineral reserves for the Bakouma
Deposit. It should be noted that mineral resources are not minerals reserves
and do not have or imply a demonstrated economic viability.
    The AMC mineral resource estimate is classified in accordance with the
Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards
on Mineral Resources and Mineral Reserves (CIM Definition Standards December,

    Exploration Results

    A diamond drilling program commenced at the Bakouma project in early
March. The focus of the program is to test for mineralization at depth below
the known Patricia deposit and to acquire data for on going geotechnical
study. The first hole PDD001 was drilled at -90 degrees to 153.5m below
surface in the centre of the deposit, where previous drilling (PRC002) had
identified open ended mineralization. PDD001 was logged with a Mount Sopris
probe type 2PGA-1000. UraMin has an industry standard QA/QC program in place
for sampling analytical data and down-hole radiometric probe data and the
results for this hole are as follows:

    -   68m at 0.112% eU(3)O(8) from 54m depth in PDD001 including
        -  5m at 0.139% eU(3)O(8) from 60m depth
        -  20m at 0.137% eU(3)O(8)8 from 68m depth
        -  7m at 0.125% eU(3)O(8) from 92m depth
        -  10m at 0.119% eU(3)O(8) from 112m depth

    These results indicate an extension of the mineralisation for a further
42 m below that previously identified by reverse circulation drillhole PRC002.
Open ended mineralization at depth on the deposit has been identified in a
number of prior drillholes.

    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 seven months, UraMin has completed 24,627 meters of reverse
circulation percussion drilling in 249 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 utilised for the current mineral resource estimate 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 78 drill holes
aggregating 9,428 meters have been drilled in the Pama, Pato, Paloma and Fosse
deposits thus far and additional drilling is ongoing.
    Mr. M, Sweeney, MAusIMM and Principal Resource Geologist AMC Consultants
Pty Ltd, is the qualified person responsible for the Bakouma drilling program
and has verified the data reported above. Mr Sweeney is a independent
consultant to UraMin, and has consented to the inclusion in this announcement
of his name in the form and context in which it appears. Exploration data
utilized in calculating the above referred to mineral resources was obtained
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; Set Point Laboratory (SANAS No.
T0223) and ISO/IEC 17025, SGS Lakefield Research Africa (SANAS No. T0169) and
Mintek Analytical Services (SANAS No. T0042). U(3)O(8) assays are performed
using x-ray fluorescence spectrometry on a pressed powder pellet. Quality
control procedures follow industry best practice and include the use of blind
control samples.
    Mr. G M Greenway, Pr.Sci.Nat (SACNASP), MSAIMM, MGSSA, is the qualified
person responsible for the current Bakouma diamond 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.
    Resource estimation by AMC, follows CIM (Canadian Institute of Mining and
Metallurgy) resource classification categories. and the mineral resources were
determined using ordinary kriging for grade estimation and industry standard
block modeling techniques. Industry accepted "Best Practices Guidelines" were
followed in data collection, documentation, analyses, and reporting. UraMin
has an industry standard QA/QC program in place for sample analytical data and
down-hole radiometric probe data.

    Feasibility     a comprehensive study of a deposit in which all
    study           geological, engineering, operating, economic and other
                    relevant factors is 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
    U(3)O(8)ppm     Triuranium octaoxide grades in parts per million
                    generated as a result of the conversion of down hole
                    gamma radiometric probe data to equivalent uranium oxide
                    using probe calibration on known uranium sources and
                    Industry Standard QA/QC procedures.
    Inferred        An 'Inferred Mineral Resource' is that part of a mineral
    Resource        resource for which quantity and grade or quality can be
                    estimated on the basis of geological evidence and limited
                    sampling and reasonably assumed, but not verified,
                    geological and grade continuity. The estimate is based on
                    limited information and sampling gathered through
                    appropriate techniques from locations such as outcrops,
                    trenches, pits, workings and drill holes.
    eU(3)O(8)       Triuranium octaoxide grades in parts per million
    (ppm)           generated as a result of the conversion of down hole
                    total gamma radiometric probe data to equivalent uranium
                    oxide using probe calibration on known uranium sources
                    and Industry Standard QA/QC procedures.
    Uranium         heavy silvery-white metallic element
    RC              Reverse Circulation
    Lb              Pound
    NI 43-101       National Instrument 43-101 - Standards of Disclosure for
                    Mineral Projects, Form 43-101F1 and Companion Policy 43-
                    101CP as used by Canadian regulatory authorities

    Background Information:

    UraMin (www.uramin.com) was established in 2005 to acquire and develop
mineral properties, predominantly uranium. Following a recently completed
private placement (March 2007) the Company currently has working capital of
approximately US$297 million and a market capitalization of approximately
US $1.5 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
these applications for prospecting licenses will be successful.
    UraMin has a 90% interest in the exploration licenses covering the
Bakouma Project with the remaining 10% owned by the CAR government. The
Bakouma Project is located in the Bakouma Basin, 100 kilometres north of
Bangassou in the Central African Republic ('CAR'). Uranium mineralisation was
initially discovered in the valley of M'Patou, near Bakouma in 1961.
Exploration in the area continued in the 1960's and 1970's culminating in a
feasibility study report being issued in 1977 by Société de l'Uranium
Centrafricain. The Patricia deposit is currently the largest of the 10
historically reported near surface uranium deposits at Bakouma which are
currently being investigated.

    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
statements. These forward-looking statements speak only as of the date they
are made.
    This announcement and the information contained herein shall not
constitute an offer to sell or the solicitation of an offer to buy any
securities of the Company in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction, including the United

For further information:

For further information: Ian Stalker, Chief Executive Officer, Neil
Herbert, Finance Director, Tel: +27 (0)11 783 5056; Toronto: Steve Vaughan,
Tel: (416) 643-6924; Nominated Advisor: Canaccord Adams, Robin Birchall, Tel:
+44 (0) 20 7050 6500

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