Uravan to Conduct Multi-Phase Geophysical Surveys on Garry Lake Uranium Property Followed by Diamond Drilling

    CALGARY, March 28 /CNW/ - Uravan Minerals Inc. ("Uravan") (TSXV: UVN) has
recently contracted two airborne geophysical surveys to be conducted over the
Garry Lake uranium property located in the northern Thelon Basin, Nunavut
(NU). In May 2007 Aeroquest Limited ("Aeroquest") will conduct 7,325
line-kilometers of helicopter borne high-resolution electromagnetic (EM)
survey using Aeroquest's proprietary Aerotem III system plus high-resolution
magnetometer geophysical survey. In June 2007, Terraquest Ltd ("Terraquest")
will conduct an 8,129 line-kilometer fixed-wing Radiometric and Horizontal
Gradiometer survey. Both geophysical surveys will be flown on 400 meter line
spacing and conducted over the entire Garry Lake property consisting of 236
contiguous mining claims covering 551,849 acres located approximately 245
kilometers NW of Baker Lake, NU.
    These multi-phased geophysical surveys will be used to identify basement
structures which will aid in defining structural corridors and provide data
for interpreting radiometric anomalies, basement geology and other alteration
features that may occur in the overlying Thelon sandstone or coincident with
significant basement conductors. The interpretation of these airborne surveys
will be integrated with an area-wide geochemical compilation that has captured
data bases of uranium in lake sediment and water surveys. These surveys were
completed in the 1980's by previous operators exploring in the northern and
northeastern Thelon Basin.
    The interpretation and integration of the geophysical surveys and
geochemical data base will provide Uravan's technical team with the
information to identify significant coincident anomalies and select drill
targets that appear favourable for sandstone and basement-hosted
unconformity-related high-grade uranium mineralization. Following this
interpretation stage, diamond drilling could occur as early as late fall 2007
or late winter 2008. This drill program will represent the first exploration
on this prospective property since its discovery in the 1980s.
    In the early 1980's the most significant results from the initial
exploration on the Garry Lake uranium property by Kidd Creek Minerals was the
discovery of 19 uraniferous boulders that define a 3 kilometer long dispersal
train. The 19 uraniferous boulders yielded assays ranging from 0.87% U3O8 to
27.12% U3O8 with an average of 7.19% U3O8. Uranium soil anomalies collected in
the area define the geometry of this train, and also suggest the presence of a
second uraniferous boulder train located several 100 meters to the west of the
original train. This uraniferous boulder train is oriented parallel to the
interpreted ice flow direction of 330 degrees and located near the erosional
edge of the northern Thelon Basin. The elemental signature of individual
mineralized boulders is U-Pb-Se-Te-Ag-Cu-As-S. This polymetallic elemental
signature along with the carbonate gangue and clay alteration composition of
the boulders indicates that this mineralization belongs to the
fracture-controlled basement hosted unconformity-related uranium deposit type
(Miller, 1996). This surface polymetallic unconformity-type mineralization is
hosted in favourable basement metasedimentary rocks belonging to the lower
Proterozoic Amer Group, which is in part overlain by coarse-grained fluvial
clastic rocks of the Thelon Formation.
    The Garry Lake property covers a structurally disrupted
basement-sandstone domain that has similarities to major structural corridors
in the eastern and central segments in the Athabasca Basin. The Thelon
sandstone - basement contact remains highly prospective for unconformity-type
uranium mineralization and the discovery of high-grade uranium deposits. The
high potential for additional uranium discoveries within the Thelon Basin is
supported and strengthened by striking similarities in sedimentology,
diagenesis and pro- and retrograde evolution of the basement complexes when
compared to similar features for the Athabasca Basin. Uranium mineralization
occurring at the unconformity on Uravan's Boomerang Lake property and the
Kiggavik-Andrews Lake basement-hosted mineralization which is near and beneath
the sub-Thelon paleosurface remain the preferred high priority targets for
exploration in the Thelon Basin.
    This press release has been prepared under the supervision of Dr. Allan
Miller, P. Geo., and a Qualified Person as defined by National instrument

    About Uravan Minerals Inc.

    Uravan Minerals Inc. ("Uravan") is a Calgary, Alberta based mineral
exploration company specializing in uranium, base metal (nickel, copper) and
precious metal (gold, platinum, and palladium) exploration. Uravan's principal
assets are the Boomerang uranium project, the Garry Lake uranium property and
the Rottenstone Nickel-Copper-PGE project. Due to the persistent increase in
the uranium prices, going from $7.10 per pound U3O8 in 2000 to $95.00
recently, Uravan has become highly focused in pursuing exploration for
potential high-grade unconformity-type uranium deposits on its joint
Cameco-Uravan Boomerang uranium project and its Garry Lake uranium project
plus acquiring additional uranium properties in other potential geological
domains. Uravan is a publicly listed company on the TSX Venture Exchange under
the trading symbol UVN. Uravan has 24,420,114 shares outstanding and $10
million in working capital. All of the mineral properties Uravan owns are
considered in the exploration stage of development.

    This press release may contain forward looking statements including those
describing Uravan's future plans and the expectations of management that a
stated result or condition will occur. Any statement addressing future events
or conditions necessarily involves inherent risk and uncertainty. Actual
results can differ materially from those anticipated by management at the time
of writing due to many factors, the majority of which are beyond the control
of Uravan and its management.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

For further information:

For further information: Larry Lahusen, President, Uravan Minerals Inc.,
Tel: (403) 264-2630, Email: llahusen@uravanminerals.com, Website:

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