URU Metals Limited Regulatory News (URU)

12 Sep 2007 07:00

Niger Uranium Limited 12 September 2007 For Immediate Release 12 September 2007 Niger Uranium Limited ('Niger Uranium' or the 'Company') Admission to AIM Niger Uranium (URU) has commenced trading on AIM today. Niger Uranium was incorporated in May 2007. The Company will consider uranium projects worldwide as an active investor and will focus initially on the State of Niger. Niger has been mining uranium since 1971 and past production from Niger's two operating mines exceeds 100,000 tonnes of uranium (approximately 220 million lbs of U3O8) to the end of 2006. Following incorporation, the Company agreed to acquire the Nigerien exploration properties of NWT Uranium Inc ('NWT') which are located in the same geographic area as Niger's two producing Areva uranium mines. In addition, the Company agreed to acquire Nigerien exploration properties of UraMin Inc ('UraMin'). The combined exploration prospects (the 'Prospects') cover a total of 1,673,644 acres (equivalent to 6,773 square kilometres) and are all located in the Tim Mersoi basin in Niger. The Tim Mersoi basin is a recognised uranium province. The transfer of the exploration properties to the Company is subject to the authorisation of the Niger State Minister of Mines. The Directors are not aware of any reason why authorisation will not be received from the State (Minister of Mines). However, no assurance can be given that such authorisation will be provided. Prospective investors should note that the Company has not prepared a resource classification of any kind, and particularly not under any of the modern standards such the JORC Code, SAMREC, IMMM or CIM Standards. The Directors believe that the Company has the financial and technical resources at its disposal and in particular, to fast-track its exploration programme on the Prospects in Niger. Prior to Admission, the net cash balances of the Company amounted to approximately US$28 million. Previous exploration results have enabled the delineation of high-priority areas. MSA Geoservices PTY (Limited) has prepared a competent persons report in the exploration properties (which is included in full in the Admission Document). The Company will also consider other uranium opportunities worldwide. The Company's interest in a proposed investment and/or acquisition may range from a minority position to 100 per cent. ownership. The proposed investments may be either quoted or unquoted and may be in companies, partnerships, earn-in joint ventures, debt or other loan structures, joint ventures or direct interests in natural resources projects. The Directors intend to actively monitor any investments and/or acquisitions made by the Company. The Directors believe that the current market conditions for uranium projects will provide good opportunities for investment in situations which are, in their opinion, undervalued or capable of producing a satisfactory return. The Directors of Niger Uranium are: James Mellon Chairman John (known as Ian) Stalker Executive Deputy Chairman Marek Jozef Kreczemer Chief Executive Officer Neil Lindsey Herbert Non-Executive Director Wayne Gordon Beach Non-Executive Director John Paul Lynch Non-Executive Director Further details on the Company, together with copies of the Admission Document, can be found at the Company's website, www.niger-uranium.com which has been prepared in compliance with AIM Rule 26. Niger Uranium's Nominated Adviser is Beaumont Cornish Limited and its Broker is Haywood Securities Limited. Contacts: Niger Uranium Limited Ian Stalker, Executive Deputy Chairman Tel: + 27 11 783 5056 Marek Kreczemer, Chief Executive Tel: + 1 866 437 9551 Officer Beaumont Cornish Limited Tel: + 44 (0) 20 7628 3396 Roland Cornish / Michael Cornish Haywood Securities (UK) Limited Tel+ 44 (0) 20 7031 8011 Thomas Beattie Financial Dynamics Tel + (0) 20 7831 3113 Ben Brewerton ENDS