URU Metals Limited Regulatory News (URU)

For immediate release 22 October 2010

Niger Uranium Limited

("Niger Uranium" or "the Company")

Grant of Options

The Company announces that, on the recommendation of the Company's Remuneration Committee, the Company has agreed to cancel 600,000 share options, previously issued at an average exercise price of 39.2 pence, and has granted options over 4,500,000 ordinary shares of US$0.01 each in the capital of the Company ("Ordinary Shares") to directors of the Company at an exercise price of 4.88 pence per Ordinary share, this being the closing price on 21 October 2010.The directors to whom options have been granted are as follows:

·; An option over 1,500,000 Ordinary Shares to Paul Loudon, Non-Executive Chairman (total 1,500,000 Ordinary Shares under option following this grant);

·; An option over 1,500,000 Ordinary Shares to Gordon Cassidy, Finance Director, (total 1,5000,000 Ordinary shares under option following this grant);

·; An option over 1,500,000 Ordinary Shares to John Lynch, Non-Executive Director, (total 1,500,000 Ordinary Shares under option following this grant); and

In addition, the Company has agreed to cancel 2,600,000 share options, previously issued at an average exercise price of 48.0 pence, and has granted options over 3,450,000 Ordinary Shares to management, employees and consultants of the Company at an exercise price of 4.88 pence per Ordinary Share.

All the options granted above will vest to each option holder in three equal annual instalments commencing on the date of grant and will expire unless exercised on or before 21 October 2020.

For further information:

Niger Uranium Limited

Gordon Cassidy, Finance Director,

Tel: + 27 (0)11 269 4900

Beaumont Cornish Limited

Michael Cornish

Tel: +44 (0) 20 7628 3396

Brand Mining IR

Andre Morrall / Dr Iestyn Adams

Tel +44 (0)151 531 7908

ENDS