Final Results

RNS Number : 2013L

URU Metals Limited

27 July 2011

For immediate release 27 July 2011

URU Metals Limited

("URU Metals", "URU" or "the Company", formerly Niger Uranium Limited)

Consolidated Annual Financial Statements

for the year ended 31 March 2011

URU Metals Limited announces its audited results for the year ended 31 March 2011. A copy of this announcement is available from the Company's website, being www.urumetals.com. The report and accounts will be posted to shareholders in due course, and the date of posting will be notified at that time.

Chairman's Statement

The year under review has been one of further development. Whilst progressing with exploration at our 100%-owned uranium licences in Niger, we have expanded our range of assets and investments to deliver long-term value for shareholders across a broad spectrum of metal investments.

Over the last year, we have made good progress at the In Gall and Irhazer permit areas and hope to be able to report further positive results later in the year. Given our belief, that to create long-term shareholder value we need a balanced, diversified approach to asset growth, we announced in October 2010, our joint venture with Southern African Nickel ("SAN").

Last year's report set out three key performance indicators ("KPI"s), which were aligned to core areas of our stated business strategy:

1. Active project development

2. Strategic investments & value release to shareholders

3. Corporate governance & sound financial management

I am pleased to report that during the year under review the Company met all three KPI objectives.

Active Project Development

At the end of the previous financial year (31 March 2010), URU Metals (then operating under the name Niger Uranium Limited) announced the re-start commencement of large-scale radon and geochemical surveys at the In Gall and Irhazer licence areas (both situated in Niger's Tim Mersoi Basin, a region of proven large-scale uranium mineralisation), following a period of geopolitical instability.

This year has seen positive developments-

Due to the combined efforts of the Nigerien and French Governments, the security situation in the far north of Niger is very much improved. The In Gall and Irhazer permits are both located far to the south of areas of previous instability and are considered to have a relatively low security risk. The normalisation of Niger's internal affairs has enabled the full range of exploration activities to be planned and carried through.

The 2010/11 exploration drilling campaign commenced on 20 October 2010 with the specific objective of evaluating mineralisation at the Aboye, Akenzigui, Azouza and Fagochia targets. Results from the first phase of drilling were announced in February 2011 and indicated the presence of significant uranium mineralisation at Aboye and low-grade mineralisation at Akenzigui.

Exploration continues and our objective is to delineate the presence of large-scale uranium mineralisation and to use our geological results as the basis for a pre-feasibility study, which could commence as early as Q4 2011.

Strategic Investments & Value Release to Shareholders

Joint Venture Agreement

In October 2010, we concluded a joint venture agreement with SAN over a portfolio of large nickel projects in Southern Africa. Under the terms of the joint venture, we committed to provide funding of up to US$3.6 million over the subsequent 20 months to earn 50% of SAN's interest in the portfolio and ensure that project development could proceed in a timely fashion.

URU Metals entered this partnership after conducting a comprehensive study of the SAN nickel projects, which have the potential to host large, economic, near surface sulphide nickel mineralisation. The most prospective projects are Burgersfort and Zebediela, both of which offer the potential to become world-class nickel mines. Drilling and metallurgical testwork is currently underway on both these projects.

The current objective, given satisfactory geological results and favourable market conditions, is to list the URU Metals-SAN JV as a separate entity in the near term.

In specie Dividend to Shareholders

In May 2010, and following approval at our Annual General Meeting, the Company announced a further dividend in specie of 10.912 million of the shares the Company then held in Kalahari Minerals Plc.

Disinvestment in Kalahari Minerals plc

In November 2010, the Company sold its remaining stake of 2.768 million shares in Kalahari Minerals plc at a gross selling price of 205p, compared to our 2008 average purchase price per share approximately 31p. From this sale, the Company generated net proceeds of £5.646 million, (US$ 8.081 million).

Corporate Governance & Sound Financial Management

URU Metals is committed to sustainability, environmental issues and local employment at the locations in which the Company has active operations. At the same time, the management focuses on minimising costs wherever possible and, in so doing, to develop URU Metals as a streamlined, efficient exploration and mining development company

Appointments

In April 2010 Anton Esterhuizen was appointed as joint-Chief Executive Officer (non-Board). At the same time, Ian Stalker, our previous Chief Executive Officer, agreed to stay on for a brief period to ensure a transition of managerial responsibilities.

On 30 November 2010, Ian Stalker stepped down from his role as joint-Chief Executive Officer.

Anton Esterhuizen has already to be an important addition to the URU Metals management team and his appointment builds on the Company's ethos - to focus on geological discovery, engineering and mine project development. Anton holds a first-class track record in discovering large-scale natural resources projects that, in many cases, have become world-class mines.

I would like to thank all Board and management members, past and present, for collectively bringing the company to its current form.

URU Metals continues to look actively for investment and project acquisition opportunities, in Africa and beyond. I look forward to another successful year, as URU Metals presses ahead with development and investment on many fronts.

Paul Loudon

Non-executive Chairman

For further information:

URU Metals

Gordon Cassidy, Finance Director

Tel: +27 (0)11 269 4900

Beaumont Cornish Limited (Nominated Adviser)

Michael Cornish

Tel: +44 (0)20 7628 3396

Brand: Mining IR

Andre Morral / Dr Iestyn Adams

Tel: +44 (0)151 531 7908

Daniel Stewart & Company (Broker)

Sean Lunn

Tel: +44 (0)20 7776 5651

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.

Mike Venter Pr.Sci.Nat., Principal Consultant at The MSA Group is the qualified person responsible for URU Metals who verified the data reported above. Mike Venter is a consultant to URU Metals with no interest in the company and has consented to the inclusion in this announcement of its name in the form and context in which it appears. Exploration data is acquired by URU Metals using best practice quality assurance and quality control protocols.

Independent Auditor's Report

To the Members of URU Metals Limited (formerly Niger Uranium Limited)

Report on the Consolidated Financial Statements

We have audited the consolidated annual financial statements of URU Metals Limited (formerly Niger Uranium Limited), set out on pages 5 to 34, which comprise the consolidated statement of financial position at 31 March 2011, and the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and the notes to the consolidated financial statements, which include a summary of significant accounting policies and other explanatory notes.

Directors' Responsibility for the Financial Statements

The Company's directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of URU Metals Limited (formerly Niger Uranium Limited) at 31 March 2011, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards.

KPMG Inc.

Per Nick van Niekerk

Chartered Accountant (SA)

Registered Auditor

Director

27 July 2011

85 Empire Road

Parktown

2193

South Africa

Consolidated statement of financial position

US$'000	Note	Year ended 31 March 2011	Year ended 31 March 2010

Assets Non-current assets
Plant and equipment	7	136	294
Intangible assets	8	4 705	4 825
Investment in jointly controlled asset	9	1 775	-
		6 616	5 119
Current assets
Investments	10	-	36 082
Receivables	11	174	219
Cash and cash equivalents	12	7 964	2 522
		8 138	38 823

Total assets		14 754	43 942


Equity and liabilities
Equity
Share capital and premium	13	46 852	46 852
Reserves	14	3 502	31 066
Accumulated deficit		(35 794)	(34 063)
		14 560	43 855
Current liabilities
Trade and other payables	18	194	87

Total equity and liabilities		14 754	43 942

Consolidated statement of comprehensive income

US$'000		Note	Year ended 31 March 2011		Year ended 31 March 2010

Research and development expenses			(335)		(863)
Fair value reserve realised on disposal of available-for-sale investment		10	26 063		25 940
Administrative expenses			(1 256)		(1 520)
Other income/(expenses)			1 077		(1 463)
Operating profit		19	25 549		22 094

Net finance income			1		4
Finance income		20	1		4

Profit before income tax			25 550		22 098
Income tax expense		21	-		-
Profit			25 550		22 098


Other comprehensive (loss)/ income
Foreign currency translation differences for foreign operations				(1)	(4)
Net change in the fair value of available-for-sale financial assets	10			-	30 415
Transfer to profit on realisation of fair value of available-for-sale financial investment	10			(26 063)	(25 940)
Other comprehensive (loss)/income for the year, net of income tax				(26 064)	4 471

Total comprehensive (loss)/income for the year				(514)	26 569

(Loss)/profit for the year attributable to:
Owners of the Company				(514)	26 569

Total comprehensive (loss)/income attributable to:
Owners of the Company				(514)	26 569
Basic earnings per share	22			22.6	19.5
Diluted earnings per share	22			20.6	18.8

Consolidated statement of changes in equity
US$'000	Share capital					Share premium		Foreign currency translation reserve		Share option reserve	Fair value reserve	Accumulated deficit	Total

Balance at 1 April 2009	1 132					44 990		(119)		4 440	21 588	(19 968)	52 063
Total comprehensive income for the year
Profit	-			-				-		-	-	22 098	22 098
Other comprehensive income
- Foreign currency translation differences			-			-		(4)		-	-	-	(4)
- Net change in fair value of available-for-sale financial assets, net of tax			-			-		-		-	4 475	-	4 475
Total other comprehensive income			-			-		(4)		-	4 475	-	4 471
Total comprehensive income for the year			-			-		(4)		-	4 475	22 098	26 569
Transactions with owners, recorded directly in equity
Contributions by owners
-Issue of ordinary shares			85			2 420			-	-	-	-	2 505
-Shares cancelled			(85)			(1 690)			-	-	-	-	(1 775)
-Dividends to equity holders			-			-			-	-	-	(36 193)	(36 193)
-Share-based payment transactions			-			-			-	686	-	-	686
Total contributions by owners			-			730			-	686	-	(36 193)	(34 777)
Balance at 31 March 2010			1 132			45 720			(123)	5 126	26 063	(34 063)	43 855

Balance at 1 April 2010			1 132			45 720			(123)	5 126	26 063	(34 063)	43 855
Total comprehensive income for the year
Profit			-			-			-	-	-	25 550	25 550
Other comprehensive income
- Foreign currency translation differences			-			-			(1)	-	-	-	(1)
- Realised transfer to profit and loss			-			-			-	-	(26 063)	-	(26 063)
Total comprehensive income for the year			-			-			(1)	-	(26 063)	25 550	(514)
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
-Dividends to equity holders		-					-		-	-	-	(27 281)	(27 281)
-Share-based payment transactions		-					-		-	(1 500)	-	-	(1 500)
Total contributions by and distributions to owners		-					-		-	(1 500)	-	(27 281)	(28 781)

Balance at 31 March 2011		1 132			45 720				(124)	3 626	-	(35 794)	14 560

Consolidated statement of cash flows


US$'000	Note	Year ended 31 March 2011	Year ended 31 March 2010
Cash flows from operating activities
Cash flows from operating activities	24	(1 869)	24 727
Finance income	20	1	4
Net cash from operating activities		(1 868)	24 731

Cash flows from investing activities
Acquisition of plant and equipment	7	(14)	(3)
Investment in jointly controlled asset	9	(1 775)	-
Proceeds from the sale of investment	10	8 801	10 253
Proceeds from sale of plant and equipment		18	15
Net cash from investing activities		7 030	10 265

Cash flows from financing activities
Proceeds from issue of share capital	13	-	2 717
Cost of share issues	13	-	(212)
Dividend paid		-	(36 193)
Net cash used in financing activities		-	(33 688)

Net increase in cash and cash equivalents		5 162	1 308
Cash and cash equivalents at beginning of year		2 522	1 086
Effect of exchange rate fluctuations on cash held		280	128
Cash and cash equivalents at 31 March	12	7 964	2 522

Notes to the Consolidated Financial Statements

1. Reporting Entity

URU Metals Limited (the "Company"), formerly known as Niger Uranium Limited, and before that, as UraMin Niger Limited originally was incorporated in the British Virgin Islands on 21 May 2007. The Company's shares were admitted to trading on AIM, a market operated by the London Stock Exchange on 12 September 2007. The address of the Company's registered office is Walkers Chambers, P.O. Box 92, Road Town, Tortola, British Virgin Islands. The consolidated financial statements of the Company as at and for the year ended 31 March 2011 comprise of the Company and its subsidiaries (together referred to as the "Group").

The Group is primarily involved in seeking out mining opportunities around the world as an active investor and project developer.

2. Basis of preparation

a) Statement of compliance

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs).

b) Basis of measurement

The consolidated financial statements have been prepared on a historical cost basis except for available-for-sale financial assets which are measured at fair value.

c) Functional and presentation currency

Items included in the consolidated financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity ("the functional currency").These consolidated financial statements are presented in United States Dollars, which is the Company's functional currency. All financial information presented in United States Dollars has been rounded to the nearest thousand.

d) Use of estimates and judgements

The preparation of the consolidated financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. The Group makes estimations and assumptions concerning the future. The resulting accounting estimates will by definition, rarely equal the related actual results.

Information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant risk and effect on the carrying amounts recognised in the consolidated financial statements within the next financial year, are included in the following notes:

· Note 8 - intangible assets

· Note 15 - measurement of share-based payment

e) Change in accounting policies

Overview

The Group has adopted the accounting policies detailed below which became effective as indicated:

· IFRS 3 Business Combinations

· IAS 27 Consolidated and Separate Financial Statements;

· IFRIC 17 Distribution of Non-cash Assets to Owners;

Business Combinations

From 1 April 2010 the Group has applied IFRS 3 Business Combinations (2008) in accounting for business combinations. The change in accounting policy has been applied prospectively and has had no material impact on earnings per share. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable.

Consolidated and Separate Financial Statements

From 1 April 2010 the Group has applied IAS 27 Consolidated and Separate Financial Statements in accounting for changes in non-controlling interests. The change in accounting policy has been applied prospectively and has had no material impact on earnings per share. Under the new accounting policy, acquisitions of non-controlling interest are accounted for as transactions with the owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. Previously goodwill was recognised on the acquisition of non-controlling interests in a subsidiary, which represented the excess of the cost of the additional investment over the carrying amount of the interest in the net asset acquired at the date of the transaction.

Distribution of Non-cash Assets to Owners

From 1 April 2010 the Group has applied IFRIC 17 Distributions of Non-cash Assets to Owners in accounting for distributions of non-cash assets to owners of the Company. The new accounting policy has been applied prospectively. The Group measures a liability to distribute non-cash assets as dividends to the owners of the Company at the fair value of the assets to be distributed. The carrying amount of the dividend is re-measured at each reporting date and at the settlement date, with any changes recognised directly in equity as adjustments to the amount of the distribution. On settlement of the transaction, the Group recognises the difference, if any, between the carrying amount of the assets distributed and the carrying amount of the liability in profit or loss.

3. Significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements except as explained in note 2 (e), which addresses changes in accounting policies.

a) Basis of consolidation

Subsidiaries

Subsidiaries are entities controlled by the Group. Control exists when the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that currently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group.

The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in profit or loss.

Jointly controlled asset

A jointly controlled asset is a joint venture carried on by each venturer using its own assets in pursuit of the joint venture. The consolidated financial statements include the assets that the Group controls and the liabilities that it incurs in the course of pursuing the joint venture and the expenses that the Group incurs and its share of the income that it earns from the joint venture.

Transactions eliminated on consolidation

Intra-group balances and transactions and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements.

(b) Foreign currency transactions

(i) Foreign currency transactions

Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortised cost in foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the retranslation of available-for-sale equity instruments, which are recognised directly in other comprehensive income.

Changes in the fair value of monetary securities denominated in foreign currency classified as available-for-sale are analysed between translation differences arising from changes in amortised cost of the security and other changes in the carrying amount of the security. Translation differences related to changes in amortised cost are recognised in profit or loss, and other changes are recognised in equity.

(ii) Foreign operations

The assets, equity and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to United States Dollars at exchange rates at the reporting date. The income and expenses of foreign operations, excluding foreign operations in hyperinflationary economies, are translated to United States Dollars at exchange rates at the average exchange rates, unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction rates, in which case income and expenses are translated at the rate on the dates of the transactions.

Foreign currency differences are recognised directly in other comprehensive income and such differences have been recognised in the foreign currency translation reserve (FCTR). When a foreign operation is disposed of, in part or in full, the relevant amount in the FCTR is transferred to profit or loss.

Foreign exchange gains and losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognised directly in other comprehensive income in the FCTR.

Recognition and measurement

Items of plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. The cost of plant and equipment was determined by reference to the cost at the date of acquisition.

Cost includes expenditure that is directly attributable to the acquisition of the asset.

When parts of an item of plant and equipment have different useful lives, they are accounted for as separate items (major components) of plant and equipment.

Gains and losses on disposal of an item of plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of plant and equipment, and are recognised net within profit or loss.

Subsequent costs

The cost of replacing part of an item of plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of plant and equipment are recognised in profit or loss as incurred.

Depreciation

Depreciation is calculated over the depreciable amount, which is the cost of the asset, or other amount substituted for cost, less its residual value. Assets are not depreciated on a component basis.

Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of plant and equipment.

The estimated useful lives for the current and comparative periods are as follows:

· exploration plant and equipment 3 years

· motor vehicles 3 years

· computer equipment 5 years

· furniture and office equipment 5 years

Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

(d) Exploration costs

Exploration costs incurred prior to determination of the feasibility of mining operations are expensed as incurred. Once technical feasibility and commercial viability have been established, all evaluation expenditure is capitalised and amortised over the estimated life of the commercial ore reserves on a unit of production basis. Mineral property acquisition costs, and exploration and development expenditures incurred subsequent to the determination of the feasibility of mining operations and approval of development by the Company, are capitalised until the property to which they relate is placed into production, sold, allowed to lapse or abandoned.

Mineral property acquisition costs include the cash consideration and the fair market value of shares to be issued in future mineral reserves interests, pursuant to the terms of the relevant agreements. In accordance with the full cost method, all costs associated with the exploration and evaluation of mineral resources are expensed as incurred and only capitalised on a project-by-project basis subsequent to the determination of the feasibility of the project. These costs will be amortised over the estimated life of the property following commencement of commercial production, or written off if the property is sold, allowed to lapse or abandoned, or when an impairment of value has been determined to have occurred.

(e) Intangible assets

Intangible assets that are acquired by the Group are measured at cost less accumulated amortisation and impairment losses.

Intangible assets are reviewed for impairment as disclosed in note 3(g)(ii).

Subsequent costs

Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is recognised in profit or loss as incurred.

Amortisation

Amortisation is based on the cost of an asset less its residual value.

Amortisation is recognised in profit and loss on a straight-line basis over the estimated useful lives of intangible assets, other that goodwill, from the date that they are available for use.

The Group's intangible assets are considered to have indefinite lives in the current and comparative years.

Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

(f) Financial instruments

(i) Non-derivative financial assets

The Group initially recognises receivables and deposits on the date that they are originated. All other financial assets (including assets designated at fair value through profit or loss) are recognised initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The Group has the following non-derivative financial assets: available-for-sale financial assets and receivables.

Non-derivative financial assets are recognised initially at fair value plus, for assets not at fair value through profit or loss, any directly attributable transaction costs. Subsequent to initial recognition non-derivative financial assets are measured as described below.

Available-for-sale financial assets

Available-for-sale financial assets are non-derivative financial assets that are designated as available-for-sale and that are not classified in any of the other categories. The Group's investments in equity securities are classified as available-for-sale financial assets. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses (see note 3(g)(i)) and foreign currency differences on available-for sale equity instruments (see note 3(b)(i)), are recognised in other comprehensive income and presented within equity in the fair value reserve. When an investment is derecognised, the cumulative gain or loss in other comprehensive income is reclassified to profit or loss.

For available-for-sale financial assets that are not monetary items, the gain or loss that is recognised in other comprehensive income includes any foreign exchange related component. The fair values of quoted investments are based on current bid prices. When an investment is derecognised, the cumulative gain or loss in other comprehensive income is transferred to profit or loss.

Receivables

Receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Receivables comprise deposits, prepayments ad other receivables. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses.

Cash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less.

(ii) Non-derivative financial liabilities

The Group initially recognises financial liabilities (including liabilities designated at fair value through profit or loss) are recognised initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. The Group has the following non-derivative financial liabilities: trade and other payables.

Such financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortised cost using the effective interest method.

(iii) Ordinary Shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.

(g) Impairment of assets

(i) Financial assets

A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if the share price trades at prices below the Group's cost for a period exceeding 6 months. This evidence would indicate that one or more events, that can be measured reliably, have had a negative effect on the estimated future cash flows of that asset.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate. An impairment loss in respect of an available-for-sale financial asset is calculated by reference to its fair value.

Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups that share similar credit risk characteristics.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the assets original effective interest rate. Losses are recognised in profit and loss and reflected in an allowance account against loans and receivables.

Impairment losses on available-for-sale financial assets are recognised by reclassifying the losses accumulated in the fair value reserve in equity, to profit or loss. The cumulative loss that is reclassified from equity to profit and loss is the difference between the acquisition cost, net of any principal repayment and amortisation, and the current fair value, less any impairment loss recognised previously in profit and loss.

An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost and available-for-sale financial assets that are debt securities, the reversal is recognised in profit or loss. For available-for-sale financial assets that are equity securities, the reversal is recognised directly in other comprehensive income.

(ii) Non-financial assets

The carrying amounts of the Group's non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated.

The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "CGU").

An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss.

Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

(h) Leased assets and lease payments

Leases in terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. Other leases are considered to be operating leases and the leased assets are not recognised in the Group's Statement of financial position.

Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease.

(i) Income tax

Income tax expense comprises current, secondary tax on companies and deferred tax. Income tax expense is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Secondary tax is the expected tax payable on the dividends declared for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.

A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the associated unused tax losses and deductible temporary differences can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

(j) Finance income

Finance income comprises interest income on funds invested. (Interest income is recognised in the profit and loss as it accrues, using the effective interest method.

(k) Earnings per share

The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted earnings or loss per share is similar to basic earnings or loss per share, except that the denominator is adjusted to include the number of additional common shares and the profit and loss effect that would have been outstanding assuming that options and warrants with an average market price for the year greater than their exercise price are exercised and the proceeds used to repurchase common shares.

(l) Segment reporting

An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. All operating segments' operating results are reviewed regularly by the Group's CEO to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available.

(m) Employee benefits

Pension obligations and other post-employment benefits

The Group does not offer any pension and/or post-employment benefits to employees.

Short-term employee benefits

Short-term employee benefits obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus of profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

Share-based compensation

The Group operates an equity-settled, share-based compensation plan, The Niger Uranium Limited Share Option Plan 2008. The grant date fair value of the employee services received in exchange for the grant of the options is recognised as an expense with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each reporting date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision of original estimates, if any, in profit or loss, with a corresponding adjustment to equity.

(n) The following standards, interpretations and amendments issued by the IASB are effective in 2010 but not relevant or have no impact on the Group:

· IFRS 1 First-time Adoption of International Financial Reporting Standards (revised 2008)

· Amendments to IAS 39 - Eligible Hedge Items

· Improvements to IFRS 2008 - Amendments to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

· Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards - Additional Exemptions for First-time Adopters

· Amendments to IFRS 2 Share-based Payment- Group Cash-settled Share-based Payment Transactions

· Amendments to IAS 32 Financial Instruments: Presentation- Classification of Rights Issues

(o) Standards, amendments and interpretations, which are not yet effective for reporting periods beginning after the date of these financial statements which have not been adopted early:

· IFRIC 19	Extinguishing Financial Liabilities with Equity Instruments	1 July 2010
· IFRS 1 amendments	Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards - Limited exemptions from Comparatives IFRS 7 Disclosures for First Time Adopters	1 July 2010
· IAS 19 amendment	The Limit on a Defined Benefit Assets, Minimum Funding Requirements and their Interaction	1 January 2011
· IAS 24	Related Party Disclosures	1 January 2011
· IFRS 7 amendments	Disclosures - Transfers of Financial Assets	1 July 2011
· IFRS 1 amendments	Severe Hyperinflation and Removal of Fixed dates for First Time Adopters	1 July 2011
· IAS 12 amendments	Deferred Tax: recovery of Underlying Assets	1 January 2012
· IFRS 9	Financial Instruments	1 January 2013
· IFRS 10	Consolidated Financial Statements	1 January 2013
· IFRS 11	Joint Arrangements	1 January 2013
· IFRS 12	Disclosure of Interests in Other Entities	1 January 2013
· IFRS 13	Fair Value Measurement	1 January 2013

The directors are of the opinion that the impact of the application of the above Standards and Interpretations will not be material, on the assumption that the nature of the business is not expected to change in the foreseeable future.

4. Determination of fair values

A number of the Group's accounting policies and disclosures require the determination of fair value. Fair values have been determined for measurement and / or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.

Equity securities

The fair value of publicly traded securities is based on quoted market prices at the reporting date.

The actual disclosed values of the financial instruments all approximate the fair values of these instruments - refer note 25.

5. Financial risk management

The Group has exposure to the following risks from its use of financial instruments:

· credit risk

· liquidity risk

· market risk.

This note presents information about the Group's exposure to each of the above risks, the Group's objectives, policies and processes for measuring and managing risk, and the Group's management of capital. Further quantitative disclosures are included throughout these consolidated financial statements.

Risk management framework

The Board of Directors has overall responsibility for the establishment and oversight of the Group's risk management framework. Risk management is carried out by the finance department under policies approved by the Board of Directors and reports regularly to the Board of Directors.

The Group's risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group's activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations.

The finance department oversees and monitors compliance with the Group's risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Group does not have an Internal Audit department.

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group's deposits, prepayments and other receivables.

Deposits, prepayments and other receivables

The Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However management also considers the demographics of the customer base, including the default risk of the industry and country in which the customers operate, as these factors have an impact on credit risk. There is no significant concentration of credit risk.

The Group has established a credit policy under which each new customer is analysed individually for creditworthiness before the Group's standard payment and delivery terms and conditions are offered.

More than 85 per cent. of the Group's customers have been transacting with the Group since its establishment, and no impairment loss has been recognised against these customers.

The Group has no allowance for impairment that might represent an estimate of incurred losses on deposits, prepayments or other receivables.

The Group held cash and cash equivalents of US$ 7, 964 million on 31 March 2011 (2010: US$2, 522 million) which represents the maximum credit exposure on these assets. The majority of the cash and cash equivalents are held with Citibank N.A.

Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation.

Typically the Group ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 18 months, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. Management monitors the rolling forecasts of the Group's liquidity reserve on the basis of expected cash flows.

Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

The Group incurs financial liabilities in order to manage market risks. All such transactions are carried out within the guidelines set by the Board of Directors. The Group does not apply hedge accounting in order to manage volatility in profit or loss.

Currency risk

The Group, operating internationally, is exposed to currency risk on purchases that are denominated in a currency other than the respective functional currencies of the Group entities, primarily the US Dollar (US$), Pound Sterling (GBP), the Franc FCA and the South African Rand (ZAR). The currencies in which these transactions primarily are denominated are US$, GBP, CFA ad ZAR.

The Group does not hedge its exposure to currency risk.

In respect of other monetary assets and liabilities denominated in foreign currencies, the Group's policy is to ensure that it is net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates when necessary to address short term imbalances.

The Group's investment in its Nigerien subsidiary is not hedged.

Interest rate risk

The Group does not enter into interest rate swaps.

Other market price risk

Equity price risk arises from available-for-sale equity securities held as investments at fair value through profit and loss. The investments are managed on an individual basis and all buy and sell decisions are approved by the Board of Directors.

The primary goal of the Group's investment strategy is to make timely investments in listed or unlisted mining and mineral development companies to optimise shareholder value. Where appropriate the Group will act as an active investor and will strive to advance corporate actions that deliver value adding outcomes. The Group will undertake joint ventures with companies that have the potential to realise value through mineral project development, and invest substantially in those joint ventures to advance asset development over the near term.

Capital risk management

The Board's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Capital consists of share capital and share premium and retained earnings. The Board of Directors monitors the return on capital as well as the level of dividends to ordinary shareholders.

The Board's target is for all employees and directors of the Group to hold a maximum of 10% the Company's ordinary shares. At present directors and employees hold 1.28 per cent of ordinary shares or 9.94 per cent assuming that all outstanding options vest and are exercised. Directors and employees are awarded share options in terms of the Share Option plan.

The Group's income and operating cash flows are substantially independent of changes in market interest rates. At the year end the Group had no debt (2010: Nil). Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements.

The Group does not have a defined share buy-back plan.

In order to maintain or adjust the capital structure, the Group may issue new shares or sell assets to generate cash.

There were no changes in the Group's approach to capital management during the year.

6. Segment information

The Group has three reportable segments, as described below, which are the Group's strategic business units. The strategic business units offer different services, and are managed separately because they require different strategies. For each of the strategic business units, the Group's CEO reviews internal management reports on at least a quarterly basis.

The following summary describes the operations in each of the Group's reportable segments:

- Exploration. Includes obtaining licenses and exploring these licence areas.

- Investment. Includes making investments based on group investment criteria

- Corporate office. Includes all group administration and procurement

There are no other operations that meet any of the quantitative thresholds for determining reportable segments in 2011 or 2010.

There are varying levels of integration between the Exploration, Investment and Corporate Office reportable segments. This integration includes shared administration and procurement services. The accounting policies of the reportable segments are the same as described in notes 2 and 3.

Information regarding the results of each reportable segment is included below. Performance is measured based on segment profit before income tax, as included in the internal management reports that are reviewed by the Group's CEO. Segment profit or loss is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Inter-segment pricing is determined on an arm's length basis.

US$'000				Operating Segments

	Exploration				Investment				Corporate Office			Total
	2011		2010		2011		2010		2011		2010	2011				2010
Revenues from external customers	-		-		-		-		-		-	-				-
Inter-segment revenues	-		-		-		-		-		-	-				-
Finance income	-		-		-		-		(1)		(4)	(1)				(4)
Depreciation	77		118		-		-		72		88	149				206
Reportable segment (loss)/ profit before tax	(893)		(491)		26 063		-		380		22 589	25 550				22 098
Other material non-cash items:
- share - based payments expense	-		-		-		-		109		1 116	109				1 116
- share-based payments reversal on cancellation	-		-		-		-		(1 448)		-	(1 448)				-
- warrant option expense	-		-		-		-		-		50	-				50
- warrant option reversal on expiry	-		-		-		-		(161)		(628)	(161)				(628)
- impairment of intangibles	-		-		-		-		120		-	120				-
Reportable segment assets	6 633		5 062		-		36 082		8 121		2 798	14 754				43 942
- Capital expenditure	(2)		-		-		-		(12)		(3)	(14)				(3)
Reportable segment liabilities	(160)		(74)		-		-		(34)		(13)	(194)				(87)
Geographical segments

31 March 2011
For the year ended 31 March 2011, exploration activities took place in both South Africa and Niger; the investments were controlled from the British Virgin Islands, whilst all accounting and administration activities were conducted from the South African administration office.
In presenting information based on the geographical segments, segment assets are based on the geographical location of the assets.
US$'000											Revenues		Non- current assets
31 March 2011
Niger											-		4 841
South Africa													1 775
											-		6 616
31 March 2010
Niger											-		5 062
South Africa											-		57
											-		5 119
7. Plant and equipment
US$'000								31 March 2011
								Cost		Accumulated depreciation				Carrying amount
Exploration plant and equipment								170			(155)			15
Motor vehicles								192			(190)			2
Computer equipment								194			(111)			83
Furniture and equipment								102			(66)			36
								658			(522)			136

US$'000								31 March 2010
								Cost			Accumulated depreciation			Carrying amount

Exploration plant and equipment								152			(114)			38
Motor vehicles								245			(160)			85
Computer equipment								193			(75)			118
Furniture and equipment								98			(45)			53
								688			(394)			294
Reconciliation of carrying amount - 31 March 2011
US$'000		Exploration plant and equipment				Motor vehicles		Computer equipment			Furniture and office equipment				Total
Balance at 1 April 2010		38				85		118			53				294
Additions		12				-		-			2				14
Disposals		-				(29)		(1)			(29)				(59)
Depreciation		(35)				(54)		(40)			(20)				(149)
Foreign exchange differences						-		6			30				36
Balance at 31 March 2011		15				2		83			36				136
Reconciliation of carrying amount - 31 March 2010
Balance at 1 April 2009		85				175		178			70				508
Assets reclassified		-				-		(3)			3				-
Additions		-				-		3			-				3
Disposals		-				(10)		(11)			(1)				(22)
Depreciation		(52)				(88)		(46)			(20)				(206)
Foreign exchange differences		5				8		(3)			1				11
Balance at 31 March 2010		38				85		118			53				294

Certain of the assets were acquired in terms of the Asset Purchase Agreement detailed in note 29 herein.

None of the plant and equipment is pledged to any third party, nor are there any restrictions as to title. At the reporting date there are no capital commitments.

8. Intangible assets
US$'000
	31 March 2011
	Cost	Accumulated amortisation and impairments	Carrying amount

Exploration licences	4 825	(120)	4 705

	31 March 2010

Exploration licences	4 825	-	4 825

With regards to its intangible assets held in Niger, and given the past security issues within that country, the Group considers that it has fully complied with its commitments under the terms of the licences that it currently holds. The Company has already received prolongation confirmation from the Ministry of Mines in respect of the two licences it holds at In Gall and Irhazer, the effects of which mean that the Company is still considered to be in the first year of its exploration programme. Whilst it still awaits similar approval for the six licences held at Kamas and Dabala, the Group remains confident that such confirmations will be forthcoming. Until such time as the Group either fails to meet its financial commitments or elects to forfeit any or all of the licences, intangible assets will continue to be reviewed for impairment as described in the accounting policies.

The Irhazer and Ingall licences initially carried at a total acquisition cost of US$ 4. 705 million were registered in the name of NWT Uranium Corporation ("NWT).

The Kamas 1, Kamas 2, Kamas 3, Kamas 4, Dabala 3 and Dabala 4 licences initially carried at an acquisition cost of US 120 000 were registered in the name of UraMin. In terms of the policy these licences have been impaired in full.

All of the Niger exploration licences were acquired from NWT and UraMin Inc. in terms of the asset purchase agreement detailed in note 29.


9. Investment in jointly controlled asset
US$'000	31 March 2011				31 March 2010
	Non-current asset	Ownership			Non-current asset	Ownership
Investment in jointly controlled asset	1 775	45%			-	-

Capital Commitments of the jointly controlled asset	Total	URU share			Total	URU share
- URU Metals incurred	1 825	1 825			-	-

On 5 October 2010, the Group announced that it had entered into a joint venture (the "Nickel Joint Venture") with Southern African Nickel ("SAN"), the joint owner and current developer of a portfolio of large nickel projects in Southern Africa. Under the agreement, the Company committed to provide funding to the Joint Venture of, in aggregate, up to US$3.6 million over a period of 20 months from 5 October 2010. On 6 April 2011 the Company announced the satisfactory and successful conclusion of all due diligence activities between SAN and Umnex Holdings in relation to the acquisition of the Zebediela Nickel Project close to the mining town of Mokopane in the Limpopo province of South Africa. The Zebediela project is an addition to the portfolio of nickel assets held by the SAN-URU Metals exploration Joint Venture. The acquisition involved no additional cash consideration to be made by either the Company or SAN and did not increase the Company's original committed contribution to the Joint Venture of US$3.6 million, against which US$1.775 million has already been spent.
10. Investments
US$'000				31 March 2011		31 March 2010
Available-for-sale financial assets
Listed securities - Kalahari Minerals Plc				-		36 082

The summary of available-for-sale financial assets is as follows:
US$' 000			Note	31 March 2011		31 March 2010
Balance at beginning of the year				36 082		41 860
Disposals				(36 082)		(5 778)
- Cost				(10 019)		(10 253)
- Fair value adjustments			16	(26 063)		4 475
- Realised				(26 063)		(25 940)
- Unrealised				-		30 415
Carrying amount				-		36 082

				31 March 2011		31 March 2010
Available-for-sale financial assets are denominated in the following currencies:

British Pounds Sterling ('000)				-		23 940

Listed securities - Kalahari Minerals Plc

In the previous financial year, the available-for-sale financial assets - listed securities comprised 13. 68 million ordinary shares in Kalahari Minerals Plc (which equated to approximately 7.8 % (and voting power) of the shares in issue) and are traded on AIM, a market operated by the London Stock Exchange. Kalahari Minerals Plc has a portfolio of uranium, copper and base metal interests in western and eastern central Namibia. Its key investment is its 40% holding in Australian Stock Exchange and Toronto Stock Exchange listed Extract Resources Limited ("Extract"), which is developing the Husab Uranium Project, strategically located directly south of Rio Tinto's producing Rossing Mine.

The value of Kalahari Minerals Plc continued to increase during the year under review and on 7 May 2010 the shareholders approved an in specie dividend 10.912 million of the Kalahari Minerals Plc shares to shareholders registered at that date. In November 2010, in order to provide working capital and to further invest in the nickel and uranium projects, the Board approved the disposal of the remaining Kalahari Minerals shares. Accordingly the Group holds no shares in Kalahari Minerals as at 31 March 2011 (2010: 13.68 million).

The movement in the listed securities - Kalahari Minerals Plc is summarised as follows:
US$'000	31 March 2011	31 March 2010

Balance at beginning of year	36 082	41 860
Fair value adjustment	(1 923)	29 699
Carrying value before disposal	34 159	71 559
Disposal of 14 million Kalahari Minerals Plc shares	-	(36 193)
- Cost	-	(10 253)
- realised fair value adjustment	-	(25 940)
Carrying value after disposal	34 159	35 366
Dividend in specie - 10.912 million Kalahari Minerals plc shares	(27 281)	-
- Cost	(7 992)	-
- Realised fair value adjustment	(19 289)	-
Carrying value after dividend	6 877	35 366
Fair value adjustment	1 923	716
Carrying value before disposal	8 801	36 082
Disposal of 2.768 million Kalahari Minerals Plc shares	(8 801)	-
- Cost	(2 027)	-
- Realised fair value adjustment	(6 774)	-
Carrying value	-	36 082

The value of the listed securities available-for-sale financial assets was determined by reference to the published closing price quotation of the London Stock Exchange at the reporting date.

Unlisted securities - UrAmerica Limited:

The Group continues to hold a 20.54 per cent. interest in UrAmerica Limited (2010: 20.54 per cent.) which it acquired in April 2008 at a cost of US$ 4. 299 million. In the year ended 31 March 2009, based on UrAmerica Limited's latest financial statements and its reflected financial viability, the Group impaired the carrying amount in full. This impairment, combined with an applicable unrealised foreign exchange differences, has resulted in the unlisted financial asset continuing to be carried at zero value.

11. Receivables
US$'000					31 March 2011	31 March 2010

Deposits					139	160
Other prepayments					11	30
Other receivables					24	29
					174	219
12. Cash and cash equivalents
US$'000					31 March 2011	31 March 2010

Cash on hand					2	4
Call and notice deposits					7 962	2 518
					7 964	2 522
13. Share capital and premium
Ordinary shares
		Number of shares	Share capital US$'000	Share premium US$'000		Total US$'000
Authorised share capital:
300 000 000 shares of US$ 0.01 each		300 000 000	3 000	-		3 000

Issued share capital:
113 210 056 shares of US$ 0.01 each		113 210 056	1 132	45 720		46 852
Reconciliation of the movements in share capital and share premium - 31 March 2011
	Number of shares		Share capital US$'000	Share premium US$'000		Total US$'000

Issued share capital:
Balance at 31 March 2010 and 31 March 2011	113 210 056		1 132	45 720		46 852

Reconciliation of the movements in share capital and share premium - 31 March 2010

Issued share capital:
Balance at 1 April 2009	113 164 306	1 132	44 990	46 122
Issue of shares - private placement	4 339 994	43	1 458	1 501
Issue of shares - share options exercised	4 205 756	42	1 174	1 216
Repurchase and cancellation of Henkries shares	(8 500 000)	(85)	(1 690)	(1 775)
Share issue costs	-	-	(212)	(212)
Balance at 31 March 2010	113 210 056	1 132	45 720	46 852

Issue of shares for the acquisition of URU Henkries Limited- repurchase and cancellation

In the 2009 year, pending the fulfilment of certain conditions precedent, both the cash payment of US$ 1.75 million and 8.5 million issued ordinary shares in the Company were placed with an escrow agent. As the conditions precedent was not fulfilled by 30 September 2009, on 21 October 2009, the Company terminated the agreement and the shares were returned to the Company and held in treasury. On 22 December 2009, after receiving permission from the Company nominated advisor and the London Stock Exchange, the shares were repurchased and cancelled.

Issued shares

All issued shares are fully paid up.

Unissued shares

In terms of the BVI Business Companies Act the unissued shares are under the control of the directors.

Dividends
The following dividends were declared and paid by the Group:
US$'000		31 March 2011		31 March 2010

Cash dividend of 31.97 US cents per qualifying ordinary share		-		36 193
Dividend in specie of 10.912million Kalahari Minerals plc shares		27 281		-
14. Reserves		27 281		36 193
US$000	31 March 2011		31 March 2010
Share option reserve (refer Note 15)	3 626		5 126
Fair value reserve (refer Note 16)	-		26 063
Foreign currency translation reserve (refer Note 17)	(124)		(123)
	3 502		31 066

15. Share Option Reserve

(a) Share Options

The Niger Uranium Limited Share Option Plan 2008 is administered by the Board of Directors, which determines individual eligibility under the plan of the number of shares reserved for optioning to each individual. Below is disclosure of the movement of Niger Uranium's share options as well as reconciliation of the number and weighted average exercise price of the Company's share options outstanding on 31 March 2011.

	The terms and conditions of the grants are as follows: all options are to be settled by physical delivery of shares, against payment to the Group of the option price:
	Grant date/ employees entitled		Number of options		Vesting conditions		Contractual life of options
	Option grant to directors - 12 September 2007		2 602 400		Immediate		5 years
	Options grant to directors - 15 December 2007		2 200 000		Over 3 years		5 years
	Options grant to key management and employees - 15 December 2007		1 730 000		3 years service		10 years
	Options grant to directors, key management and employees - 16 October 2008		3 607 000		3 years service		10 years
	Options grant to directors, key management and employees - 9 October 2009		2 510 000		3 years service		10 years
	Options grant to directors, key management and employees - 21 October 2010		7 950 000		3 years service		10 years
			20 599 400
The number and weighted average exercise prices of share options is as follows:
		31 March 2011				31 March 2010
		Number of options		Weighted average exercise price GBP		Number of options		Weighted average exercise price GBP

Outstanding at 1 April		5 702 400		0.48		9 136 067		0.35
Granted during the year		7 950 000		0.05		2 510 000		0.345
Exercised during the year		-		-		(5 443 667)		0.22
Forfeited during the year		(3 200 000)		0.45		(500 000)		0.345
Outstanding at 31 March		10 452 400		0.16		5 702 400		0.48

Exercisable at 31 March		2 502 400		0.50		4 969 067		0.48

The options outstanding at 31 March 2011 have an exercise price in the range of between 4.88p and 50p and a weighted average contractual life of 7.35 years. The options outstanding at 31 March 2010 had exercise prices in the range of between 9p and 50p and had a weighted average contractual life of 4.1 years.

In the current year no options were exercised. In the prior year as a consequence of the proposed dividend announcement on 30 October 2009, option holders were permitted to exercise their options and 5 443 667 options were exercised by directors and employees. The weighted average share price at the dates of exercise for share options exercised in 2010 was 38.7p.

The fair value of services received in return for share options granted is based on the fair value of share options granted, based on the closing share price at the close of business on the previous day, using the following inputs:

	Directors and key management personnel		Senior employees
	31 March 2011	31 March 2010	31 March 2011	31 March 2010

Fair value at grant date	0.0488	0.345	0.0488	0.345
Share price	0.0488	0.345	0.0488	0.345
Exercise price	0.0488	0.345	0.0488	0.345
Expected volatility	34.8%	70%	34.8%	70%
Option life (expected weighted average life - 10 years)	9.5	9.5	9.5	10.0
Expected dividends	0%	0%	0%	0%
Risk free interest rate	3.69%	0.5%	3.69%	0.5%

Expected volatility is estimated by considering historic average share price volatility.

Share options expensed
US$'000						Note		31 March 2011	31 March 2010
Share options granted - current year								109	1 184
Share option expense reversal on forfeiture								(1 448)	(68)
Total expense recognised in employee costs								(1 339)	1 116

The share options expense was as follows:
- Directors						18		63	714
- employees						18		46	550
								109	1 264
(b) Warrant options
As at 31 March 2011, the following warrant options, issued in respect of capital raising, had been granted but not exercised.

The following is a summary of the Group's warrant options granted under its Share Incentive Scheme:
	Name	Date Granted	Date Vested	Number of warrants	Exercise Price (GBP)		Expiry Date			Fair Value at Grant Date (GBP)
	Beaumont Cornish	9 Oct 2009	9 Oct 2009	100 000	0.345		9 Oct 2019			0.345

A total of 250 000 warrant options lapsed during the year under review (2010: 1 145 400 lapsed). As a result of the lapsing of these warrant options, a reversal of the expenses in the previous years of US$ 161 000 has been taken to profit or loss (2010: reversal of US$ 578 0000). No warrant options were cancelled or were exercised during the year.

(c)Share-based payments

The fair value of the options vested during the year ended 31 March 2011 is calculated at US$ Nil (2010: US$ 1 184 000). The assessed fair value at grant date is determined using the Black-Scholes Model that takes into account the exercise price, the term of the option, the share price at grant date, the expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option.

The following information lists the inputs to the models used for the year ended 31 March 2011 and 31 March 2010:

	Price	Year ended 31 March 2011	Year ended 31 March 2010
Expected volatility
Grants on 21 October 2010	4.88p	34.8%	-
Grants on 9 October 2009	34.5p	-	70%
Risk free rate		3.69%	0.05%
The expected volatility for all the grants is based on the peer data for similarly listed equities.
US$'000
Share option compensation expense		109	1 184
Aggregate un-expensed fair value of options granted		218	-

Reconciliation of share options outstanding - 31 March 2011
				Options exercisable
Range of exercise prices	Number outstanding at 31 March 2011	Weighted average remaining life (years)	Weighted average price GBP	Number exercisable as at 31 March 2011		Weighted average exercise price GBP

0.50	2 502 400	0.50	0.50	2 502 400		0.50
0.0488	7 950 000	9.50	0.0488	-		-
	10 452 400	7.35	0.16	2 502 400		0.50
Reconciliation of share options outstanding - 31 March 2010
				Options exercisable
Range of exercise prices	Number outstanding at 31 March 2010	Weighted average remaining life (years)	Weighted average price GBP	Number exercisable as at 31 March 2010		Weighted average exercise price GBP

0.50	4 802 400	2.39	0.50	4 069 067		0.50
0.37	900 000	7.39	0.37	900 000		0.37
	5 702 400	3.18	0.48	4 969 067		0.48
16. Fair value reserve

The fair value reserve includes the cumulative net change in fair value of available-for-sale investments until the investment is derecognised.
US$'000					31 March 2011		31 March 2010

Opening balance					26 063		21 588
Movement for the year (refer note 10)					(26 063)		4 475
Closing balance					-		26 063

17. Foreign currency translation reserve

The foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements foreign operations.
US$'000	31 March 2011	31 March 2010

Opening balance	(123)	(119)
Movement for the year	(1)	(4)
Closing balance	(124)	(123)

18. Trade and other payables
US$'000			31 March 2011			31 March 2010

Other payables			18			3
Accruals			176			84
			194			87
19. Operating profit for the year
US$'000		31 March 2011			31 March 2010
The following items have been charged in arriving at the operating profit for the year:

Auditors remuneration		64			79
Directors fees		56			87
Legal fees		110			99
Operating lease payments		86			88
Depreciation		149			206
Foreign exchange loss/(gain)
-realised		7			(46)
-unrealised		(280)			129
Impairment of financial assets		120			-
Loss on disposal of plant and equipment		4			7
Fair value reserve realised on disposal of available-for-sale investment		(26 063)			(25 940)
Salaries and wages
Share-based payments expensed - directors (equity settled)		63			714
Share-based payments expensed - staff (equity settled)		46			550
Share-based payments reversal - directors		(1 245)			-
Share-based ayments reversal - staff		(203)			-
Staff cost - salaries		641			607
Warrant options expense		-			50
Warrant options reversal on expiry		(161)			(628)
20. Finance income
US$'000	31 March 2011			31 March 2010

Finance income on funds on deposit	1			4

21. Income tax expense and deferred taxation

No taxation has been provided due to calculated losses in the current and prior year.

The British Virgin Islands under the IBC imposes no corporate taxes or capital gains. However the Company

as a Group may be liable for taxes in the jurisdictions where it is develops mining properties.

No deferred tax asset has been recognised because there is insufficient evidence of the timing of suitable

future profits against which they can be recovered. No deferred tax liability has been recognised as a result

of the losses in the periods to date.

22. Earnings per share
	31 March 2011	31 March 2010
The basic earnings per share is calculated using:
Profit for the year (US$'000)	25 550	22 098
Weighted average number of ordinary shares in issue	113 210 056	111 276 722
Basic earnings per share (US cents)	22.6	19.5

Reconciliation of the weighted average number of ordinary shares in issue:
Number of ordinary shares in issue at beginning of the year	113 210 056	113 164 306
Private placement - August 2009	-	2 774 428
Exercise of options - 18 November 2009	-	1 532 508
Cancellation of Henkries shares - 22 December 2009	-	(6 194 521)
	113 210 056	111 276 721

The diluted earnings per share is calculated using:
Profit for the year (US$'000)	25 550	22 098

Weighted average number of ordinary shares in issue	113 210 056	111 276 721
Effect of share options on issue	10 452 400	5 702 400
Effect of warrant options on issue	100 000	350 000
Weighted average number of ordinary shares (diluted) at 31 March	123 762 456	117 329 121
Diluted earnings per share (US cents)	20.6	18.8

23.Contingent liabilities and commitments
US$'000	31 March 2011	31 March 2010
Operating lease commitments The future minimum lease payments under non-cancellable leases are:
Less than 1 year	78	50
Later than 1 year but less than 5 years	123	-
More than 5 years	-	-
	201	50

The operating lease commitments relate to two property leases in Sandton and Morningside respectively, both of which commenced in December 2010. The Sandton lease expires in November 2013, with an option to negotiate an extension. The initial lease payment amounted to US$ 4,916 per month and escalates at 8% per annum. The Morningside property, at US$ 1,603 per month, expires on 31 October 2011, and is renewable on an annual basis.

24. Notes to the statement of cash flows
Cash flows from operating activities
US$'000	31 March 2011	31 March 2010
Profit before income tax	25 550	22 098
Adjusted for:
-Depreciation	149	206
-Realised fair value adjustment	(26 063)	-
-Share-based payments expense	109	-
-Share-based payments reversal on cancellation	(1 448)	(735)
-Warrant option expense	-	50
-Warrant options reversal on expiry	(161)	(628)
-Loss on disposal of plant and equipment	4	7
-Impairment of intangible assets	120	-
-Net finance income	(1)	(4)
-Unrealised foreign exchange (gain)/loss	(280)	81
	(2 021)	21 075
Movements in working capital:
Decrease in receivables	45	3 818
Increase/(decrease) in trade and other payables	107	(166)
Cash flows from operating activities	(1 869)	24 727

25. Financial Instruments

Credit risk

(i)Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:

US$'000

Note

Carrying amount

31 March

2011

Carrying amount

31 March

2010

Receivables

163

189

Liquidity risk

The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements:

31 March 2011
US$'000	Carrying amount	Contractual cash flows	6 months or less	6-12 months	1-2 years	2-5 years
Non-derivative financial liabilities
Trade and other payables	194	194	194	-	-	-

31 March 2010
US$'000	Carrying amount	Contractual cash flows	6 months or less	6-12 months	1-2 years	2-5 years
Non-derivative financial liabilities
Trade and other payables	87	87	87	-	-	-

Market risk

The Group's exposure to market risk is as follows:

US$'000

Note

Carrying amount

31 March

2011

Carrying amount

31 March

2010

Available-for-sale financial assets

36 082

(i) Exposure to currency risk

The Group's exposure to foreign currency risk, based on notional amounts, was as follows:

31 March 2011
	US$	British Pounds Sterling	South African Rand	Franc FCA
	'000's	'000's	'000's	'000's
Receivables	8	13	31	119
Trade and other payables	(19)	(7)	(8)	(160)
Net exposure	(11)	6	23	(41)
31 March 2010	US$	British Pounds Sterling	South African Rand	Franc FCA
	'000's	'000's	'000's	'000's
Receivables	16	32	36	126
Trade and other payables	(3)	(2)	(8)	(74)
Net exposure	13	30	28	52

The following significant exchange rates applied during the period:

	31 March 2011		31 March 2010
US$	Average rate	Reporting date	Average rate	Reporting date
British Pounds Sterling	0.6435	0.6238	0.6276	0.6637
South African Rand	7.2159	6.8456	7.8474	7.3926
Franc FCA	506.57	474.92	473.52	496.30

(ii) Sensitivity analysis

A 10 per cent. strengthening of the US Dollar against the following currencies at 31 March 2011 would have increased/ (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant.

Effect in US$'000	31 March 2011		31 March 2010
	Equity	Profit or loss	Equity	Profit or loss
British Pounds Sterling	-	1	3 608	3
South African Rand	-	2	-	3
Franc FCA	-	(4)	-	5

A 10 per cent. weakening of the US Dollar against the above currencies at 31 March 2011 and 31 March 2010 would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant.

Fair values

(i) Fair values versus carrying amounts

The fair values of financial assets and financial liabilities, together with the carrying amounts shown in the statement of financial position, are as follows:

US$'000	31 March 2011		31 March 2010
	Carrying amount	Fair value	Carrying amount	Fair value
Assets carried at fair value
Available-for-sale financial assets (1)	-	-	36 082	36 082
Assets and liabilities carried at amortised cost
Receivables (2)	174	174	189	189
Cash and cash equivalents (2)	7 964	7 964	2 522	2 522
Trade and other payables (2)	(194)	(194)	(87)	(87)
	7 944	7 944	38 706	38 706
1 - Available-for-sale financial assets are stated at ruling market prices, approximating fair value at year end;
2 - The carrying amounts of receivables, cash and cash equivalents and trade and other payables approximate fair value due to the short maturities of these instruments.

Interest rates used for determining fair value

The interest rates used to determine estimated cash flows, when applicable, are based on the government yield curve at the reporting date plus an adequate credit spread.

Fair value hierarchy

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

- Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

- Level3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

US$'000	31 March 2011
	Level 1	Level 2	Level 3	Total

Available-for-sale financial assets	-	-	-	-

US$'000	31 March 2010
	Level 1	Level 2	Level 3	Total

Available-for-sale financial assets	36 082	-	-	36 082

During the years ended 31 March 2011 and 31 March 2010, available-for-sale financial assets were valued using unadjusted quoted prices in active markets for identical assets.

26. Subsidiaries

The Group financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policies described in note 1:
	Country of incorporation	31 March 2011 %	31 March 2010 %

Niger Uranium S.A.	Niger	100	100
URU (Management) Limited*	British Virgin Islands	100	100
URU (Africa) Limited*	British Virgin Islands	100	100
Namaqua Uranium (Proprietary) Limited*	Namibia	100	100
*- dormant

27. Events after the reporting date

(i) Directors Share Dealings

On 14 April 2011, the Company announced that Paul Loudon, Non-executive Chairman of the Company, had made two separate purchases, on 13 April and 14 April, of 250,000 and 50,000 Ordinary Shares of the Company and that subsequent to those purchases, Mr Loudon now has an interest in a total of 300,000 Ordinary Shares, representing approximately 0.26 per cent. of the issued share capital of the Company.

(ii) UrAmerica

On 21 June 2011 the Company announced that it had been informed that UrAmerica has obtained 100% of the rights to conduct exploration activities on an extensive and prospective land holding in Chubut Province, Argentina (the "Chubut Agreement"). This exploration area is situated close to UrAmerica's existing exploration license areas and adjacent to Argentina's National Commission of Atomic Energy's (CNEA) 15.4 Mlbs Cerro Solo Deposit. Pursuant to the Chubut Agreement, UrAmerica issued 26.5 million shares in consideration such that the total number of shares now in issue in UrAmerica stands at 48 118 685. Accordingly, URU Metals' shareholding of 4 421 000 shares in UrAmerica has been diluted from 20.89 per cent. to approximately 9.2 per cent. of UrAmerica's issued share capital.

28. Related party disclosure

Transactions with key management personnel

During the period to 31 March 2011, 7 950 000 (2010: 2 510 000) share options were issued to directors and employees of the Company. The options were granted under recommendation of the Remuneration Committee and were granted at an exercise price of £0.0488 each. As part of the same exercise, 3 200 000 (2010: 570 000) share options were cancelled following the conclusion/termination of all the individuals' involvement with the Company.

During the same period, 250 000 (2010: 1 145 000) share warrants, previously issued to Company Advisors, were forfeited as they had attained their expiry date without being exercised.

Group

The following transactions were carried out with related parties:

(i) Details of share options outstanding and exercised by Directors are as follows:

Under IFRS 2 Share-based payments, the Company determines the fair value of options issued to directors and employees as remuneration and recognises the amount as an expense in profit or loss with a corresponding increase in equity. The Remuneration Committee is responsible for the granting of options at its discretion.

(ii)Details of share options outstanding and exercised by Directors, and past Directors, are as follows:
	Balance at 31 March 2010	Granted during the period	Forfeited or lapsed during the period		Balance at 31 March 2011			Allocated price of options on hand 31 March 2011 GBP		First exercise date
Executive directors:
G. Cassidy	500 000	1 500 000	(500 000)		1 500 000			0.0488		21 Oct 2011
Non-executive directors:
J. Lynch	100 000	1 500 000	(100 000)		1 500 000			0.0488		21 Oct 2011

P. Loudon	-	1 500 000			1 500 000			0.0488		21 Oct 2011

Past Directors
I. Stalker	1 580 000	-	(1 100 000)		480 000			0.5000		12 Sept 2007
N. Herbert	1 535 000	-	(1 100 000)		435 000			0.5000		12 Sept 2007
J. Sanders	100 000	-	-		100 000			0.5000		12 Sept 2007
J. Mellon	350 000	-	-		350 000			0.5000		12 Sept 2007
M. Kreczmer	1 037 400	-	-		1 037 400			0.5000		12 Sept 2007
W. Beach	100 000	-	-		100 000			0.5000		12 Sept 2007
	5 302 400	4 500 000	(2 800 000)		7 002 400			0.2100
(iii)Directors remuneration
				Fees for services as director		Basic salary	Expense allowance		Share-based payment expense		Group

Executive directors:
G. Cassidy				19		179	41		21		260
D. Weill				2		-	-		-		2


Non-executive directors:
J. Lynch				17		-	-		21		38
I. Stalker				2		-	-		-		2
P. Loudon				17		-	-		21		38

Total for the year ended 31 March 2011				57		179	41		63		277

Total for the year ended 31 March 2010				194		159	53		638		1 044

29. Asset Purchase Agreement

On 17 July 2007, an Asset Purchase Agreement was signed between Niger Uranium Limited and Northwestern Mineral Ventures Inc. (now NWT Uranium Corporation) and UraMin Inc.

Under the agreement, UraMin agreed to pay US$ 15 million and to transfer its six (6) mining development licences in Niger to the Company, in exchange for the issuance of shares in Niger Uranium Limited such that UraMin would own 50% of the issued shares in the Company, on a fully diluted basis.

Under the agreement, Northwestern Mineral Ventures Inc. agreed to transfer both its two (2) mining development licences and its mining assets in the Republic of Niger to Niger Uranium Limited. These transfers were made in exchange for the issuance of shares in the Company plus Canadian Dollars 4. 8 million (US$ 4.616 million)such that Northwestern Mineral Ventures Inc. would own 50% of the issued shares in the Company, on a fully diluted basis. The par value of the shares issued is US$ 319 550.

A value of US$ 230 185 was placed on the plant and equipment and US$ 4 705 313 attributed to the value of the mining licences.

The summary of assets acquired from NWT Uranium Corporation during the period ended 31 March 2008:
US$'000
	Carrying amount	Fair value
Plant and equipment
- Exploration plant and equipment	107	107
- Motor vehicles	77	77
- Furniture and equipment	46	46
	230	230
- Mining licences - refer to note 8	4 705	4 705

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR UBRSRAWABUAR

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