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UraMin Inc (UMN)

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Monday 15 January, 2007

UraMin Inc

Drilling Report

UraMin Inc
15 January 2007


15 January 2007

                                  UraMin Inc.

                          ('UraMin' or 'the Company')

          High grade drilling results from the Bakouma Uranium Project

UraMin is pleased to announce initial drilling results from the Patricia
deposit, the largest of the 10 uranium deposits making up the Bakouma Project in
the Central African Republic ('CAR'):

 •High Grade mineralisation was encountered with significant intersections
  at the Patricia Uranium Deposit being:

   •33 m at 0.14% U3O8 from 69 m depth in drill hole PRC004

   •6 m at 0.41% U3O8 from 42 m depth in drill hole PRC007

   •64 m at 0.30% U3O8 from 41 m depth in drill hole PRC010, with 8 m at
    0.61% U3O8

   •59 m at 0.34% U3O8 from 32 m depth in drill hole PRC018, with 8 m at
    0.88% U3O8

   •29 m @ 0.20 % U3O8 from 55 m depth in drill hole PRC014

   •38 m @ 0.26 % U3O8 from 47 m depth in drill hole PRC017

   •59 m @ 0.34 % U3O8 from 32 m depth in drill hole PRC018

   •18 m @ 0.30 % U3O8 from 52 m depth in drill hole PRC021
 
 •Drilling programme ahead of schedule with 66% of the historically
  defined Patricia mineralisation delineated

 •Open ended mineralisation at depth and high grade intervals identified
  indicate potential to exceed the existing historic exploration target of
  18,000 tonnes U3O8 for Bakouma

It is anticipated that a NI43 101 compliant resource statement will be completed
on the Patricia deposit during the first quarter of 2007.

In the past six months, UraMin has completed 11,453 meters of reverse
circulation percussion drilling in 119 drill holes. Thus far, a total of 98
drillholes have been completed in the Patricia deposit with a further 21 drill
holes in other deposits. Assay values for 17 of these drill holes have been
received and assay results from 49 drill holes are pending and are expected by
the end of January 2007 with samples for the balance of the holes drilled to
date undergoing sample preparation on site.

The Bakouma Uranium Project consists of ten documented uranium deposits in close
proximity to one another. A review of the studies conducted by Compagnie des
Mines d'Uranium de Bakouma and Societe de l'Uranium Centrafricain between 1969
and 1977 reveals an exploration target in excess of 18,000 tonnes (41 million
lbs) of U3O8 at an average grade in excess of 0.27% U3O8 containing an estimated
18,000 tonnes (41 million lbs) of U3O8.

The aforementioned historic estimates do not comply with NI 43-101 standards and
should not be relied on as they do not use mineral category definitions used in
codes recognized by NI 43-101. Current drilling is focused primarily on
delineating the uranium mineralisation that was previously identified by these
studies for the Patricia Uranium Deposit, which has a historically reported
target of 8,000 tonnes U3O8.

Assay results for the first 17 of the Patricia drill holes have indicated U3O8
values ranging between 0.14% (over 33 meter composite width) to 0.41% (over 6
meter composite width). Within these composited intervals individual samples,
representing vertical intersection widths of 1 meter, range in grade from 0.01%
to as high as 2.1% U3O8. These results confirm the occurrence of uranium
mineralisation at grades and widths similar to that documented by the previous
studies.

In the current drilling program uranium mineralisation has been intersected from
depths below surface ranging from 8 meters to 50 meters extending down to 105
meters (the maximum depth for the results of the drilling thus far) where the
mineralisation is open ended in 8 of the 24 holes reported. UraMin intends to
test this depth extension by deepening certain of the drill holes.

Historical information indicates that the maximum drill depth achieved on the
Patricia deposit was 107 meters. UraMin has improved this and is consistently
reaching depths below 100 meters and extending as deep as 130 meters below
surface where indications of the presence of mineralisation, as determined by
hand held total gamma scintillation counters, exists in these deeper
intersections. These are to be confirmed by XRF assay shortly.

The current 15,000 meter drill programme on Patricia is designed to drill the
deposit on 50 meter centers. Modeling of this deposit is underway and it is
planned to complete a NI 43-101 compliant mineral resource inventory by the end
of March 2007.

Drilling will continue to focus on the Bakouma area to delineate a further
target of 8,000 tonnes U3O8 at the Pato and Pama deposits by mid 2007. In
addition, delineation of uranium mineralisation on a further seven historically
reported deposits will continue in 2007.

Ian Stalker, Chief Executive of UraMin, said:

'Initial exploration results for the Patricia deposit at Bakouma have exceeded
expectations. This work confirms the potential for resources to be delineated
close to the surface making them amenable to extraction using open pit mining
methods. Furthermore the open ended mineralisation and high grade intervals
identified thus far could result in the historical resource target of 18,000
tonnes U3O8 being exceeded.

We believe that the previous work done on the project in the late 1970's, will
allow the Company to fast track the preparation of its own feasibility study,
including confirmation drilling and possible strike extensions. The partnership
formed with the Government of the CAR and its interest in the project will
greatly facilitate its development and benefit the Bakouma region.'

Mr. G M Greenway, Pr.Sci.Nat. (SACNASP), MSAIMM, Divisional Manager of Snowden
Mining Industry Consultants, is the qualified person responsible for the Bakouma
drilling program and has verified the data reported above. Mr Greenway is a
consultant to UraMin, with no interest in the company and has consented to the
inclusion in this announcement of his name in the form and context in which it
appears. Exploration data is acquired by UraMin using best practice quality
assurance and quality control protocols. Reverse circulation percussion chip
assay samples are collected by appropriately qualified personnel and are assayed
at SANAS accredited laboratories in Johannesburg, South Africa; Set Point
Laboratory (SANAS No. T0223) and ISO/IEC 17025, SGS Lakefield Research Africa
(SANAS No. T0169) and Mintek Analytical Services (SANAS No. T0042). U3O8 assays
are performed using x-ray fluorescence spectrometry on a pressed powder pellet.
Quality control procedures follow industry best practice and include the use of
blind control samples.

For further information:

Ian Stalker, Chief Executive Officer
Neil Herbert, Finance Director
Tel: +27 (0)11 783 5056


Toronto
Steve Vaughan
Tel: +1 416 865 7931


Nominated Advisor
Canaccord Adams
Robin Birchall
Tel: +44 (0) 20 7050 6500


GLOSSARY

Feasibility Study

A comprehensive study of a deposit in which all geological, engineering,
operating, economic and other relevant factors are considered in sufficient
detail for it to reasonably serve as the basis for a final decision by a
financial institution to finance the development of the deposit for mineral
production.

Lbs

Pounds

Uranium

Heavy silvery-white metallic element found in several minerals, notably
uraninite and carnotite.


U3O8

Triuranium Octaoxide

Background Information:

UraMin (www.uramin.com) was founded in February 2005. The Company was
established to acquire and develop mineral properties, predominantly uranium.

UraMin is currently focusing on the development of its advanced exploration
projects at Trekkopje in Namibia, Bakouma in the Central African Republic and
Ryst Kuil in South Africa. Through the South African joint venture, UraMin also
enjoys additional license applications for important uranium deposits in the
Karoo, South Africa. No assurance can be given that remaining applications for
the prospecting rights in the Ryst Kuil Channel or elsewhere in South Africa
will be successful.

Forward-Looking Statements:

This press release contains statements that are 'forward-looking'. Generally,
the words 'expect,' 'intend,' 'estimate,' 'will' and similar expressions
identify forward-looking statements. By their very nature, forward-looking
statements are subject to known and unknown risks and uncertainties that may
cause our actual results, performance or achievements, or that of our industry,
to differ materially from those expressed or implied in any of our
forward-looking statements. Statements in this press release regarding the
Company's business or proposed business, which are not historical facts, are
'forward looking' statements that involve risks and uncertainties, such as
estimates and statements that describe the Company's future plans, objectives or
goals, including words to the effect that the Company or management expects a
stated condition or result to occur. Since forward-looking statements address
future events and conditions, by their very nature, they involve inherent risks
and uncertainties. Actual results in each case could differ materially from
those currently anticipated in such statements.

These forward-looking statements speak only as of the date they are made.


This announcement and the information contained herein shall not constitute an
offer to sell or the solicitation of an offer to buy any securities of the
Company in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
such jurisdiction, including the United States.







               




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