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UraMin Inc (UMN)

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Monday 12 March, 2007

UraMin Inc

Exploration Update

UraMin Inc
12 March 2007



March 12, 2007


             Drilling Commences on the Rea Uranium Project, Alberta


UraMin Inc. is pleased to announce that a diamond drilling program on the Rea
Uranium Project in northeastern Alberta commenced on March 9, 2007. This project
is under joint venture with Red Dragon Resources Corp. of Vancouver, British
Columbia.  Red Dragon Resources Corp. is a mineral exploration company actively
exploring for a number of commodities in China and Canada and currently manages
the exploration program on the Rea Project.


UraMin is earning a 50% interest in the project by making expenditure of U.S.
$5.5 million over a three year period. The Rea Project consists of a large
exploration package (446,330 acres) covering the western margin of the Athabasca
basin in northeastern Alberta The project surrounds the high-grade Maybelle
River deposit held by AREVA, NC.


The diamond drill program will test eight geophysical anomalies identified from
the airborne electromagnetic and magnetic survey and subsequent follow-up ground
induced polarization survey completed last year. Lithogeochemical studies will
be used as a further guide to locating mineralization and assist with
identifying targets for drilling. A total of 3,000 metres of drilling has been
contracted to test these targets with further drilling dependent upon results.


Glossary

Lithogeochemical - The chemical composition of rock samples


For further information:


UraMin Inc.                                              Red Dragon Resources Corp.
Ian Stalker, Chief Executive Officer                     Alvin Jackson, Chairman and Chief
Neil Herbert, Finance Director                           Executive Officer
Tel: +27 (0) 11 783-5056                                 Tel: +1 604 602-8188


Canaccord Adams Limited                                  Harbour Financial Inc.
Robin Birchall/Tyler Broda                               Brian N. Barbour
Tel: +44 20 7050 6741                                    Tel: +1 403 813-5832
Steve Vaughan
Tel: +1 416 643-6924



UK Media Enquiries

Financial Dynamics

Ben Brewerton / Ed Westropp

Tel: +44 20 7831 3113


Background Information on UraMin Inc:


UraMin (www.uramin.com) was founded in February 2005 and its shares are traded
on the AIM market of the London Stock Exchange and the Toronto Stock Exchange
under the symbol 'UMN'. The Company was established to acquire and develop
mineral properties, predominantly uranium. The Company currently has working
capital of approximately US$88 million and a market capitalization of
approximately US$1 billion on an undiluted basis.



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 prospecting 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.


Background on Red Dragon Resources Corp:


Red Dragon Resources Corp. is a TSX Venture (TSX-V) listed exploration company
engaged in the identification, acquisition and exploration of mineral properties
with potential for world-class mineral deposits in China and Canada.


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.


Investors are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date they are made.



                      This information is provided by RNS
            The company news service from the London Stock Exchange                          

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