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UraMin Inc (UMN)

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Thursday 30 November, 2006

UraMin Inc

Private Placement

UraMin Inc
30 November 2006

30 November 2006

                                  UraMin Inc.
                          ('UraMin' or the 'Company')


                Private placement of shares raises £36.1 million


UraMin, an AIM listed company focusing primarily on near-term uranium mining
projects in Africa announces it has placed 38 million ordinary shares in a
financing by BMO Capital Markets and Canaccord Adams at 95 pence per share
raising £36.1 million (before expenses).  Subject to compliance with applicable
law, the shares sold through the placing may be traded through AIM immediately
after closing on or about 12 December 2006 but will be subject to United States
resale restrictions, and resale restrictions in Canada for the period from
closing until four months following the date of a Canadian stock exchange
listing.  The new shares will rank pari passu in all respects with the existing
ordinary shares in issue.


The proceeds received by the Company will be used to advance trial mining at
UraMin's Trekkopje Uranium Project and for early ordering of long lead items of
equipment for the project together with general working capital purposes for
development of the Company's other feasibility study projects at Ryst Kuil in
South Africa and Bakouma in the Central African Republic.


The Company also intends to issue broker options over 2,260,000 shares and
options over a further 3,600,000 shares to directors, employees and consultants
on completion of the placing.  It is expected that all options will be
exercisable at a price of 95 pence per share.


UraMin has also received conditional approval for the listing of its ordinary
shares from the Toronto Stock Exchange.  Final listing is conditional upon,
among other matters, the issuance of the Namibian government licence to permit
the Company to continue its exploration and development at Trekkopje, which has
already been granted to the Company.


Commenting on the placing, Ian Stalker, Chief Executive said 'The majority of
these new funds will be devoted to early development of our Trekkopje Uranium
Project in Namibia including a trial mining operation and the early ordering of
equipment for the project that have long lead times.  This funding enhances our
ability to bring Trekkopje to production in the shortest possible time frame and
therefore drive shareholder value'


For further information:


UraMin

Ian Stalker, Chief Executive Officer

Tel: +27 (0)11 783 5056

Neil Herbert, Finance Director

Tel: +44 (0)20 7408 2018



BMO Capital Markets

William Smith

Tel: +44 (0) 20 7664 8120

Elizabeth Wademan

Tel: +1 416 359 4241



Canaccord Adams Limited

Robin Birchall/ Tyler Broda

Tel: +44 (0) 20 7050 6500



Financial Dynamics

Ben Brewerton/Edward Westropp

Tel: +44 (0)20 7831 3113


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


Background Information:


UraMin (www.uramin.com) was founded in February 2005 and was admitted to the AIM
market of the London Stock Exchange in April 2006 under the symbol 'UMN',
raising US$60 million. The Company was established to acquire and develop
mineral properties, predominantly uranium. The Company currently has working
capital of approximately US$33 million and a market capitalization pre-financing
of approximately US$330 million on an undiluted basis.


UraMin is currently focusing on the development of its advanced exploration
projects at Trekkopje in Namibia, Ryst Kuil in South Africa and Bakouma in the
Central African Republic. 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 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.


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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