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UraMin Inc (UMN)

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Tuesday 06 March, 2007

UraMin Inc

Uranium Discovery

UraMin Inc
06 March 2007

Tuesday 6 March 2007

                UraMin and Waseco Announce New Uranium Discovery

UraMin Inc. ('UMN' TSX and AIM) and Waseco Resources Inc. ('WRI'-TSX-V, WSE
Frankfurt) are pleased to announce the discovery of a new area of Uranium
mineralization in the Quebec Labrador Trough, approximately 310 km north of
Schefferville, Quebec.

The area is within the wholly owned 254 claim block staked by Waseco, which is
now referred to as the 'Extended Block III'. The information is detailed in The
MPX Geophysical Report on the airborne survey conducted over the area last fall.

Highlights of the geophysical survey and interpretation are as follows:

  • Nine (9) large  zones of Uranium enrichment;

A 'zone' in this study is defined as having an extension approaching or
exceeding 1 Kilometre in measurement and of amplitude exceeding 7.5 ppm eU;

  • One hundred and forty nine (149) discrete Uranium anomalies;

A discrete 'anomaly' is defined as a circular or elliptical shaped anomaly,
usually of limited diameter (<700 metres) and of high amplitude (>9.0 ppm eU)
that is distinct from/or hosted in a Uranium zone.

Definition of eU (Source: IAEA Report IAEA-TECDOC-1363, July 2003): Uranium
concentration estimates are based on the measurement of 214Bi and 214Pb isotope
abundances. These occur far down in the radioactive decay chain and may not be
in equilibrium with uranium. Estimates of uranium concentration are indirect and
therefore reported as 'equivalent uranium' (eU) as these estimates are based on
the assumption of equilibrium conditions. The units are in parts per million

The area was first identified as being prospective for Uranium during the
regional compilation of historical work, where high grade uranium values were
reported by the Quebec government in the lake bed sediments. The current survey
was completed using a Geophex GEM -2A helicopter borne frequency domain
electromagnetic (EM) system with a Pico-Envirotec gamma ray spectrometer.

'We are extremely pleased with the results obtained,' stated Waseco Chairman
A.C.A. (Peter) Howe   'In addition to the Extended Block III area, we are
equally excited by the Block I/II results announced earlier this month, which
confirmed the presence of six (6) additional large zones of Uranium enrichment
and eight (8) discrete Uranium anomalies' (see New Release Feb 2, 2007).

UraMin's New Business Manager, Keith Kenyon, stated that: 'The Quebec government
has reported seven (7) values that exceeded 200 ppm. for uranium in lake bed
sediments on Extended Block III. This, when coupled with geophysical results,
further confirms the prospective nature of the area for uranium and certainly
make this a priority exploration project for both companies. Given the higher
profile this project is taking on, we are seeking to recruit a project manager
for our Canadian operations to oversee the planned field work and drilling

Exploration Management is very pleased with the results of the study and with
the quality of the Report on the Extended Block III.  It cautions readers that
the areas referred to are surficial, as these radiometric readings generally
penetrate 1.5 metres in depth.  Further ground truthing is required to quantify
and qualify the uranium potential.

The scientific content of this release has been reviewed and approved by Robert
B. Hearst, M.Sc. P. Geo, P. Geoph., Special Authorization No. 69 (OGQ), as a
Qualified Person under NI-43-101.

UraMin Inc. was established in 2005 to acquire and develop mineral properties,
primarily uranium.  The Company has several advance stage uranium projects in
Africa and exploration projects internationally.

Waseco has announced the text which appears above on TSX.  UraMin was not
certain as to the price sensitivite nature of the information but in accordance
with the principles of equivalent disclosure is releasing this information to

For further information, please contact:

Waseco Resources Inc.

Richard Williams, President,

Tel: (416) 364- 3123

UraMin Inc.

Ian Stalker Chief Executive Officer

Neil Herbert, Finance Director

Tel: +27 (0)11 783 5056

Canaccord Adams Limited

Robin Birchall/Tyler Broda

Tel: +44 20 7050 6741

UK Media Enquiries

Financial Dynamics

Ben Brewerton / Ed Westropp

Tel: +44 20 7831 3113


Steve Vaughan

Tel: +1 416 643 6924

The TSX nor TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the release.

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