UraMin confirms takeover talks

12 June 2007

UraMin of South Africa has announced thatit is in negotiations regarding the potential sale of the company. Thename of the potential buyer has not been disclosed, although reportssuggest that Areva or Paladin Resources could be possible bidders. Bothhave uranium mining assets in Africa (Niger and Namibia, respectively).In a statement, UraMin said that "no assurance can be given that thenegotiations will be successful." UraMin is currently focusing on thedevelopment of its advanced stage exploration projects at Trekkopje inNamibia, Bakouma in the Central African Republic and Ryst Kuil in SouthAfrica. The company also has a number of exploration projects in bothAfrica (Chad, Niger, Senegal, Mozambique and Bakouma) and joint ventureprojects in Canada (the Rea Project within the Athabasca Basin inAlberta and the Labrador Project in Quebec). UraMin officials were intalks with China National Nuclear Corp about closer commercial ties,according to a 21 May report from the Wall Street Journal.The sale of UraMin would be the latest in a wave of consolidations inthe uranium mining sector. Last week, sxr Uranium One announced it hadreached an agreement to acquire Energy Metals for some $1.5 billion.

Further information

UraMin

WNN: Uranium One to buy Energy Metals
WNN: Trekkopje output estimate doubled
WNN: UraMin feasibility study at Bakouma

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