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Interim Feasibility Study

UraMin Inc
19 February 2007


19 February 2007


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

SRK's Interim Report on the Trekkopje Feasibility Study


UraMin is pleased to announce the results of SRK's Interim Progress Update
Report on the feasibility study for the Trekkopje Uranium Project in Namibia:


• Proposed production profile rising to over 8 million lbs per annum
U308 using heap leach technology

• Estimated operating costs are US$18.07 per lb U308 after V205 credit
(US$20.08 per lb without V205 credit) and estimated capital expenditure of
US$461 million

• Estimated pre-tax Internal Rate of Return of 67 per cent and a Net
Asset Value of US$1.2 billion (using an 8 per cent discount rate)

• Resources in the Measured and Indicated category increase over 200 per
cent to 46.5 million lbs at an average grade of 146ppm U308 (using a cut-off
of 100ppm)


Ian Stalker, Chief Executive, said: "SRK's project scope contemplates an open
pit mine utilising a sodium carbonate/bicarbonate heap leach process at a large
scale mining rate of 100,000 tpd. As a result production would rise to more
than 8 million lbs per annum of U308, much higher than previously envisaged, and
Trekkopje would become one of the largest uranium producing mines in the world.
SRK's interim results have exceeded expectations and we look forward to
completing the Feasibility Study and beginning the development stage later this
year."


Heap leach is the preferred processing technology following successful column
leach test work indicating recoveries of approximately 75 per cent and as a
result SRK has evaluated a production profile for Trekkopje rising to 8 million
lbs U308 per annum. This compares favourably with the 3.3 million lbs U308 per
annum of production previously considered using tank leach processing. Most
importantly water consumption using heap leaching is substantially lower than
would be the case with tank leaching.


SRK's model envisages a 2 year pre-production period, followed by a production
period of 8 years producing 61 million lbs U308 and 20 million lbs V205. A trial
mine is planned for the fourth quarter of 2007 and Trekkopje should commence
commercial production in the fourth quarter of 2008 at initial production rates
of 4 million lbs per annum scaling up to in excess of 8 million lbs within 2
years thereafter. Potential exists to achieve incremental production for the
project from the following areas:


• An additional 75 million tonnes of sulphate rich ore grading approximately
148 ppm is excluded from the proposed mine plan but is the subject of
further testing and could be amenable to acid leaching.

• Test work is being undertaken to determine whether lower grade material
using a cut off grade of 60 ppm could be treated on a "dump leach" basis.

• Excellent exploration potential exists on the additional exploration license
area granted to UraMin in November 2006. Significant radiometric
anomalies on the property are interpreted to delineate extensive sedimentary
channels, similar to those already drilled on the Trekkopje project.

This potential upside could extend the life of mine and sustainability of
production rates of 8 million lbs per annum of U308 beyond the initial mine plan
of 8 years with resultant enhanced project economics.


The selection of a carbonate/bi-carbonate heap leach and ion exchange at a mine
production rate of 100,000 tpd would require a water supply from a desalination
plant of 12 million m3 per year. It is anticipated that the cost of construction
of a desalination plant may be partially offset by contributions from other
parties reducing the estimated capital expenditure on the basis of a shared
plant.


Updated Resource Statement


UraMin is also pleased to announce SRK's NI 43-101 compliant updated interim
resource statement on the Trekkopje Uranium Project in Namibia where both
deposits have seen a substantial conversion of Inferred to Indicated Resources.
Current in-fill drilling is expected to convert most of the total remaining
Inferred resource to Measured and Indicated.

• Project Measured and Indicated resources are estimated at 144.6
million tonnes grading 146 ppm eU3O8 (at a 100 ppm cut off grade), containing
an estimated 46.5 million pounds of U3O8.


• Project Inferred resources are estimated at 195.3 million tonnes grading 138
ppm eU3O8, containing an estimated 59.3 million pounds U3O8.


• The Measured and Indicated resource increased 236% from the September 2006
initial resource estimate, as a result of the conversion of Inferred
resources, due to increased drill density.


• A program of in-fill drilling central to the 200 by 200m grid (5-spot
drilling) is being completed and is expected to convert much of the existing
Inferred resource to Measured and/or Indicated resource. An updated resource
estimate is due in April 2007.

Trekkopje Project Combined Resources at 100 ppm U3O8 Cut-off grade

Resource Classification Resource Grade Contained Contained
(tonnes) eU3O8 (ppm) Tonnes eU3O8 Pounds eU3O8
Measured:

Klein Trekkopje 7,096,000 156 1,105 2,435,000
Trekkopje 0 0 0 0

_____ _____ _____ _____
Sub-Total Measured 7,096,000 156 1,105 2,435,000
_____ _____ _____ _____
Indicated:

Klein Trekkopje 109,631,000 149 16,320 35,978,000
Trekkopje 27,835,000 131 3,659 8,067,000
_____ _____ _____ _____
Sub-Total Indicated 137,466,000 145 19,979 44,045,000
_____ _____ _____ _____
Measured & Indicated:

Klein Trekkopje 116,727,000 149 17,424 38,413,000
Trekkopje 27,835,000 131 3,659 8,067,000
_____ _____ _____ _____
Total M&I 144,562,000 146 21,084 46,480,000
_____ _____ _____ _____
Inferred:

Klein Trekkopje 177,090,000 139 24,610 54,255,000
Trekkopje 18,216,000 125 2,284 5,035,000
_____ _____ _____ _____
Sub-Total Inferred 195,306,000 138 26,894 59,290,000
_____ _____ _____ _____

Klein Trekkopje Deposit Resources at 100 ppm U3O8 Cut-off grade


Resource Classification - 100 ppm cutoff Resource Grade Contained Contained
(tonnes) eU3O8 (ppm) Tonnes eU3O8 Pounds eU3O8

Measured:

Conglomerate 2,835,000 143 404 891,000
SO4 Rock* 4,261,000 164 700 1,544,000
Bedrock 0 0 0 0
_____ _____ _____ _____
Sub-Total Measured 7,096,000 156 1,105 2,435,000
_____ _____ _____ _____
Indicated:

Conglomerate 88,430,000 144 12,744 28,095,000
SO4 Rock* 21,076,000 169 3,561 7,851,000
Bedrock 125,000 115 14 32,000
_____ _____ _____ _____
Sub-Total Indicated 109,631,000 149 16,320 35,978,000
_____ _____ _____ _____
Measured & Indicated:

Conglomerate 91,265,000 144 13,148 28,986,000
SO4 Rock* 25,337,000 168 4,262 9,395,000
Bedrock 125,000 115 14 32,000
_____ _____ _____ _____
Total M&I 116,727,000 149 17,424 38,413,000
_____ _____ _____ _____
Inferred:

Conglomerate 119,579,000 136 16,288 35,909,000
SO4 Rock* 57,381,000 145 8,307 18,313,000
Bedrock 130,000 116 15 33,000
_____ _____ _____ _____
Sub-Total Inferred 177,090,000 139 24,610 54,255,000
_____ _____ _____ _____

* SO4 Rock is material for which sulfate (gypsum) is present above a
process-determined cut-off grade of 0.30% SO4. The average SO4 grade of sulfate
rich ore is not yet determined, as too few assays are present to allow grade
estimation. SO4 material may or may not need special attention in processing.
In-fill RC drilling in progress will establish SO4 grade distribution.


Trekkopje Deposit Resources at 100 ppm U3O8 Cut-off grade


Resource Classification - 100 ppm cutoff Resource Grade Contained Contained
(tonnes) eU3O8 (ppm) Tonnes eU3O8 Pounds eU3O8

Measured 0 0 0 0
Indicated:

Conglomerate 20,063,000 133 2,659 5,862,000
SO4 Rock* 7,772,000 129 1,000 2,205,000
Bedrock 0 0
_____ _____ _____ _____
Total M&I 27,835,000 131 3,659 8,067,000
_____ _____ _____ _____
Inferred:

Conglomerate 11,395,000 127 1,445 3,186,000
SO4 Rock* 6,821,000 123 839 1,849,000
Bedrock 0 0
_____ _____ _____ _____
Sub-Total Inferred 18,216,000 125 2,284 5,035,000
_____ _____ _____ _____


* SO4 Rock is material for which sulfate (gypsum) is present above a
process-determined cut-off grade of 0.30% SO4. The average SO4 grade of sulfate
rock is not yet determined, as too few assays are present to allow grade
estimation. SO4 material may or may not need special attention in processing.
In-fill RC drilling in progress will establish SO4 grade distribution.


Resources for both Trekkopje and Klein Trekkopje have been updated from
September 2006 by the following:


• Completion of 200 by 200m spaced drilling at Klein Trekkopje and the
drilling of a 400 by 400 m area on 50 by 50m spacing to examine grade
variability:

• An 18ppm "background" radiometric eU3O8 base above which
mineralization exists was confirmed by chemical analyses. This was removed
from the down-hole eU3O8 data for all drill holes at both Trekkopje and Klein
Trekkopje.

• Statistical data defined a 35ppm break to corrected eU3O8 data, as the basis
for establishing grade shells at both deposits;

• Data was composited to 2.5m down-hole intervals to allow for the likelihood of
bulk tonnage mining methods, while permitting vertical discrimination of the
deposit at the top and bottom of mineralization.

• Increased density of drilling allowed for 100m x 100m x 2.5m blocks; grade
interpolation was by ordinary kriging internal to the grade shells, using
acceptable variography parameters that mimic geology.

• Resources were classified based on a proportion of the range, number of
composites, and a minimum number of drill holes; standard protocols for CIM
classifications of Measured, Indicated and Inferred resources.

• SO4 material was defined by a 0.3% SO4 cutoff, defining a surface
sub-parallel to the topography surface to define tonnes of SO4 material.

• SO4 grades are not reported as they are based on very limited RC assay data,
are not currently sufficient, and will be augmented with additional
information from the current 5-spot drilling in progress.

• For the purpose of a Preliminary Assessment, there are a total of 33.1
million tonnes of Measured and Indicated resource, and 64.2 million tonnes
of Inferred resource for which sufficient SO4 is present to be listed
separately. Approximately 22 million tonnes are currently in the plan as
normally processable material, pending further testing and drill assay
results. The remaining SO4 bearing resource is being investigated for
possible alternative processing options.


Resources will be updated in April 2007 after inclusion of 5-spot infill RC
drilling. The intent of the 5-spot drilling program is to convert Inferred
resources to Indicated resources and provide additional analytical data to
establish SO4 grades.


Feasibility a comprehensive study of a deposit in which all geological, engineering, operating, economic and other
study 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

U308 ppm Triuranium octaoxide grades in parts per million generated as a result of the conversion of down hole
total gamma radiometric probe data to equivalent uranium oxide using probe calibration on known uranium
sources and QA/QC procedures. "Industry Standard Procedure"

Sodium Chemical formula - Na2CO3, is a sodium salt of carbonic acid
carbonate

V205 Vanadium pentoxide

SO4 Sulphate

Sedimentary Fluvial channel containing debris including clasts and sediment derived from a source upstream
channels

Conglomerate Rock consisting of rounded clasts of gravel surrounded by sand.

NI 43-101 National Instrument 43-101 - Standards of Disclosure for Mineral Projects, Form 43-101F1 and Companion
Policy 43-101CP


Measured A 'Measured Mineral Resource' is that part of a Mineral Resource for which quantity, grade or quality,
Resource densities, shape, and physical characteristics are so well established that they can be estimated with
confidence sufficient to allow the appropriate application of technical and economic parameters, to
support production planning and evaluation of the economic viability of the deposit. The estimate is
based on detailed and reliable exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that
are spaced closely enough to confirm both geological and grade continuity.

Indicated An 'Indicated Mineral Resource' is that part of a Mineral Resource for which quantity, grade or quality,
Resource densities, shape and physical characteristics can be estimated with a level of confidence sufficient to
allow the appropriate application of technical and economic parameters, to support mine planning and
evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable
exploration and testing information gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and
grade continuity to be reasonably assumed.


Inferred An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade or quality
Resource can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not
verified, geological and grade continuity. The estimate is based on limited information and sampling
gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and
drill holes.

5 spot infill Drill pattern that includes 4 drill holes on a square pattern with an additional 5th hole drilled at the
drilling centre of the square


eU3O8 (ppm) Triuranium octaoxide grades in parts per million generated as a result of the conversion of down hole
total gamma radiometric probe data to equivalent uranium oxide using probe calibration on known uranium
sources and QA/QC procedures. 'Industry Standard Procedure'.

Lb Pound

Uranium heavy silvery-white metallic element found in several minerals, notably uraninite and carnotite

SRK SRK Consulting (US) Incorporated, managing engineers for the feasibility study of the Trekkopje Uranium
Project

Tpd Tonnes per day


The resource information contained in this announcement has been reviewed by
Allan Moran, Principal Geologist with SRK. He is the Qualified Person overseeing
the Trekkopje Project drilling and resource estimation activities for the
purposes of NI 43-101 compliance. Mr. Moran has sufficient experience relevant
to the style of mineralisation and type of deposit under consideration and to
the activity which he is undertaking, to qualify as a Qualified Person for the
purposes of this announcement.


Resource estimation by SRK, follows CIM (Canadian Institute of Mining and
Metallurgy) resource classification categories, and resources were determined
using background-corrected eU3O8 radiometric probe data, ordinary kriging for
grade estimation and industry standard block modeling techniques. Industry
accepted "Best Practices Guidelines" were followed in data collection,
documentation, analyses, and reporting. UraMin has a QA/QC program in place for
sample analytical data and down-hole radiometric probe data. The stated
Trekkopje Project resource estimates are based on entirely new drilling data
collected in 2006 by UraMin, and does not include any historical drill hole
data.


The Interim Progress Update Report represents the latest view of project
concepts, designs and likely projected outcomes based on the work conducted to
date, industry accepted practice and certain project specific assumptions.
Readers are cautioned that the results reported are not definitive and maybe
subject to change as further work is undertaken. Project outcomes may
ultimately be materially different from those projected in this report.