Business
Admission to AIM
Admission to AIM.
About this update from Uru Metals Limited
[{"type":"text","content":"\n Niger Uranium Limited\n12 September 2007\n\n\nFor Immediate Release 12 September 2007\n\n\n Niger Uranium Limited\n\n ('Niger Uranium' or the 'Company')\n\n\n Admission to AIM\n\n\nNiger Uranium (URU) has commenced trading on AIM today.\n\n\nNiger Uranium was incorporated in May 2007. The Company will consider uranium\nprojects worldwide as an active investor and will focus initially on the State\nof Niger. Niger has been mining uranium since 1971 and past production from\nNiger's two operating mines exceeds 100,000 tonnes of uranium (approximately 220\nmillion lbs of U3O8) to the end of 2006.\n\nFollowing incorporation, the Company agreed to acquire the Nigerien exploration\nproperties of NWT Uranium Inc ('NWT') which are located in the same geographic\narea as Niger's two producing Areva uranium mines. In addition, the Company\nagreed to acquire Nigerien exploration properties of UraMin Inc ('UraMin'). The\ncombined exploration prospects (the 'Prospects') cover a total of 1,673,644\nacres (equivalent to 6,773 square kilometres) and are all located in the Tim\nMersoi basin in Niger. The Tim Mersoi basin is a recognised uranium province.\n\nThe transfer of the exploration properties to the Company is subject to the\nauthorisation of the Niger State Minister of Mines. The Directors are not aware\nof any reason why authorisation will not be received from the State (Minister of\nMines). However, no assurance can be given that such authorisation will be\nprovided.\n\nProspective investors should note that the Company has not prepared a resource\nclassification of any kind, and particularly not under any of the modern\nstandards such the JORC Code, SAMREC, IMMM or CIM Standards.\n\nThe Directors believe that the Company has the financial and technical resources\nat its disposal and in particular, to fast-track its exploration programme on\nthe Prospects in Niger. Prior to Admission, the net cash balances of the Company\namounted to approximately US$28 million.\n\nPrevious exploration results have enabled the delineation of high-priority\nareas. MSA Geoservices PTY (Limited) has prepared a competent persons report in\nthe exploration properties (which is included in full in the Admission\nDocument).\n\nThe Company will also consider other uranium opportunities worldwide. The\nCompany's interest in a proposed investment and/or acqui...