Trading Symbol (TSXV: UUU) VANCOUVER, Aug. 2 /CNW/ - Urasia Energy Ltd. (the "Company" or "Urasia") announced that it has entered into two additional agreements for the supply of uranium concentrates from its Akdala uranium mine in the Republic of Kazakhstan. The Company has a 70% interest in the Betpak Dala Joint Venture, which has a 100% interest in the Akdala uranium mine 'Akdala'. The contracts, one with a major Western utility company is for the purchase of approximately 200,000 pounds U3O8 for delivery in the first quarter of 2007. The second, with an Asian utility company, is a long term contract for the purchase of approximately 780,000 pounds U3O8 for delivery in 2006 and the purchase of approximately 1,000,000 pounds U3O8 per annum for the period 2007 to 2010. With Akdala's full production capacity of 2,600,000 pounds U3O8 in 2006, the sales contracts secured by the Company since it acquired its indirect interests in the uranium assets in November 2005, represent the sale of approximately 70% of Akdala's annual production for 2006. Commenting on the two new sales contracts, Phillip Shirvington, President and Chief Executive Officer, said "Urasia is able to successfully negotiate both short and long term contracts with its customers at market related prices. It is experiencing strong demand from utilities for long term contracts for delivery into the tight market in the 2008-2011 timeframe. The Company remains an unhedged producer in a market where uranium prices continue to increase". The Company is pleased to announce the following appointments to the senior management team; Mr. Robin Merrifield, Chief Financial Officer and Senior Vice President; Mr. Gordon Keep, Senior Vice President and Corporate Secretary. Mr. Vitaly Melnikov, Vice President Finance and Administration; and Mrs. Susan Speight, Vice President Marketing and Sales. Mr. Robin Merrifield is a Chartered Accountant. He has held the position of Controller for Cameco, as well as the position of Vice President for Cameco's Kumtor Operating Company in the Kyrgyz Republic. Mr. Gordon Keep is Managing Director, Corporate Finance of Endeavour Financial. He is a former and founding Chief Financial Officer of UrAsia Energy Ltd, a former Senior Vice President of Lions Gate Entertainment Corp. and former Vice President of Corporate Finance of Yorkton Securities Inc. Mr. Vitaly Melnikov is a Certified Public Accountant (USA). He has held financial management positions with a number of international companies including PetroKazakhstan and Cameco's Kumtor Operating Company in the Kyrgyz Republic. Mrs. Susan Speight was formerly the Vice President, Marketing and Sales for Nuclear Fuels Corporation and Director of North American Sales for the United States Enrichment Corporation. In addition, she has held executive positions with ConverDyn and Progress Energy and is currently the Vice Chair of the World Nuclear Fuel Market Board of Governors. These appointments complement the Company's senior Technical Management team, which has been bolstered by recent hires of additional specialists. Urasia Energy is a Canadian-based uranium producer that offers investors exposure to low-cost, uranium production and growth. The Company plans to create shareholder value by focusing on development and operation of low-cost, in-situ leach uranium projects in Central Asia. Urasia is listed on the TSX Venture Exchange, trading under the symbol UUU. On behalf of Urasia Energy Ltd. "Phillip Shirvington" President and Chief Executive Officer The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The foregoing information may contain forward-looking statements relating to the future performance of UrAsia Energy Ltd. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate securities commissions.