Trading Symbol (TSXV: UUU)
VANCOUVER, April 6 /CNW/ - UrAsia Energy Ltd. (the "Company" or "UrAsia")
is pleased to announce it is to supply a uranium producer with approximately
780,000 pounds U3O8 from its Akdala uranium mine in the Republic of
Kazakhstan. The Company has a 70% interest in the Betpak Dala Joint Venture
("Betpak Dala"), which has a 100% interest in the Akdala uranium mine. The
delivery to the producer will be made in the first half of 2006 at market
related prices.
This is the second sales contract announced by the Company since it
acquired indirect interests in three Kazakh-based uranium projects in
November 2005. Commenting on the sales contract, Phillip Shirvington,
President and Chief Executive Officer, said, "UrAsia is able to take advantage
of today's high uranium prices and potential price rises to come, as it no
longer has any old contracts in place, has negotiated its new contracts this
year, and is yet to contract most of its future production - in summary, our
production is unhedged."
The Kazakh-based uranium projects include: the Akdala uranium mine and
the South Inkai and Kharassan, advanced-stage development projects. The
Company has filed revised technical reports (dated March 21, 20, 25, 2006
respectively and prepared by Roscoe Postle Associates Inc. ("RPA")) for each
of these projects, the reports are available on SEDAR at www.sedar.com. The
technical reports were revised in order to add additional information and to
clarify certain items, including historical drilling statistics.
Following completion of the Company's revised technical reports and
further to the technical disclosure in its revised Annual Information Form
dated, February 20, 2006: management confirms that the drilling statistics
reported for the South Inkai property did include drilling statistics for the
entire Inkai Uranium Field. Based on recently obtained data from Betpak Dala,
it is reported that on UrAsia's South Inkai property, drilling consisted of
600 holes totalling 294,000m.
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.
