Trading Symbol (TSXV: UUU and AIM: UUU) VANCOUVER, Nov. 29 /CNW/ - UrAsia Energy Ltd. (the "Company" or "UrAsia") reports today that pursuant to the Company's Stock Option Plan, a total of 10,190,000 incentive stock options were granted on November 28, 2006 to directors, officers, consultants and new employees of the Company. The options are exercisable at a price of CAD$3.74 per share until November 28, 2016. Each independent director being Massimo Carello, Robert Cross, Ian Telfer, Frank Giustra, and Doug Holtby were granted 850,000 options, and Phillip Shirvington was granted 1,800,000 options. UrAsia is a Canadian-based uranium producer that offers investors exposure to low-cost, uranium production and growth. The Company creates shareholder value by focusing on the development and operation of low-cost, in-situ leach uranium projects in Central Asia. UrAsia is listed on the TSX Venture Exchange and the Alternative Investment Market (AIM) of the London Stock Exchange, trading under the symbol UUU on both exchanges. 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.