7 April 2008
Agreement to Proceed in Ukraine
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Meetings were held in Kiev on 3rd and
4th April with the Ministry of Fuel and Energy of Ukraine, at which
a plan was agreed to carry forward evaluation and development of the
Novogurevskoye and Surskoye uranium projects. A timetable for completion of
data exchange, data review, and finalisation of a joint venture activity
agreement has been established.
The political situation in Ukraine
has stabilised with the appointment late in 2007 of a new government. The
Government has strongly expressed its intention to encourage foreign investment
and the Minister for Fuel and Energy has taken the decision to facilitate
foreign investment in uranium exploration and mining. The Minister has issued a
decree ordering the Ministry to prepare the conditions for such foreign
investment and these conditions have been sent to the Cabinet of Ministers for
approval. Uran Limited expects to receive and accept the conditions during
April 2008.
The Ministry has been
authorised to expedite implementation of Uran’s interests under a
previously announced protocol, which allows Uran to complete a final
feasibility study of the Novogurevskoye and Surskoye uranium projects. If the
study is positive Uran and state uranium mining enterprise VostGOK will form an
unincorporated joint venture to mine the deposits.
The parties plan to complete
the exchange of technical information, and to finalise the joint venture
activity agreement for Novogurevskoye and Surskoye, in April and May 2008. This
will be followed by a visit to Australia
by senior representatives of the Ministry of Fuel and Energy and VostGOK.
Discussions are also underway
on possible participation by Uran in other uranium exploration and mining
projects in Ukraine.
Uran has undertaken to prepare a proposal on participation in a consortium to
acquire a 50% interest in the large underground Novoconstantinovskoye uranium
mine.
Kate Hobbs
Managing Director
For media enquiries
contact
Kate
Hobbs
Caroline de Mori
Uran
Limited
Purple Communications
+61 8 9321
3445
+61 8 9485 1254
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