uau update, page-2

more from the UAU website...7 july 2011

calling an egm soon to change name to Polymetallica Minerals Ltd to "better reflect the multi commodity exploration potential of company?s assets."

"Uranium Australia will be calling general meeting to approve the change of name from Uranium Australia Ltd to Polymetallica Minerals Ltd. The company completed first stage of field exploration programs for iron ore and nickel at its Wonganoo project and for rare earths, uranium, thorium and base metals at its Gascoyne project (see announcement below)."

"Preliminary results from these programs indicate potential for significant rare earths and copper discoveries at Gascoyne projects and for nickel and iron ore at Wonganoo. Consequently, the board believes that a name Polymetallica Minerals would better reflect the multi commodity exploration potential of company?s assets. Subject to shareholder approval the name of Uranium Australia and associated trademarks will be transferred to our wholly owned subsidiary which will continue to explore for uranium within company?s projects.

Following on successful field programs at Wonganoo project (located near Leinster in the Eastern Goldfields of WA) and at Carlo Creek, Nine Mile Creek and Dairy Creek projects (located near Gascoyne Junction in Gascoyne Region of WA) which are currently being evaluated, the Company is considering changing its name to Polymetallica Minerals Ltd.

The field program at Wonganoo project was targeting iron ore within banded iron formations and nickel within meta-komatiites and ultramafics. The field program at Carlo Creek, Nine Mile Creek and Dairy Creek projects was targeting copper, rare earths, zircon, nickel, zinc, lead and uranium.

Uranium Australia?s Gascoyne projects adjoin the Aurora Minerals (ARM) Glenburgh project. ARM has had recent success discovering new copper mineralisation at Glenburgh.

Preliminary results from both programs are very positive and suggest a strong potential for discovery of commercially viable mineralisation. Detailed results will be provided once the evaluation of assays and geospatial analysis of results have been completed.

Within next 2 weeks Uranium Australia will be mailing to all shareholders a notice of EGM to approve the change of name from Uranium Australia Ltd to Polymetallica Minerals Ltd. The name of Uranium Australia and associated trademarks will be transferred to our wholly owned subsidiary which will continue to explore for uranium within Company?s projects."