to acquire uranium interest in uzbekistan ukraine

Sydney - Wednesday - August 23: (RWE Aust Business News) - Uran
Ltd (ASX:URA) has preliminary agreeements on uranium assets in Ukraine
and Uzbekistan.
It has an option agreement to acquire Discovery Minerals Pty Ltd,
whose key assets include an alliance with Russian mining and engineering
company, Integra Group.
Under this alliance Discovery and Integra are to form a joint
venture company to identify and acquire advanced uranium projects in
Uzbekistan and Kazakhstan.
Protocol has been agreed with Ministry of Fuel and Energy of the
Ukraine and State Enterprise VostGOK setting out terms under which
Discovery can enter into a JV over both sedimentary uranium deposits and
underground mines in Ukraine's Dnipropretrovsky region.
Feasibility studies completed over several sedimentary deposits
in this region indicate they can be profitably exploited.
Uran may exercise its option within three months by issuing to
the shareholders of Discovery shares in Uran which constitute 60pc of the
company on a fully-diluted basis after those shares are issued.
Uran may extend its option for three months by payment of
$100,000 prior to expiry of the first three months.
An independent valuation will be completed prior to exercise of
the option.
The transaction is also subject to shareholder approval, which
will be sought at a shareholder meeting to be convened during October
2006.
Discovery Minerals is a company associated with Kate Hobbs, who
is a director of Uran.
Kazakhstan is the world's third largest producer of uranium, and
Uzbekistan is the seventh.