(“Niger Uranium” or the “Company”) Acquisition of substantial interest in Kalahari Minerals PLC Niger Uranium, the uranium focused exploration and investment company with interests in the Republic of Niger, Africa, announces that it has acquired 20,000,000 ordinary shares (“Kalahari Ordinary Shares”) in Kalahari Minerals PLC (“Kalahari Minerals”), representing 17.8 per cent. of Kalahari Minerals’ existing issued share capital, at a price of 50p per Kalahari Minerals ordinary share (the “Purchase”). In addition, Kalahari Minerals has announced today the terms of a conditional placing of 46,080,000 new Kalahari Ordinary Shares at a placing price of 31.25p per Kalahari Ordinary Share (the “Placing Price”). Niger Uranium has conditionally subscribed for a further 7,680,000 new Kalahari Ordinary Shares pursuant to the placing at the Placing Price (the “Subscription”). Accordingly, on completion of the Purchase and the Subscription, Niger Uranium will own 27,680,000 Kalahari Ordinary Shares representing approximately 17.5 per cent. of the enlarged issued share capital of Kalahari Minerals. The Directors of Niger Uranium believe that the acquisition of a substantial stake in Kalahari Minerals provides Niger Uranium with interests in nearer-term potential uranium production and a diversification of its uranium portfolio into Namibia, a country with a reputation for having a positive approach to the development of mining projects. Kalahari Minerals is an AIM-listed exploration and development company whose principal asset is a 36.2 per cent. interest in Extract Resources Limited (“Extract Resources”), an ASX-listed uranium exploration and development company with uranium exploration licences in Namibia, Africa. Extract Resources is not producing and while it has commenced drilling, has not declared any resources or reserves. Kalahari Minerals’ interest in Extract Resources is currently valued at approximately £35 million (based on the latest Extract Resources share price). In addition to its shareholding in Extract Resources, Kalahari has interests in the Dordabis and Witvlei copper exploration properties, also located in Namibia, Africa, in the Kalahari copper belt. In respect of the Dordabis property, Kalahari Minerals has a JORC compliant preliminary resource. Drilling has commenced on the Witvlei property but no resources or reserves have yet been declared. The consideration for the Purchase is £10,000,000 which has been satisfied by a cash payment of £5,070,000 (financed from the Company’s existing cash balances) and the issue of 17,000,000 new Niger Uranium ordinary shares of US$0.01 each (“Ordinary Shares”). In addition, the cost of the Subscription is £2.4 million (also to be financed from the Company’s existing cash balances). Application will be made for the new Ordinary Shares to be admitted to trading on AIM, following which Niger Uranium’s enlarged issued share capital will amount to 100,000,000 Ordinary Shares. Admission of the new Ordinary Shares is expected to become effective on 31 March 2008. James Mellon, Non-Executive Chairman of Niger Uranium, said: “Niger Uranium’s strategy continues to build and develop a high quality portfolio of uranium assets and interests in exploration and investment companies alongside the development of its wholly-owned uranium exploration projects in Niger. “The acquisition of this substantial investment in Kalahari Minerals gives Niger Uranium an interest in nearer-term potential uranium production and also takes it into a second African country, Namibia, which is recognised as having a positive approach to the development of mining projects.” Kalahari Minerals reported an audited loss before taxation of £1,443,000 in the period from 1 January 2006 to 31 December 2006. In the six months ended 30 June 2007, Kalahari Minerals reported an un-audited profit before taxation of £10,107,000, which included a profit of £12,047,000 in respect of its share of profit from associates. Audited total shareholder equity as at 31 December 2006 amounted to £5,332,000 and as at 30 June 2007 amounted to £16,635,000. The acquisition is not expected to have a material impact on Niger Uranium’s earnings in the current year. Contacts: Niger Uranium Limited James Mellon, Non-Executive Chairman Ian Stalker, Executive Deputy Chairman and Chief Executive Officer Tel: + 27 82 404 36 37 Beaumont Cornish Limited Roland Cornish / Michael Cornish Tel: + 44 (0) 20 7628 3396 Haywood Securities (UK) Limited Thomas Beattie Tel+ 44 (0) 20 7031 8011 Financial Dynamics Ben Brewerton Tel + (0) 20 7831 3113 ENDS
Niger Uranium Limited
(URU.L - Currency GBp) Share price data is delayed by at least 15 minutes Price 19.50 Today's Open 21.75 Change -2.25 Today's High 21.75 % Change -10.34 Today's Low 19.50 Bid 19.00 Previous Close 21.75 Ask 20.00 52 Week High 76.50 Volume 39,353 52 Week Low 19.50
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