ura on aim, page-4

This is NOT the URA listed on the ASX - note it is a british listed Co URA.

The following is from the WMT website.

o date uranium exploration in Tanzania has literally only scratched the surface. Despite the favorable geology for uranium deposits and several known occurrences the average historical expenditure on uranium exploration in the country has been US$4 per km2 compared to US$16 per km2 in the western part of the African continent and US$224 per km2 in the United States.

Tanzania has favorable regulatory and stable political conditions for exploration, as evidenced by the boom in its gold mining sector in the last 10 years as well as strong investment in nickel, platinum and coal exploration. Western Metals Limited has entered into a farm-in agreement with Uranium Resources plc (URA) over Prospecting Licenses covering 3,774 km2 of ground prospective for uranium in the Mtonya, Ruhuhu and Makutapora areas of The United Republic of Tanzania (Tanzania). Figure 1 shows the location of the projects.

The agreement allows Western Metals to earn up to 60% in the project areas by spending A$4,000, 000 over a 4 year period commencing from May 19th 2006. Western Metals must expend a minimum of A$500,000 in the initial 12 month period.

As the bulk of WMTs current price is due to this project - hence the expected close correlation in SP (though URA seems to be having a more gradual climb compared with WMTs stellar rise over a couple of weeks).