re: very sexy buying Or the full Text for those that cant be...

re: very sexy buying Or the full Text for those that cant be bothered chasing URLs:

The full text of a company announcement is pasted below

Australian-based international uranium company Uran Limited has secured its first uranium production

opportunity in Eastern Europe after announcing today that it has reached agreement with two key State

agencies in the Ukraine to jointly develop two sedimentary-hosted uranium deposits located in the country's

eastern region.

The agreement represents the first time that a foreign company has been offered an opportunity to

participate in uranium mining in the Ukraine - believed to be the world's 10th largest uranium producer,

although it does not disclose production, reserves or costs.

Subject to completion of a positive feasibility study, it is expected to pave the way for Uran's transition

to commercial uranium production in 2007. It will also provide the opportunity for Uran to participate

directly in previously announced plans for the Ukraine to increase uranium production by 800% by the year

2030 to meet soaring world demand.

Uran said today that it had entered into an agreement with The Department of Fuel and Energy of Ukraine and

SE VostGOK, the State Enterprise responsible for all uranium mining in the Ukraine, to jointly carry out a

final feasibility study on the Surskoye and Gurevskoye uranium deposits, located in the Dnipropetrovsky

region of Ukraine between Dnipropetrovsky and Zhelte Vody.

These deposits are located in the heart of Ukraine's major uranium producing region, in close proximity to

the site of VostGOK's uranium processing operations at Zhelte Vody. Similar style uranium deposits in the

vicinity have been successfully mined by VostGOK using In-situ Leach (ISL) extraction techniques.

Uran's Managing Director, Kate Hobbs, said the agreement represented a significant coup for Uran and

provided an early pathway to uranium production in joint venture with Ukraine's leading State Government

agencies involved in uranium mining.

"This represents a major step forward under our previously announced strategy to secure advanced uranium

production assets in Eastern Europe," Hobbs said. "Previous feasibility studies completed in 1972 at

Surskoye and in 1982 at Gurevskoye indicated that the deposits were amenable to mining by in-situ leaching,

which represents an efficient extraction method and relatively rapid pathway to production."

"Leveraging off VostGOK's technical expertise and strong operating base in eastern Ukraine, we have

commenced a final feasibility study of both deposits to comply with the current JORC reserve

classification," she added. "It is important to note that all information on uranium in Ukraine was

previously classified as a State secret, with documents only now being individually de-classified after

this provision was lifted last month. For this reason, no figures for grade or tonnage of the deposits can

be released at this time."

SRK Consulting (London) Ltd has been retained to assist with the final feasibility study, with technical

data relating to the project to be provided to Uran in December 2006 as secrecy classification of the

documents is lifted. An on-site technical review will commence in the second half of January 2007.

Ms Hobbs said the final feasibility study would review all data from the previous studies, including

verification drilling of the existing uranium reserves utilising drilling rigs available to VostGOK. "We

expect to be able to commence mine planning during the first Quarter of 2007, and with drilling of the ISL

extraction borefield commencing in July 2007 and first production in the second half."

The Gurevskoye deposit lies 50-70m below surface and averages 10-12 metres in thickness. At Surskoye, the

deposit lies approximately 50m below surface and ranges in thickness from 0.5-4m. Other deposits in the

region have been successfully mined with recovery of at least 80% and mine life of about 4 years.

The Ukraine agreement builds on the option agreement and strategic alliance unveiled by Uran earlier this

year which is expected to lead to the acquisition and development of a portfolio of advanced uranium

projects and resources in three former Soviet bloc countries.