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Through its option to acquire Discovery Minerals Pty Ltd, Uran has a strategic alliance with Integra Group to acquire existing uranium resources and advanced uranium projects in Uzbekistan.
Currently Uzbekistan is the world’s seventh largest producer of uranium.
Integra Group and its subsidiaries (“Integra”) have developed ore reserve calculation software which is in use in a number of major mines including Muruntau gold mine in Uzbekistan, which produces two million ounces of gold a year.
Integra also calculates all mine scheduling and manages automated machine monitoring for Muruntau mine.
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The company developed highly efficient ore sorting technology which has been successfully tested on gold, nickel, copper and other ores of different deposits, and commercial operation of the technology is now underway on a gold project in Uzbekistan.
Integra is headed by its founder, Mr Alexei Kantsel, doctor of geology and mineralogy, USSR State award laureate, who was one of the main leaders of uranium science in the Soviet era.
Dr Kantsel was Director of Rare Metals sector of one of the major research institutes of the Academy of Science of USSR, and he was later co-Chairman of the State Commission on gold and diamonds for the Russian Federation.
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Dr Kantsel has more than 40 years experience working in the central Asian region of the former USSR, particularly in Uzbekistan where he acts in an advisory capacity to the Government of Uzbekistan on uranium.
Discovery and Integra have established a company in Russia called Urasia Mining, the shares of which are owned 50% by Discovery and 50% by Integra.
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The Board consists of two representatives of Discovery and two representatives of Integra. Integra will identify and, if Discovery agrees, seek to acquire for Urasia Mining rights to advanced uranium projects in Uzbekistan.
Discovery will contribute the first A$1,000,000 to Urasia Mining for acquisition, exploration and development of any advanced uranium project which is acquired.
Discovery may increase its interest in the project, should Integra elect not to contribute, to 60% by solely funding the next $1,000,000 expended, and to 70% by solely funding the next $1,000,000 expended.
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Discovery may fund all subsequent expenditure in which case Integra’s 30% share will constitute a loan repayable to Discovery from first production.
Integra’s knowledge of uranium mineralization in the region, and its strong presence in Uzbekistan, provide opportunities to build a strong uranium portfolio in the region.
UZBEKISTAN URANIUM DEPOSITS
 Uzbekistan History & Government
Uzbekistan is an independent nation in Central Asia and is the fourth largest state of the former Soviet Union, covering an area of 447,400 square kilometres (about the size of Sweden). It is bordered by Kazakhstan to the north and west, Kyrgyzstan and Tajikistan to the east, and Turkmenistan and Afghanistan to the south. The capital of Uzbekistan is Tashkent. The country has good international and domestic air services and a well-developed road and rail network.
Uzbekistan is the most populous nation in Central Asia, with 25.4 million people. The two main ethnic groups are Uzbek and Russian, comprising 75% and 6% respectively of the population. The country is secular and the predominant religion is Sunni Muslim. The people are tolerant and friendly, and the workforce is well-educated. Russian is widely spoken, in addition to Uzbek.
Uzbekistan has a long history as a powerful and wealthy nation which was for several centuries one of the world’s major educational and scientific centres. In 1220 the Mongol ruler Ghengis Khan captured the region and under the rule of his successors, Tamurlaine and Uleg Beg, and until the 16th century, it was the most powerful nation in the region. During this period Samarkand, Bukhara, and Tashkent were fabled centres of prosperity, culture, and science due to their location on the Great Silk Route. A number of universities flourished drew scientists and philosophers from Europe and Asia, and modern astronomy was largely founded there. The observatory of Uleg Beg can be seen in Samarkand.
The area was conquered by Russia from 1865 and remained under Soviet rule until 1990, when the independent nation of Uzbekistan was created. Parliament passed a resolution declaring the republic's sovereignty, the first Asian republic to declare that its own laws had sovereignty over those of the central Soviet government. In 1991 Uzbekistan was declared independent and joined with ten other former Soviet Republics to form the Commonwealth of Independent States.
The Government has been led since 1991 by the President Mr Islam Karimov, whose government has taken a number of steps to support foreign investment. “The Law on Foreign Investments and the Law on Guarantees and Protection of the Rights of Foreign Investors” forms the basis for foreign investment in Uzbekistan, and stipulates that investments can not be nationalised or confiscated without the payment of compensation. The law also provides a 10-year guarantee against adverse changes in legislation, including tax legislation.
The Foreign Investment Programme provides that projects with foreign investment of 50% or more and a share capital of at least US$1,000,000 qualify for a seven-year exemption from profits tax, and thereafter pay a maximum profits tax rate of only 16%.
Although not a wealthy country, Uzbekistan has abundant natural resources including oil and gas, coal, gold, uranium, silver, copper, lead and zinc, tungsten, and molybdenum. The world’s largest open-pit gold mine, Muruntau, is located in Uzbekistan and prodices about 2 million ounces of gold a year. It also produces large amounts of high-quality fruits and vegetables for export and internal consumption.
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