Updated 20 April 2009

Uran has signed a series of Protocols with the State Enterprise VostGOK, which has historically been responsible for all uranium development and mining in Ukraine. The Protocols have been prepared under the supervision of the Ministry of Fuel and Energy of Ukraine.

The Protocols set out terms under which Uran may enter into a Joint Venture over two sedimentary uranium deposits in the Dnipropetrovsky region of Ukraine. Feasibility studies and pilot ISL extraction have previously been completed over the deposits, however Uran will carry out a final feasibility study and carry out any further work needed to declare a JORC resource. The review of technical data by Uran commenced in the May 2008.

The deposits are in a region hosting a number of uranium mines as well as processing facilities owned by VostGOK, with excellent existing infrastructure.

Due to the continuing changing of the bodies responsible for managing uranium investment and mining, and general political uncertainty, Uran will not be pursuing its agreements in Ukraine until a greater degree of stability and certainty can be assured.