Waseco Resources Inc V.WRI

NR RE: UMN

[MaxT]

"UraMin also has a number of exploration projects in both Africa (Chad, Niger, Senegal and Mozambique) and joint venture projects in Canada (the Rea Project within the Athabasca Basin in Alberta and the Labrador Project in Quebec) on which it is advancing exploration programs that could provide a pipeline of potentially economic uranium projects for the future" Northwestern and UraMin provide update on drill program underway in Niger TORONTO, June 27 /CNW/ - Following their successful agreement to form a Joint Venture Company in Niger, Northwestern Mineral Ventures Inc. (TSX-V: NWT; OTCBB: NWTMF) and UraMin Inc. (TSX: UMN; AIM: UMN) commenced drilling on the highly prospective Irhazer and In Gall concessions. The phase one program is scheduled to include a total of 6,562 feet (2,000 meters) of mud rotary drilling to be completed prior to the start of the rainy season in Niger. The drill program is focusing on high-priority areas near radioactive structural domes that were discovered during earlier ground exploration. "This drill phase marks the beginning of a major, expanded exploration program on our sizeable Niger property portfolio and we are pleased to have rapidly commenced drilling at Irhazer and In Gall," said Marek J. Kreczmer, President and CEO of Northwestern and Managing Director and CEO of the Joint Venture Company. "Irhazer and In Gall have so far returned high-grade uranium values of up to 1.0% U(3)O(8) from widely spaced rock chip samples. We look forward to revealing the full potential of our Niger concessions." Ian Stalker, Executive Deputy Chairman of the Joint Venture Company, said, "The rapid progress made so far highlights our commitment to the development of our activities in Niger and we look forward to updating the market as soon as is practicable as to the results of this exploration drilling. Work on the UraMin properties in Niger, which forms part of the new JV Company, has also commenced on the ground." Sites being tested in this initial phase of drilling include a total of three targets at Irhazer and In Gall. The aim of the program is to test in the vicinity of radioactive structural domes, buried sandstone units known for hosting economic mineralization at the nearby Azelik and Imouraren ore bodies. Drilling is being conducted by ESAFOR of Arlit, Niger. ESAFOR is one of the major drilling companies involved in uranium exploration and exploitation in Niger. At least 14 holes are planned to test areas with potential uranium mineralization at shallow depths during this first phase of drilling. Joint Venture Property Portfolio The Joint Venture Company boasts eight uranium properties - known as Irhazer, In Gall, Kamas 1 to 4, and Dabala 3 and 4 - covering a total of 1,673,644 acres (6,773 square kilometers). Irhazer and In Gall have returned uranium values ranging from 0.22% U(3)O(8) to 1.0% U(3)O(8) from five surface rock samples collected from outcrops, as reported in a Northwestern Mineral Ventures press release on May 29, 2007. These samples were submitted for re-analysis after they exceeded the detection limits of uranium tests routinely used to analyze samples from Niger. Producing mines and deposits in Niger typically grade from 0.1% to 0.42% U(3)O(8), with the highest grades being mined at greater depths. Kamas 1 to 4 and Dabala 3 and 4 are adjacent and situated along the proven Arlit fault, north of a successful uranium-producing mine. The formation of the new corporation and completion of the transactions are subject to review and approval in the Republic of Niger, as well as the receipt of all applicable regulatory approvals (including the approval of the TSX Venture Exchange) and a favorable fairness opinion. ABOUT NORTHWESTERN: Northwestern Mineral Ventures (www.northwestmineral.com) is an international resource exploration company with an experienced management team. The company is focused on properties in Niger and Canada with potential uranium targets. Northwestern also has a precious and base metal property in Mexico. Northwestern is listed on the NASD Bulletin Board under the symbol "NWTMF" and the TSX Venture Exchange under the symbol "NWT." ABOUT URAMIN: UraMin (www.uramin.com) was established in 2005 to acquire and develop mineral properties, predominantly uranium. UraMin is focused on advancing its 100%-owned Trekkopje uranium project in Namibia to the completed Definitive Feasibility Study stage. A trial mine is planned for the fourth quarter of 2007 and commercial production is planned for late 2008. The Company also has a feasibility study underway at its 90%-owned Bakouma uranium project in the Central African Republic and on its 74%-owned Ryst Kuil uranium project in South Africa. SRK is the lead consultant for the Ryst Kuil Project. UraMin intends to bring these near-surface open-pitable projects into production, utilizing efficient mining and processing methods currently in practice worldwide in similar deposits in a cost-effective manner. UraMin also has a number of exploration projects in both Africa (Chad, Niger, Senegal and Mozambique) and joint venture projects in Canada (the Rea Project within the Athabasca Basin in Alberta and the Labrador Project in Quebec) on which it is advancing exploration programs that could provide a pipeline of potentially economic uranium projects for the future. Mr. G M Greenway, Pr.Sci.Nat (SACNASP), MSAIMM, MGSSA, is the qualified person responsible for the current exploration program in Niger and has verified the data reported above. Mr. Greenway is a consultant to UraMin, and has sufficient experience relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking, to qualify as a Qualified Person for the purposes of the geological section in this report. Mr. Greenway has no interest in the company and has consented to the inclusion in this report of his name in the form and context in which it appears. << GLOSSARY ------------------------------------------------------------------------- Definitive Feasibility Study a comprehensive study of a deposit in which all geological, engineering, operating, economic and other relevant factors are considered in sufficient detail for it to reasonably serve as the basis for a final decision by a financial institution to finance the development of the deposit for mineral production ------------------------------------------------------------------------- U(3)O(8) Triuranium octaoxide ------------------------------------------------------------------------- uranium heavy silvery-white metallic element found in several minerals, notably uraninite and carnotite ------------------------------------------------------------------------- >> The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the worldwide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. Potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource on any of the properties referenced in this press release and it is uncertain if further exploration will result in any such targets being delineated as a mineral resource. The technical information which forms the basis for the disclosure regarding the Irhazer and In Gall properties contained herein was prepared by Graham Greenway, an independent consultant, who is a qualified person within the meaning of National Instrument 43-101 of the Canadian Securities Administrators. Additional information about Northwestern's Niger properties is contained in press releases dated June 4, 2007, May 29, 2007, April 30, 2007, March 15, 2007, March 1, 2007, December 14, 2006, October 25, 2006, September 29, 2006, September 22, 2006, June 15, 2006, May 23, 2006, May 2, 2006 , March 27, 2006 and March 8, 2006. For further information: Marek J. Kreczmer, M.Sc., P.Eng., President and CEO, [phone], [e-mail]; Neil Herbert, Chief Financial Officer, Tel: [phone]; Nominated Advisor, Canaccord Adams Limited, Robin Birchall, Tyler Broda, Tel: [phone]; Toronto, Steve Vaughan, Tel: [phone]