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Overview

Tanzania is one of the most significant African economies. Importantly, it is a leading country within the continent for mining activity and is contesting Ghana's title of Africa's second largest gold producer behind South Africa. Furthermore, it is the only country in East Africa with significant coal resources similar in age and quality to the Gondwana coals of southern Africa.

The country has a stable economy with a multi-party democracy, which supports foreign direct investment. The mineral exploration and mining industry is governed by the 1999 Mining Act (last revised in 2006), a straightforward and transparent piece of legislation. Many of the major mining companies, such as AngloGold Ashanti, Barrick Gold, BHP Billiton and Rio Tinto, recognise Tanzania's mineral potential and currently have operations in the country.

URA has built a land position of some 12,700 sq km within the highly prospective Selous, Luwegu and Ruhuhu basins in southern Tanzania, which comprises three primary projects: Mtonya, Ruhuhu and Ruvuma.

Uranium Overview

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Mtonya

The Mtonya project is located 100 km east of the district capital of Songea. It covers 7 leases, which span over the Usagaran orogenic basement to the west and the Karoo Luwegu Basin to the east. Redox style uraniferous mineralisation in the Karoo sandstone units is thought to have originated from felsic intrusions of the Usagaran Orogen.

Ruvuma

The 9,589 sq km Ruvuma project is located in southern Tanzania, predominantly spanning over the Karoo Basin sediments, host rocks of the Company's Mtonya prospect as well as Paladin's Kayelekera operation 300 km to the west in Malawi.

Ruhuhu

The Ruhuhu tenement located in southwest Tanzania spans the upper Karoo sequence of the Ngaka Sub-basin in the Ruhuhu Basin, approximately 70 km northwest of Songea. Previous reconnaissance work completed in the 1980's identified a prospective sandstone/siltstone outcrop within the tenement. In addition, several untested airborne radiometric anomalies were also identified in the 1980s.

Strategy

It is URA's near term objective to acquire and advance assets with short and medium term development cycle requirements. The Company will do this through the identification and acquisition of prospective land packages in Tanzania and other jurisdictions that fit its investment criteria.