BHP Diamonds Inc. and Uravan Minerals Inc. Form Joint Venture for the Rottenstone PGM-Ni-Cu Project: Exploration to Commence Immediately.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--May 29, 2001

In a signed letter agreement (the "Agreement") dated May 24, 2001, Uravan Minerals Inc. ("Uravan") (CDNX:UVN.) and BHP Diamonds Inc. ("BHP") a part of BHP Minerals entered into an option agreement whereby BHP can earn up to a 70% interest in the Rottenstone PGM-Ni-Cu property by incurring $4,300,000 in exploration expenditures.

The Agreement is a staged earn-in in which BHP can earn an initial 60% interest by incurring $2,300,000 in exploration expenditures on the Rottenstone property over four years. An additional 10% interest can be earned by incurring a further $2,000,000 in exploration expenditures during the fifth year of the Agreement after which a joint venture is formed.

The Rottenstone PGM-Ni-Cu Property, located in northern Saskatchewan, has been the focus of Uravan's exploration efforts since 1998. The initial PGM-Ni-Cu target pursued by Uravan was the previously exploited Rottenstone deposit. The Rottenstone deposit was mined in the mid-late 1960's, producing approximately 40,000 tons of high-grade ore grading 3.28% Ni, 1.83% Cu and 9.63 g/t PGE. According to experts, the extremely high PGM-Ni-Cu grades hosted by the ultramafic sill at Rottenstone are a function of the high proportion (40% to 60%) of contained sulphides. This association strongly indicates that the Rottenstone deposit is an extension of a much larger ultramafic intrusive body hosting a much larger high grade PGM-Ni-Cu deposit.

Uravan's exploration work has advanced the property from its 1960's state as being a small, isolated, high grade PGM-Ni-Cu occurrence to a world class PGM exploration target highlighted by four major target areas.

The injection of new exploration capital by BHP will increase the potential for the discovery of a Canadian world-class PGM-Ni-Cu deposit at Rottenstone. An exploration plan and budget for target specific ground geophysics and geochemical surveys is presently under joint development by BHP and Uravan. This initial program will be aggressive in its objective to define drill targets that can be pursued during this summer field season.

Throughout the period that Uravan has been involved with BHP in constructing this Agreement and assembling an exploration strategy, it is clear that BHP shares Uravan's zeal for pursuing a major PGM target at Rottenstone. BHP's participation in Uravan's on-going exploration effort at the Rottenstone property is considered by Uravan's management to be an exciting and welcomed event.

Respectfully Submitted, Larry Lahusen President, Uravan Minerals Inc.

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