URANIO AG ANNOUNCES PRELIMINARY EXPLORATION RESULTS

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                 Uranio AG Hirschgässlein 30    Frankfurt: UAI WKN: 924482
www.uranio.ch    CH-4051 Basel                 Telefon: +41(61)271 27 70
                 Switzerland                   Telefax: +41(610271 27 71




NEWS RELEASE #2: AUGUST 4th 2008
URANIO AG ANNOUNCES PRELIMINARY EXPLORATION RESULTS ON THE OLTA-MALANZAN
CONCESSIONS IN
LA RIOJA PROVINCE, CENTRAL ARGENTINA


(PLEASE BE ADVISE: GEOLOGICAL PICTURES AND SCHEDULES ARE AVAILABLE ON OUR
HOMEPAGE: www.uranio.ch)

INTRODUCTION

Uranio AG, under its wholly owned subsidiary Uranio del Sur S.A., has
started detailed prospecting and exploration on its properties (224,000 ha)
in Argentina (Fig. 1). Described below are preliminary results from
prospecting in the Olta-Malanzan Project where concessions total 58,664
hectares (Fig. 2).

 

Figure 1. Concessions held and applied for by Uranio AG in Argentina total
about 224,000 hectares. This report describes recent prospecting on the
58,664 hectares of concessions that form the Olta-Malanzan Project in the
Province of La Rioja, Argentina.

  

Figure 2. Outline in red of Uranio’s Olta-Malanzan Concessions (58,664 ha)
in the Province of La Rioja, Argentina. Principal areas of anomalous
uranium discoveries are identified, the best explored of which are
described in Figures 3 and Table 1. Dashed yellow lines mark centers of
Permo-Carboniferous paleochannels now marked by conglomerates, sandstones
and shale. The borders of this paleochannel, which is more than 50
kilometers long, are marked with yellow-hashed lines. Basement to the
paleochannel is metamorphic and granitic rocks of the Sierra de Chepes
uplift. Most of the uranium showings are associated with basal
conglomerates at the unconformity between the underlying basement and the
paleochannel Background is an Aster satellite image (VIS); coordinates are
UTM Gauss Kruger (WGS84).

TABLE 1. Anomalous values from newly explored uranium showings on the
Olta-Malanzan concessions in La Rioja, Argentina (Fig. 3).


ANOMALY(Figs. SCNT.              SCNT.         ASSAY URANIUM**U   DEPOSIT
2 & 3)        URANIUM*eUppm      THORIUM*eTh   ppm (percent)      HOST
              (percent)          Ppm
BURRO         801 ppm (0.08%)    39.3 ppm      NA***              Conglom
                                                                  erate
CAIDO         1187 ppm (0.12%)   32.6 ppm      503 ppm (0.05%)    Conglom
                                                                  erate
CHIMINEA      783 ppm (0.08%)    45.4 ppm      NA***              Conglom
                                                                  erate
CNA           1400 ppm (0.14%)   3.7 ppm       NA***              Sandsto
                                                                  ne
LA ARADA      752 ppm (0.08%)    0.0 ppm       1706 ppm (0.17%)   Sandsto
                                                                  ne
LATA          2966 ppm (0.30%)   50.1 pm       NA***              Conglom
                                                                  erate




*Analyses by discriminating scintillometer (SCNT.)are reported as eUppm for
uranium in ppm (and %),
  and eThPpm for thorium in ppm.

**Analyses by Acme Laboratories Ltd., Vancouver, B.C., Canada.

***NA  is not analyzed; analysis is in progress.

  

Figure 3. Principal anomalous areas in the Olta-Malanzan concessions (Fig.
2) discovered during initital prospecting. Values from these areas are in
Table 1. Map background is an Aster satellite image (RGB461). Coordinates
and explanation of paleochannel marked in yellow are in the legend of
Figure 2.

GEOLOGY AND TARGET OF EXPLORATION

The majority of the satellite image in Figure 2 is of the Sierra de Chepes
Uplift. The area covered by the Olta-Malanzan Concessions in this figure
consists of: (i) basement rocks of Precambrian schist, gneiss, granite and
local pegmatite that have been intruded by Paleozoic granite, and (ii) a
Permo-Carboniferous paleochanel of continental sediments that unconformably
overlies the basement. The unconformity between these two units is marked
by basal conglomerate. These continental sediments are part of the Panganzo
Basin that hosts several uranium mines including the Los Mogotes Los
Colorados Mine, which is a roll-front uranium deposit.

The majority of the uranium showings described in Figures 2 and 3 are
hosted in the basal conglomerate, exactly at the unconformity. Thus, the
BURRO, CAIDO, CHIMENEA and LATA showings in Figures 2 and 3 are
characterized as 'Unconformity Type Uranium'. Uranium deposits of this type
are among the largest and richest in the world. Famous examples are in
Canada and Australia. Consequently, the potential for deposits of this type
in the Olta-Malanzan Concessions is substantial and exciting.

The CNA and LA ARADA uranium showings in Figures 2 and 3, and Table 1, are
concentrated in sandstone units. The CNA deposit is close to the
unconformity, but the LA ARADA deposit is an unknown distance above it.
Faults are locally mineralized, and are therefore, highly prospective. This
is common to districts with unconformity type deposits. Consequently,
concentration of prospecting along structures is being carried out. These
fertile fault structures are being identified with the aid of Aster
satellite imagery (Figs. 2 & 3).

Isolated, uranium-rich boulders in otherwise barren basal conglomerate
occur commonly over the two kilometers between the CNA and CAIDO deposits.
This, along with evidence of uranium leaching in the richer basal
conglomerate deposits, indicates that mobilized uranium might be
re-deposited elsewhere and deeper along the unconformity where reducing
conditions occur at the level of a lowered water table. Using an analogy
with supergene copper deposits, the re-deposited uranium could become
successively enriched with each leaching cycle. Consequently, highly
enriched, economic uranium deposits of the 'Unconformity Type' probably
occur deeper in the paleochannels. Likely locations for such enriched zones
are at depth below sedimentary cover near the approximate axes of the
paleochannels marked with dashed yellow lines in Figures 2 and 3.

CONCLUSIONS

Uranium exploration in Argentina offers exciting opportunities for major
discoveries of new uranium mines. Detailed results from ongoing exploration
on specific showings in the Olta-Malanzan Project in La Rioja will be
reported as appropriate. Uranio’s management believe that this project
offers an opportunity of discovering major, high grade uranium
mines—especially in the central and deeper parts of the paleochannels. Some
of the largest uranium deposits in the world are of the unconformity-type,
which characterizes most of the significant showings described here.

On behalf of the Board of Directors

'Peter Goeggel'

President and Director



PLEASE BE ADVISE: GEOLOGICAL PICTURES AND SCHEDULES ARE AVAILABLE ON OUR
HOMEPAGE: www.uranio.ch
05.08.2008  Financial News transmitted by DGAP
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