New Investment

Niger Uranium Limited
20 March 2008


For immediate release

                                                                   20 March 2008

                             Niger Uranium Limited
                       ('Niger Uranium' or the 'Company')


          Acquisition of substantial interest in Kalahari Minerals PLC


Niger Uranium, the uranium focused exploration and investment company with
interests in the Republic of Niger, Africa, announces that it has acquired
20,000,000 ordinary shares ('Kalahari Ordinary Shares') in Kalahari Minerals PLC
('Kalahari Minerals'), representing 17.8 per cent. of Kalahari Minerals'
existing issued share capital, at a price of 50p per Kalahari Minerals ordinary
share (the 'Purchase').


In addition, Kalahari Minerals has announced today the terms of a conditional
placing of 46,080,000 new Kalahari Ordinary Shares at a placing price of 31.25p
per Kalahari Ordinary Share (the 'Placing Price'). Niger Uranium has
conditionally subscribed for a further 7,680,000 new Kalahari Ordinary Shares
pursuant to the placing at the Placing Price (the 'Subscription'). Accordingly,
on completion of the Purchase and the Subscription, Niger Uranium will own
27,680,000 Kalahari Ordinary Shares representing approximately 17.5 per cent. of
the enlarged issued share capital of Kalahari Minerals.


The Directors of Niger Uranium believe that the acquisition of a substantial
stake in Kalahari Minerals provides Niger Uranium with interests in nearer-term
potential uranium production and a diversification of its uranium portfolio into
Namibia, a country with a reputation for having a positive approach to the
development of mining projects.


Kalahari Minerals is an AIM-listed exploration and development company whose
principal asset is a 36.2 per cent. interest in Extract Resources Limited
('Extract Resources'), an ASX-listed uranium exploration and development company
with uranium exploration licences in Namibia, Africa. Extract Resources is not
producing and while it has commenced drilling, has not declared any resources or
reserves. Kalahari Minerals' interest in Extract Resources is currently valued
at approximately £35 million (based on the latest Extract Resources share
price).


In addition to its shareholding in Extract Resources, Kalahari has interests in
the Dordabis and Witvlei copper exploration properties, also located in Namibia,
Africa, in the Kalahari copper belt. In respect of the Dordabis property,
Kalahari Minerals has a JORC compliant preliminary resource. Drilling has
commenced on the Witvlei property but no resources or reserves have yet been
declared.


The consideration for the Purchase is £10,000,000 which has been satisfied by a
cash payment of £5,070,000 (financed from the Company's existing cash balances)
and the issue of 17,000,000 new Niger Uranium ordinary shares of US$0.01 each
('Ordinary Shares'). In addition, the cost of the Subscription is £2.4 million
(also to be financed from the Company's existing cash balances). Application
will be made for the new Ordinary Shares to be admitted to trading on AIM,
following which Niger Uranium's enlarged issued share capital will amount to
100,000,000 Ordinary Shares. Admission of the new Ordinary Shares is expected to
become effective on 31 March 2008.





James Mellon, Non-Executive Chairman of Niger Uranium, said:


'Niger Uranium's strategy continues to build and develop a high quality
portfolio of uranium assets and interests in exploration and investment
companies alongside the development of its wholly-owned uranium exploration
projects in Niger.


'The acquisition of this substantial investment in Kalahari Minerals gives Niger
Uranium an interest in nearer-term potential uranium production and also takes
it into a second African country, Namibia, which is recognised as having a
positive approach to the development of mining projects.'



Kalahari Minerals reported an audited loss before taxation of £1,443,000 in the
period from 1 January 2006 to 31 December 2006. In the six months ended 30 June
2007, Kalahari Minerals reported an un-audited profit before taxation of
£10,107,000, which included a profit of £12,047,000 in respect of its share of
profit from associates. Audited total shareholder equity as at 31 December 2006
amounted to £5,332,000 and as at 30 June 2007 amounted to £16,635,000. The
acquisition is not expected to have a material impact on Niger Uranium's
earnings in the current year.


Contacts:

Niger Uranium Limited                                 Tel: + 27 82 404 36 37
James Mellon, Non-Executive Chairman
Ian Stalker, Executive Deputy Chairman and 
Chief Executive Officer

Beaumont Cornish Limited                              Tel: + 44 (0) 20 7628 3396
Roland Cornish / Michael Cornish

Haywood Securities (UK) Limited                       Tel+ 44 (0) 20 7031 8011
Thomas Beattie

Financial Dynamics                                    Tel + (0) 20 7831 3113
Ben Brewerton



ENDS






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