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29 July 2005

The Board of Yellowcake is pleased to announce today the commencement of trading in the Company's Ordinary Shares on the Ofex market. The Company has raised a total of GBP255,000 at 2p per share and St Helen's Capital Plc is acting as Corporate Adviser.

MARKET STATISTICS

KEY INFORMATION

Yellowcake is a newly incorporated company established by the Directors as an Ofex investment vehicle. Yellowcake is another name for the concentrated oxide of uranium which is formed in the milling of uranium ore.

The Company has been formed to offer investors a stake in the global uranium mining industry. Uranium is the raw material used in nuclear power stations where its zero emissions allow countries to produce increased levels of energy while reducing the release of greenhouse gases into the atmosphere.

Yellowcake will invest in leading uranium producing mining companies, in businesses with proven reserves of uranium but not yet producing and in uranium exploration companies. Its strategy also includes taking direct stakes in uranium mining projects initially in Canada, the USA, South Africa and in various states of the former Soviet Union; Yellowcake's interest in any of those selected projects may range from a minority holding to a fully owned stake. Its investments may be made in quoted or unquoted companies and could also be in uranium holding funds, partnerships or by way of joint ventures.

The Directors, following a study of the global uranium sector, have identified a number of projects which they will evaluate seeking good capital returns. The Directors believe that their collective experience in the area of mergers and acquisitions, accounting, corporate and financial management in relation to small and medium sized businesses will assist them in the identification and evaluation of acquisition opportunities.

Yellowcake has a highly experienced management team: MARK WATSON-MITCHELL (NON-EXECUTIVE CHAIRMAN) is a specialist in investment research and investor relations and is Executive Chairman of AIM quoted Addworth Plc which is an active capital investor; ROBERT WALLACE (CHIEF EXECUTIVE) has founded and run a number of companies as chief executive, is a commentator on mining stocks and since 1999 has been a senior analyst for The AIM and Ofex Newsletter. ROBIN ABEYESINHE (FINANCE DIRECTOR) is experienced in AIM companies and is Finance Director of Addworth Plc; ALBERT COLLINS (NON-EXECUTIVE DIRECTOR) was for ten years the investment fund manager for GUARDIAN ROYAL EXCHANGE's Trustee Division.

(SEE APPENDIX 2 FOR ADDITIONAL INFORMATION ON THE BOARD)

APPENDIX 1

Below is the name of any shareholder who holds an interest in 3% or more of the issued share capital

APPENDIX 2

APPENDIX 3

APPENDIX 4

RISK FACTORS

1. The success of the Company depends largely upon the expertise of the current Directors and their ability to identify suitable investment opportunities and implement the Company's strategy. The loss of one or other of the key Directors could have an adverse effect on the Company.
2. The Company's future success will also depend, inter alia, on its future Directors and management team. The recruitment of suitable skilled Directors and retention of their services or the services of any future management team cannot be guaranteed.
3. As part of its corporate strategy in buying into projects the Company may well acquire shares in quoted companies where the market price may be volatile and may therefore be difficult to realise due to a potentially illiquid market. Any investments in private companies may be even more difficult to value and realize.
4. The Company has no established trading record and does not presently carry on any trading activities. The value of an investment in the Company is dependent inter alia upon the Company acquiring a company or business that meets the Company's corporate strategy. There can be no guarantee that the Company will acquire any development project, company or business meeting the Company's criteria or that any such company or business acquired will be profitable or achieve significant or sustainable growth as a consequence of which resources might have been expended fruitlessly on investigative work and due diligence.
5. The Company may invest in jurisdictions where there may be a number of associated risks over which it will have no, or limited, control. These may include economic, social or political instability or change, hyperinflation, currency non-convertibility and changes of law.
6. The Company will invest in exploration for and the development of resources which is speculative and involves a significant degree of risk. There is no assurance that such exploration will lead to commercial discoveries or, if there is a commercial discovery, that such reserves will be realizable.
7. The Company's main strategic focus for investment will be in uranium mining and therefore the Company will be exposed to general exploration, mining and processing risks. These include unusual and unexpected geological formations, rock falls, seismic activity, flooding and other conditions involved in the extraction of material, natural disasters, terrorist attacks and political unrest any of which could result in the damage to, or destruction of, mines and or other producing facilities, damage to life or property, environmental damage and possible legal liability. Although adequate precautions to minimise risk will be taken, operations are subject to hazards which may result in environmental pollution and consequent liability which could have an adverse impact on business, operations and financial performance of the Company.
8. projects in which the Company may participate, directly or through and equity interest, will almost certainly be situated and/or quoted overseas, and therefore will be subject to fluctuating rates of exchange;
9. The Ordinary Shares are not listed or traded on any stock exchange. Notwithstanding the fact that an application will be made for the Ordinary Shares to be traded off exchange through Ofex this should not be taken as implying that there will be a "liquid" market in the Ordinary Shares. An investment in the Ordinary Shares may thus be difficult to realise. The value of the Ordinary Shares may go down as well as up. Investors may therefore realise less than their original investment, or sustain a total loss of their investment.
10. Share market conditions, particularly those affecting mining and exploration companies, may affect the ultimate value of the Company's share price regardless of future operating performance.
11. The market price of the Ordinary Shares may not reflect the underlying value of the assets of the Company.
12. Continued membership of Ofex is entirely at the discretion of Ofex plc.
13. Ofex is not the AIM or the Official List. Consequently, it may be more difficult for an investor to sell his or her Ordinary Shares and he or she may receive less than the amount paid. The market price of the Ordinary Shares may not reflect the underlying value of the Company's net assets or operations.
14. The share prices of public companies are often subject to significant fluctuations. In particular, the market for shares in smaller public companies is less liquid than for larger public companies. Consequently, the Company's share price may be subject to greater fluctuation and the Ordinary Shares may be difficult to sell.
15. The Company's total return and net assets can be significantly affected by currency movements.
16. It is likely that the Company will need to raise further funds in the future, either to complete a proposed acquisition or to raise further working or development capital for such an acquisition. There is no guarantee that the then prevailing market conditions will allow for such a fundraising or that new investors will be prepared to subscribe for Ordinary Shares at the same price as the Offer Price, or higher. Shareholders may be materially diluted by any further issue of ordinary shares by the Company.
17. The Company's Ordinary Shares are intended for capital growth and therefore may not be suitable as a short-term investment. Investors may therefore not realise their original investment at all, or within the time-frame they had originally anticipated

Further Information:

Yellowcake Plc
Robert Wallace
Email: norstar@blueyonder.co.uk
Tel: 07970 648 480

The Directors of the Issuer accept responsibility for this announcement.