BOARD CHANGE AND TRADING UPDATE
28 April 2006
The Board of Yellowcake, the uranium mining sector investment company, today announces the resignation of Robin Abeyesinhe.
Executive Chairman Mark Watson-Mitchell commented
"We are grateful for Robin's work for the Company from its establishment
and wish him good luck in focussing upon his other corporate activities. Yellowcake
plc will be announcing a successor to Robin shortly."
KEY INFORMATION
Yellowcake is another name for the concentrated oxide of uranium which is formed in the milling of uranium ore.
The Company was formed to offer investors a stake in the global uranium mining industry. Uranium is the raw material used in nuclear power stations where zero emissions allow countries to produce increased levels of energy while reducing the release of greenhouse gases into the atmosphere.
To date Yellowcake has invested in some of the leading uranium producing mining companies, in a number of businesses with proven reserves of uranium but not yet producing, as well as several uranium exploration companies.
At the time of the company's Interim Report on 30 March 2006 the company's portfolio of quoted investments had advanced by 44% in the six months since commencing investment in September 2005. One of our unquoted investments, UraMin, was admitted to AIM earlier this month and as a result of this and rises in other constituents, our investment portfolio is now up over 60% since the end of September 2005.
Yellowcake's 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 continue to study the global uranium sector, looking to identify a number of projects to evaluate seeking good capital returns.
Further Information:
Yellowcake Plc
Robert Wallace, Chief Executive
Email: robert@yellowcakeplc.co.uk
Tel: 07970 648 480
Mark Watson-Mitchell, Executive Chairman
Email: mark@yellowcakeplc.co.uk
Tel: 020 7638 8750
The Directors of the Issuer accept responsibility for this announcement.