Strategic Alliance between UrAmerica and Cameco remains unchanged

June 27, 2012

UrAmerica Limited
(“UrAmerica”)

Strategic Alliance between UrAmerica and Cameco remains unchanged.

UrAmerica is pleased to announce there has been no change in the Strategic Alliance between UrAmerica and Cameco Corporation (TSX:CCO) (NYSE:CCJ) or the planned exploration activities in the Province of Chubut, Argentina.

UrAmerica is proceeding with a 30,000-meter drill program surrounding the high-grade Cerro Solo uranium deposit, held by the National Commission of Atomic Energy. To date, over 9,000 meters of drilling have been completed.

Recent news reports suggesting that Cameco has abandoned its exploration effort in Argentina are not correct. Cameco remains fully involved in UrAmerica’s projects through its investment in UrAmerica and active participation in the Joint Technical Committee established under the Strategic Alliance Agreement executed between Cameco and UrAmerica in October 2011.

Omar Adra, Founder and CEO of UrAmerica, commented:

“UrAmerica continues to have a strong Strategic Alliance with Cameco. I am very pleased to continue to work with Cameco, whose investment in UrAmerica is being applied to the development of our properties in Chubut, Argentina, in accordance to the program and budget approved last October by the Joint Technical Committee.”

For further information contact UrAmerica Limited at:
Tel: +54 (11) 4804 2115
info@uramerica.co.uk

As used in this press release, “Cameco” means Cameco Global South America Inc. and its subsidiaries and affiliates. This press release contains forward-looking statements and information within the meaning of applicable securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that UrAmerica expects or anticipates will or may occur in the future. When used in this press release, the words “potential”, “indicate”, “expect”, “intend”, “hopes,” “believe,” “may,” “will,” “if” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of UrAmerica to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, the risks and hazards associated with the business of mineral exploration, development and mining, the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits, changes in national and local government, legislation, taxation, controls or regulations and political or economic developments in Argentina, risks concerning UrAmerica’s title to properties, potential effects on UrAmerica’s operations of environmental regulations in Argentina, risks due to legal proceedings, and risks relating to political and economic instability Argentina. Although UrAmerica has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, UrAmerica assumes no obligation to publicly update any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.