ST. MARTINE, GUERNSEY--(Marketwire - October 9, 2009) - Uranium Limited ("UL") (TSX: UML) reports its net asset value(1) and adjusted net asset value(2) at 30 September 2009 was £77,183,822 (US$124,293,740) or £1.87 per share (US$3.01 per share). Its diluted net asset value(3) and adjusted diluted net asset value at 30 September 2009 was also £1.87 per share (US$3.01 per share).

As at 30 September 2009, NUL's investment portfolio consisted as follows:

(in US dollars, except quantity
 amounts)                           Quantity        Cost      Market Value
                                  ------------- ------------- -------------

Physical Uranium Holdings -
 U3O8                             1,725,000 lbs $  81,274,300 $  73,959,375
Physical Uranium Holdings - UF6    412,000 kg U $  95,716,565 $  48,307,000
                                  ------------- ------------- -------------
                                                $ 176,990,865 $ 122,266,375
                                  ============= ============= =============

Average purchase/contracted
 cost and market value per lb
 of U3O8                                        $       47.12 $       42.88

Average purchase/contracted
 cost and market value per kg
 U of UF6                                       $      232.32 $      117.25

(1) Net asset value equals the total assets of the Company, less its total liabilities (including accrued but unpaid fees) valued in accordance with the Company's accounting policies, namely that investments in U3O8 are valued at the average of (i) the month end UxC U3O8 spot price indicator (as published by Ux Consulting Company, LLC in its Ux Weekly publication) and (ii) the month end TradeTech U3O8 exchange value (as published by TradeTech, LLC in the Nuclear Market Review), ("the Average U3O8 Published Price"), and that investments in UF6 are valued at the average of (i) the month end UxC UF6 spot NA price and (ii) the month end TradeTech UF6 value, ("the Average UF6 Published Price").

(2) Adjusted net asset value is equal to the net asset value adjusted to include the fair value of forward Uranium purchase and sales contracts entered into by the company with reference to the Average U3O8 Published Price and the Average UF6 Published Price.

(3) The Company has issued an option over 2,475,000 shares exercisable at any time (or times) during the period commencing on 21 July 2008 and ending on 21 July 2011. The exercise price of the option is fixed at £2.05 per share. For the purpose of calculating diluted net asset value it has been assumed that the option was exercised at the date of the valuation. Diluted NAV and diluted NAV per share are applicable only when the NAV per share is greater than the exercise price of the respective outstanding share options.

(4) All sterling amounts are translated at 30 September 2009 exchange rate of US$ 1.61036.

About Uranium Limited

Uranium Limited is an investment company created to invest substantially all of its assets in natural Uranium with the primary investment objective of achieving capital appreciation in the value of its Uranium holdings. Additional information about Uranium Limited is available on SEDAR at and on the company's website at


Contact Information: For further information, please contact: Canaccord Adams Limited, NomAd and Broker Ryan Gaffney Henry Fitzgerald-O'Connor +44 207 050 6500