URANIUM Kazakhstan

Press Release Source: UrAsia Energy Ltd.


UrAsia Energy increases inferred mineral resource base at South Inkai by 69%
Thursday November 16, 9:30 am ET


Trading Symbol (TSXV: UUU and AIM: UUU)
VANCOUVER, Nov. 16 /CNW/ - UrAsia Energy Ltd. (the "Company" or "UrAsia") is pleased to announce that it has increased its inferred mineral resource at the South Inkai uranium project in the Republic of Kazakhstan by 69%. This is a result of a recently completed audit of newly certified resources on the South Inkai project. The Company has a 70% interest in the Betpak Dala Joint Venture, which has a 100% interest in the South Inkai uranium project "South Inkai" and the Akdala uranium mine "Akdala".
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The original mineral resource estimate for South Inkai, Section 4, as estimated by Roscoe Postle Associates Inc. (now known as Scott Wilson RPA) and included in their Technical Report prepared in accordance with NI43-101 dated October 8, 2005 and revised March 20, 2006 contained a table of mineral resources as of March 2005.

The recent increase in the inferred mineral resource at South Inkai from 25.6 million pounds U(3)O(8) to 43.5 million pounds U(3)O(8) is the result of certification of mineral resources from an area within the South Inkai project that was drilled during the period 1991 to 1993. Scott Wilson RPA, engaged to complete the audit of the newly certified resources, confirmed that the drill holes included in the 'new' resource blocks are shown on sections received from the Republic of Kazakhstan in 2005, but were not included in the resources audited by Roscoe Postle Associates Inc. at the time - as they had not been certified by the State Commission on Mineral Reserves of the Republic of Kazakhstan.

Scott Wilson RPA has provided the Company with an updated statement of mineral resources for the South Inkai project. The South Inkai Resource Estimate, as at October 2, 2006, is shown in Table 1.


Table 1. South Inkai Resource Estimate, October 2, 2006
(Attributable to Urasia)
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Commenting on the substantial increase in the mineral resource estimate at South Inkai, Phillip Shirvington, President and Chief Executive Officer, said, "the Company has increased its inferred mineral resource through the successful conversion, certification and reclassification of a portion of its resource base at South Inkai. I am encouraged by the conversion factors we are experiencing during the ongoing reclassification of our resource base. The reclassification is necessary, as we continue to advance the construction and development of the South Inkai project."
Scott Wilson RPA is of the opinion that the classification of Mineral Resources as reported in Table 1. meet the definitions and guidelines as defined by the CIM Council on December 11, 2005. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Please refer to the Technical Report, dated March 20, 2006 for the methodology used in estimating in-situ leach uranium resources.

UrAsia is a Canadian-based uranium producer that offers investors exposure to low-cost, uranium production and growth. The Company creates shareholder value by focusing on the development and operation of low-cost, in-situ leach uranium projects in Central Asia.

UrAsia is listed on the TSX Venture Exchange and the Alternative Investment Market (AIM) of the London Stock Exchange, trading under the symbol UUU on both exchanges.

The information contained within this announcement has been reviewed by Sally Eyre, B.Sc., Ph.D, DIC, Vice President, Corporate Affairs UrAsia Energy Ltd.


On behalf of UrAsia Energy Ltd.

"Phillip Shirvington"
President and Chief Executive Officer


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The foregoing information may contain forward-looking statements relating to the future performance of UrAsia Energy Ltd. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate securities commissions.