New uranium projects

 Cooperation with the Republic of Armenia

Exploration for uranium and other mineral resources accompanying uranium has been carried out within the framework of the Russian-Armenian Comprehensive Cooperation Program for Peaceful Nuclear Power. Pursuant to an agreement regarding the establishment of a Russian-Armenian joint venture for exploration of uranium and other mineral resources, the Armenian-Russian Mining Co. (ARMC) was duly registered in Armenia in 2008.

 Cooperation with the Republic of Namibia

SWA Uranium Mines, a joint venture in the Republic of Namibia, was established by ARMZ Uranium Holding Co. together with VTB Capital Namibia (Pty) Ltd. and Arlan Invest Holdings in 2008.

ARMZ owns part of the project via RUNEX Uranium (Pty) Ltd., a daughter company formed on a parity basis with VTB Capital Namibia (Pty) Ltd.

SWA Uranium Mines’ stated goal is to prospect for, discover and develop new types of uranium mineralization, primarily those relating to sandstone mineralization amenable to in situ recovery.