NU. Nufcor

    RNS Number : 4361H
  Nufcor Uranium Limited
  04 November 2008
   

    THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA


    NUFCOR URANIUM LIMITED REPORTS NET ASSET VALUE AND ADJUSTED NET ASSET VALUE AT 
    31 October 2008

    Nufcor Uranium Limited ("NUL") reports its net asset value1 at 31 October 2008 was �82,727,474 (US$134,597,601) or �2.01 per share
(US$3.26 per share). Adjusted net asset value2 at 31 October 2008 was �80,349,158 (US$130,728,080) or �1.95 per share (US$3.17 per share).
Its diluted net asset value3 at 31 October 2008 and its adjusted diluted net asset value3 at 31 October 2008 are equal to its net asset
value and its adjusted net asset value respectively.

    As at 31 October 2008, NUL's investment portfolio consisted as follows:

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

 Investments:
 Physical Uranium Holdings -            2,300,000 lbs         $108,366,000               $104,650,000
 U3O8
 Physical Uranium Holdings -             212,000 kg U           $62,984,565               $26,500,000
 UF6                                     200,000 kg U           $32,732,000               $25,000,000
 Uranium subject to Forward
 Purchase Contracts - UF6
 Uranium subject to Forward             (575,000 lbs)         ($30,024,979)             ($26,162,500)
 Sale 
 Contracts - U308
                                                               $174,057,586        $129,987,500

 Average purchase/contracted                                         $45.42                    $45.50
 cost and market value per lb
 of U3O8

 Average purchase/contracted cost and market value per kg     $232.32  $125.00
 U of UF6                                                   

    1 Net asset value equals the total assets of the Company, less its adjusted total liabilities (including accrued but unpaid fees) valued
in accordance with the Company's accounting policies, except 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 31 October 2008 exchange rate of US$ 1.627.

    About Nufcor Uranium Limited
    Nufcor 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.

    For further information, please contact:

 Nufcor Capital Limited  +44 207 184 5202
 Rian Raghavjee

 Smithfield              +44 207 360 4900
 Rupert Trefgarne


This information is provided by RNS
The company news service from the London Stock Exchange
 
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