Mr. Dusty Nicol reports

EUROPEAN URANIUM GRANTS OPTIONS

European Uranium Resources Ltd. has granted a total of 810,000 incentive stock options of the capital stock of the company to directors, officers, employees and consultants, exercisable for up to a five-year period at an exercise price of 22 cents, which is the closing price of the company's stock on the date prior to the date of grant. Furthermore, the directors and the holders of the stock options agreed to cancel 1.06 million incentive stock options so that there are now a total of 1.55 million stock options outstanding or 3 per cent of the issued and outstanding share capital of European Uranium.

The options granted are pursuant to European Uranium's 5-per-cent rolling stock option plan and are subject to any applicable regulatory hold periods.