Centram Exploration Ltd. (“Centram” or the “Company”) is pleased to announce that:

• The Company has received approval for graduation to Tier 2 of the TSX Venture Exchange as a mining issuer. The Company’s common shares begin trading on the TSX Venture Exchange on Friday, June 29, 2007 under the symbol CNA.

• The $5 million private placement financing, previously closed in escrow on April 10, 2007, has been released from escrow (see press release dated April 18, 2007). Common share certificates and warrant certificates have been released to the subscribers and the funds, with earned interest, have been released to the Company. The common shares and warrants are subject to a four month hold period, expiring on August 11, 2007. Beginning June 29, 2007, the warrants are subject to forced conversion, provided Centram’s common shares close at $1.00 or more for twenty consecutive trading days.

• All conditions for the final activation of the Company’s uranium joint venture with Crossland Uranium Mines Limited (“Crossland”) of Australia have been achieved.
  Centram/Crossland Joint Venture (“CCJV”)

Under the CCJV, Crossland will contribute three advanced uranium exploration properties in Australia to the joint venture, and Centram will have the right to earn a 50% interest by spending a total of Australian $8 million on these uranium properties over four years, with a minimum commitment of Australian $4 million over two years. In order to earn any interest, Centram must expend the full Australian $8 million.

Upon Centram attaining a 50% interest, the parties will share all further expenses on a 50:50 basis. The CCJV will be managed by a joint venture committee with equal representation from both parties. Crossland is the operator for the CCJV.

Also, under the terms of the CCJV, Centram and Crossland will each contribute Australian $2 million to fund future uranium acquisitions and exploration outside Australia. Uranium activities being undertaken by Centram and Crossland outside Australia are through their newly-established, Canadian-based entity, Crosscontinental Uranium Limited, which last month announced its initial international initiative into West Africa. Crosscontinental is currently in the process of acquiring over 6,000 square kilometres of prospective uranium permits and permit applications in Burkina Faso.

Exploration Update

• Chilling Project in the uranium-rich Pine Creek Orogen of the Northern Territory,

• Charley Creek Project in the Aurunta region of central Australia, northwest of Alice Springs and

• Kalabity Project in South Australia’s Curnamona Province, which hosts several uranium prospects.

The CCJV recently completed its first detailed exploration program with an airborne geophysical survey on the promising Kalabity Exploration License. At the Kalabity Project, the CCJV is earning an initial 60% interest from the owners, PlatSearch NL and Eaglehawk Geological Consulting Pty Ltd., by exploration expenditures of Australian $500,000.

The next project to be flown will be the Charley Creek Project, northwest of Alice Springs; this survey is expected to commence in the next week and involve almost 10,000 line kilometres of detailed survey work.

The survey of the Chilling Project in the Pine Creek Orogen, involving over 25,000 line kilometres, will commence later into the dry season, to enable the area to dry out from the Northern Territory wet season. The presence of surface water is undesirable for radiometric surveys as it can mask the radiometric response of soils.

Centram Shareholder Meeting

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This press release is not for distribution to any U.S. news wire services or for dissemination in the United States of America.