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Old 04-15-2011, 06:46 AM
Sparty Sparty is online now
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Default Extract world's 5th largest uranium resource - Second largest uranium mine

Husab Project Update
  • Completed Definitive Feasibility Study on Zones 1 and 2 (DFS) of the Husab Uranium Project, which will become one of the three largest uranium mines in the world.
  • Maiden reserve estimate for Zones 1 and 2 of 205 million tonnes at 497ppm for 225 million lbs contained uranium.
  • Significant upside potential from Mine Optimisation and Resource Extension (M.O.R.E.) programme. Next resource update scheduled for Q2, 2011.
  • Outstanding initial chemical assay results received from Middle Dome highlighting this prospect as a priority exploration target.
  • Approval of Husab Uranium Project EIA received in January 2011.
  • EPL 31838 exploration license successfully extended for two years.
Corporate
  • CGNPC- URC announced a possible cash offer for Kalahari Minerals, our major shareholder. The Australian Securities and Investments Commission (?ASIC?) expected to respond shortly to CGNPC?s request to seek a waiver to acquire more than 20% of Extract?s issued share capital.
  • Partnership process continues to evaluate opportunities to add value to the Husab Uranium Project through alternative development strategies.
  • Extract raised $60.9 million by a placing of 7.3 million shares to Kalahari Uranium Limited, a subsidiary of AIM listed Kalahari Minerals Ltd.

 

Disclaimer: The author of this post, may or may not be a shareholder of any of the companies mentioned in this column. No company mentioned has sponsored or paid for this content. Comments on this forum should never be taken as investment advice.

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