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Old 04-15-2011, 06:46 AM
Sparty Sparty is offline
Join Date: Mar 2009
Posts: 1,127
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.
  • 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.

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