07/06/2011 - 10:48

Extract finds more uranium at Husab

07/06/2011 - 10:48

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Extract Resources has released an updated resource estimate for its Husab project in Namibia, which shows it is the fourth largest uranium deposit in the world.

Extract Resources has released an updated resource estimate for its Husab project in Namibia, which shows it is the fourth largest uranium deposit in the world.

Extract said today that recent drilling programs showed the total measured resources at Husab had increased by 33 per cent increase since August 2010.

Extract's managing director Jonathan Leslie said the resource update confirmed Husab as the best undeveloped uranium deposit globally.

"The resource update also represents the first success from our Mine Optimisation and Resource Extension (M.O.R.E.) programme, which is delivering on its objectives and which we expect will continue to add further value," Mr Leslie said in a statement.

"Extract has defined resources of more than 500 million pounds of uranium, at the Husab Uranium Project from Zones 1 - 5 and the Ida Dome deposits.

"We expect that the resource base will continue to increase with continued drilling of known deposits and new discoveries."

Extract shares dipped slightly this morning, and at 10:39 were down 1 per cent to trade $7.71.

Last month, Extract said a proposed takeover offer for its largest shareholder Kalahari Minerals by China's CGNPC Uranium Resources had been pulled after the UK Takeover Panel did not allow the Chinese nuclear power company to reduce its possible offer.

The deal could have led to CGNPC acquiring Kalahari's 42.79 per cent stake in Extract or launch a full takeover offer for Extract

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