Uranium explorer Extract Resources has announced that a resource upgrade at its Rossing South project in Africa has lifted it to the sixth largest deposit in the world.
In a statement Extract Resources said the size and grade of the new resources confirms it as the largest in-situ and highest grade, granite-hosted uranium deposit in Nambia.
The upgrade means zones one and two at the site have increased to more than a quarter of a billion pounds of U3O2.
This is a ten-fold increase on what was indicated by Extract on July 22, 2009.
"The resource upgrade at Rossing South is a significant step forward for the company for the Husab Uranium Project," said Extract's managing director, Jonathan Leslie.
"We have further defined one of the world's largest uranium resources which supports the scheduled completion of the Definitive Feasibility study in Q4 2010 and in time, the development of a world-class mine.
"We also expect that the resource base will continue to increase with on-going drilling. Once in full production Husab Uranium Mine is expected to become the second largest producer in the world," he said.
Shares in Computershare slumped $1.06, or 10.6 per cent, to $8.94 after it said earnings could fall as much as 10 per cent in the current financial year.
Also making news on Wednesday, property developer Stockland reported a 10 per cent lift in full year underlying profit and said growth was on the cards in fiscal 2011.
Stockland was down four cents at $3.75.
Major mining stocks were weaker. BHP Billiton was down 75 cents, or 1.84 per cent, at $39.98 and Rio Tinto lost $1.51, or 2.08 per cent, to $71.09.
Santos was the best performer in the S&P/ASX50, with the gas and oil explorer rising 22 cents, or 1.61 per cent, to $13.85.
