| Tue 17 Nov 2009, 10:05 | | EXT - Extract Resources Limited - Extract Resources assessing strategic |
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EXT - Extract Resources Limited - Extract Resources assessing strategic
partnership opportunities to progress the development of Rossing South
Extract Resources Limited
Registration No. ABN 61 057 337 952
Registered as an external company in Namibia
ISIN Code: AU000000EXT7
NSX Share Code: EXT
Extract Resources assessing strategic partnership opportunities to progress the
development of Rossing South
Extract Resources Limited (ASX, TSX, NSX: EXT) commenced a comprehensive review
of strategic options in May 2009 for the development of Rossing South, part of
the company`s world class Husab Uranium Project in Namibia.
The strategic review being carried out by corporate advisers Rothschild, in
conjunction with the company, has already identified a number of potential
development pathways for Rossing South. At this stage no decision has been made
on the preferred development option for the project.
As part of the continuing process, Extract has now invited interested parties to
submit proposals for their potential partnership in the development of Rossing
South, including outlining the basis of their interest and how they can assist
with bringing the project into production in the most timely and efficient
manner. Proposals will be carefully evaluated and compared against all other
available options, including the development of the project solely by Extract,
through its 100 per cent-owned subsidiary, Swakop Uranium.
Due to the size and quality of the Rossing South deposit, Extract has received
extensive interest from a number of parties seeking to participate in the
project`s development. Extract will keep shareholders informed of any material
developments.
In the meantime, Extract is continuing to progress the Rossing South Feasibility
Study (due for completion by mid-2010), as well as delineating the significant
new zones of mineralisation that continue to be discovered.
Extract believes that the strong level of interest already received from
potential partners supports the company`s view that Rossing South has the
potential to become one of the world`s leading uranium mines, capable of
producing 15 Mlbs of U3O8 per year, delivering significant returns to
shareholders and material benefits to Namibia.
Steve Galloway
Chariman
Windhoek, 17 November 2009
Registered Office
Swakop Uranium (Pty) Ltd
3 Schutzen Street
Windhoek
Namibia
Sponsor
IJG Securities (Pty) Ltd
Member of the NSX
100 Robert Mugabe Avenue
P O Box 186, Windhoek, Namibia
Registration No. 95/505
Date: 17/11/2009 10:05:01 Produced by the JSE SENS Department.
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