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EXT - Extract Resources Limited - 37% Increase in reserves at Husab
Extract Resources Limited ("Extract" or "the Company"
Registration No. ABN 61 057 337 952
Registered as an external company in Namibia
ISIN Code: AU000000EXT7
NSX Share Code: EXT
37% INCREASE IN RESERVES AT HUSAB
Highlights:
* Reserve estimate for the Husab Uranium Project improved following
evaluation of updated resource model:
* 37% increase in reserve extends projected mine life for
Zones 1 and 2 to over 20 years (including pre-strip);
* Increase in ore grade from 497 ppm to 518 ppm;
* Maiden declaration of Proven Reserves equivalent to four
years of full production;
* 18% reduction in forecast strip ratio for life of mine from
7.3:1 to 6.2:1
* Updated reserve estimate marks latest phase of the Company`s Mine
Optimisation and Resource Extension (MORE) programme, aimed at
substantially increasing overall project value
* MORE programme, including detailed mine planning, continues in
parallel with ongoing drilling programme; further resource update
expected in H1, 2012
For detailed announcement, please refer to company website
(http://www.extractresources.com).
Siobhan Lancaster
Company Secretary
Windhoek, 10 August 2011
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: 10/08/2011 12:35:01 Produced by the JSE SENS Department.
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