battle for rossing south uranium control, page-2

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Polo Resources call for EGM at Extract Resources to appoint Stephen Dattels to board
Tuesday, May 26, 2009

Polo Resources call for EGM at Extract Resources to appoint Stephen Dattels to board

The plot thickens at Extract Resources (ASX & TSX: EXT). Yesterday Extract Resources requested a suspension in trading on the ASX, citing a dispute with its largest shareholder, Kalahari Minerals (AIM: KAH). Kalahari Minerals holds approximately 39.6% of Extract Resources.

This morning, Polo Resources (AIM: PRL), which holds approximately 9.08% of Extract Resources, said it was in the process of requisitioning an EGM of Extract Resources to appoint Stephen Dattels as a director of Extract. Stephen Dattels is Chairman of Polo Resources and Co-Chairman of Emerging Metals (AIM: EML) which holds a 9.84% stake in Kalahari Minerals. Polo Resources also confirmed that Mr Dattels has a beneficial interest in 0.92 % of Extract Resources.

Mr Dattels is also a director of Berkeley Resources which is a developer of Uranium resources in Spain.

“Polo is committed to seeing the development of the Rossing South Deposit owned by Extract as a stand alone operation,” commented Mr Dattels. “Work undertaken by Polo's technical advisor on a conceptual plan for the Rossing South Deposit, based on publicly available information, indicates that production is feasible as early as Q4 2011. This may be achievable as a 100% heap leaching operation, depending on the scheduling and results of feasibility work being undertaken by Extract.”

There are several other significant stakeholders in both Extract Resources and Kalahari Minerals. Rio Tinto (LSE: RIO) holds a 15.8% stake in Kalahari Minerals and a 15.6% stake in Extract. Niger Uranium (AIM: URU) holds a 15.5% stake in Kalahari Minerals.