increase in reserves, page-2

Increase in Grade and lower strip ratio is nice as well. This all augers well for the attractiveness of this world class asset.


Highlights:
?h Reserve estimate for the Husab Uranium Project improved following evaluation of updated resource model:
o 37% increase in reserve extends projected mine life for Zones 1 and 2 to over 20 years (including pre-strip);
o Increase in ore grade from 497 ppm to 518 ppm;
o Maiden declaration of Proven Reserves equivalent to four years of full production;
o 18% reduction in forecast strip ratio for life of mine from 7.3:1 to 6.2:1
?h Updated reserve estimate marks latest phase of the Company??s Mine Optimisation and Resource Extension (MORE) programme, aimed at substantially increasing overall project value
?h MORE programme, including detailed mine planning, continues in parallel with ongoing drilling programme; further resource update expected in H1, 2012