Kalahari Minerals plc (`Kalahari' or `the Company')
Extract Resources Receives Mining Licence for Husab Uranium Project
Kalahari Minerals plc, the AIM listed resource company, notes that Extract Resources Ltd (`Extract'), in which Kalahari's subsidiary, Kalahari Uranium Limited, holds a 42.74% interest, has announced that it has been awarded a Mining Licence by the Ministry of Mines and Energy of the Republic of Namibia, for the world-class Husab Uranium Project in Namibia (`Husab' or `the Project'). This Mining Licence will enable the Project to move into its production phase, establishing Husab as one of the three largest uranium mines in the world.
Kalahari's Executive Chairman, Mark Hohnen, said, "This is truly fantastic news for all parties as it both underpins Husab's position as one of the most exciting new uranium projects in the world today and highlights Namibia as an excellent investment destination. The granting of the Mining Licence removes a potential development barrier and ensures Extract can move forward with this globally significant uranium asset, enabling the process of identifying strategic investors and project debt to begin in earnest.
"Husab is on course to become one of the three largest uranium mines in the world, producing 15Mlb of U3O8 per annum via conventional open pit mining and a proven process flow sheet, as demonstrated by the Definitive Feasibility Study. With a current resource in excess of 500 M.lbs U3O8 and considerable scope for further upside through the Mine Optimisation and Resource Extension (MORE) programme and newly delineated areas of high grade mineralisation in the wider Husab area, I believe that Husab's position as a world-class globally strategic asset is undeniable.
"Kalahari and Extract have been working in Namibia for over six years in tandem with key stakeholders in order to maximise the true value of Husab. I would like to take this opportunity to thank these local stakeholders, in particular the Government of the Republic of Namibia, recognising the support of the Ministry of Mines and Energy, the Mining Commissioner and Minister Katali in particular, in addition to the Namibian people, as we look forward to the development of this world-class asset into one of the largest uranium mines in the world."
To view figures and diagrams relating to the announcement set out below please visit www.kalahari-minerals.com for the full version of the Extract release or visit www.extractresources.com.
Extract Announcement
MINING LICENCE ISSUED FOR HUSAB URANIUM PROJECT
December 1, 2011: Extract Resources Ltd (ASX/TSX/NSX: EXT) ("Extract") is pleased to announce that the Ministry of Mines and Energy of the Republic of Namibia has now issued the Mining Licence (ML171) for the Husab Uranium Project.
Issuance of the Mining Licence follows the receipt by the company of a notice of preparedness, as announced on November 30, 2011, and the acceptance by Swakop Uranium (Pty) Ltd, a wholly owned subsidiary of Extract and the holder of the licence, of the terms and conditions contained therein.
ML171 covers an area of 110.1 km2 within Extract's existing exploration concession, EPL3138, and is issued in respect of Nuclear Fuels including reserves defined to date within Zones 1 and 2 of the project, mineral resources defined within Zones 1 to 5, and the Middle Dome and Salem prospects (see Figure 1). The Mining Licence is valid for a period of twenty five years from the date of issue, unless abandoned, cancelled or extended in compliance with the Minerals (Prospecting and Mining) Act, 1992.
Extract CEO and Managing Director Jonathan Leslie said:
"We are delighted to have received the Mining Licence for the Husab Project so soon after the Notice of Preparedness. This is the last stage to achieving all of the permits we need in order to develop Husab, the world's fourth largest primaryuranium deposit. Extract looks forward to developing its world class asset with Namibians, for Namibia."
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