From KAH.
Extract Receives Mining Licence for Husab Project
Kalahari Minerals plc / Ticker: KAH / Index: AIM / Sector: Mining & Exploration
1 December 2011
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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