Extract Resources Ltd (ABN 61 057 337 952) 30 Charles Street, WA • PO Box 752, South Perth, WA, 6951 Telephone (08) 9367 2111 • Facsimile (08) 9367 2144 • [email protected] ASX RELEASE 10 June 2008 Company Announcements Office Australian Stock Exchange Limited 20 Bridge St SYDNEY NSW 2000 Dear Sir / Madam, Media Release – Chemical assay results confirm high grade uranium mineralisation at Rossing South Please find attached a media release in relation to additional results received from exploration at Rossing South. Yours sincerely Rance Dorrington COMPANY SECRETARY Extract Resources Limited (ABN 61 057 337 952) 30 Charles Street, South Perth • P.O. Box 752 South Perth WA , 6951 Telephone: +61 (08) 9367 2111 • Facsimile: +61 (08) 9367 2144 • [email protected] MEDIA RELEASE Chemical assay results confirm high grade uranium mineralisation at Rossing South South Perth, Western Australia – June 10 2008 – Extract Resources (“the Company”), (TSX:EXT;ASX:EXT), a Uranium exploration company with projects in Namibia, Africa, today announced that recently received chemical assay results confirm high grade uranium mineralisation at Rossing South. Further chemical assay results have now been received from holes drilled on the discovery section, 7506000 North, which are in addition to the previously reported 100m @ 265 ppm and 40m @ 240 ppm U3O8. These results confirm that high grade uranium mineralisation is present in the alaskites beneath the Namib Desert sands. The chemical assay and down hole spectrometer grade information received thus far indicates that the Rossing South alaskites have comparable grades (~300 ppm U3O8) to Rio Tinto’s Rossing Mine. The assay results available from section 7506000 North are indicating multiple mineralised zones that bulk out to a true width of approximately 150 metres grading (on average) 300 ppm U3O8. Many of the individual mineralised zones are grading well in excess of this, with some notable high grade domains. Standout chemical assay intersections, not previously reported include: Hole ID From (m) To (m) Mineralised zones (U3O8) RDD002 171 320 149m @ 474 ppm including 171 188 17m @ 1,899 ppm and also including 260 281 21m @ 1,368 ppm RRC004A 103 247 144m @ 143 ppm including 147 165 18m @ 353 ppm and also including 180 192 12m @ 362 ppm 277 282 5m @ 1,038 ppm No results from diamond core hole RDD002 have been previously released as the hole became blocked after drilling was completed; this prevented the downhole spectrometer crew from surveying this hole. 2 Of note is that RC hole RRC004A ended in high grade mineralisation, from 277 to 282m, 5m @ 1,038 ppm U3O8. Significantly, hand held spectrometer readings taken from the one metre bulk RC samples indicate that broad zones of uranium mineralisation continue to be intersected within uraniferous alaskite. As previously reported, considerable uranium mineralisation has been returned from every drill traverse tested to date. The mineralisation remains open along strike to the north and south, and at depth. Peter McIntyre, Managing Director of Extract Resources, said today “These chemical assays continue to confirm the Rossing South discovery. We will soon commence closing the drill hole line spacing down to 100 metres with holes on 80 metre centres around the northern most sections of Rossing South. This is expected to demonstrate geological and grade continuity of the main zones of uranium mineralisation identified thus far.” He said, “Exploration on the remaining 10 kilometre Rossing South target area remains to be completed. Based on the exceptional results from exploration completed to date, the Company considers that there is a very high probability of additional exploration success.” About Extract Extract Resources is an Australian-based uranium exploration company whose primary focus is in the African nation of Namibia. The Company’s principal asset is its 100%-owned Husab Uranium Project which contains three known uranium targets: Ida Dome; Hildenhof; and Rossing South. Rossing South represents the Company’s first new discovery in this area Extract is listed on the ASX and the TSX under the ticker symbol “EXT”. For more information on Extract visit www.extractresources.com For further information, please contact Peter McIntyre Richard Henning Managing Director Investor Relations [email protected] The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Martin Spivey, who is a Member of The Australasian Institute of Mining and Metallurgy and Mr Andrew Penkethman who is a Member of the Australian Institute of Geoscientists. Mr Spivey and Mr Penkethman are both full time employees of the Company. Mr Spivey and Mr Penkethman have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Spivey and Mr Penkethman consent to the inclusion in this report of the matters based on their information in the form and context in which it appears. Chemical assay results refers to analyses on RC chips and NQ drill core by Genalysis Laboratory Services, Perth. Uranium assays were carried out by Four Acid Digest/MS (Method AT/MS). Genalysis are an independent quality assured laboratory operating under ISO/IEC 17025. Reference to hand held spectrometer refers to use of a Company owned Exploranium, GR- 135 Plus, hand held spectrometer. 3 APPENDIX 1: Husab Project – Rossing South Prospect: Drill hole location plan. Projection UTM WGS 84 Zone 33 South. Rossing Mine Insert See Cross Section 7506000 North 144m @ 143 ppm 149m @ 474 ppm 150Z 505900E 506000E 506100E 506200E 506300E 506400E 506500E 250Z 350Z 450Z 550Z RB0021 RB0023 RBA002 RDD001 RBA001 RBA003 RRC004A RRC004 RB0013 RB0011 RB0015 RB0017 RB0019 RDD002 (assays awaited) ROSSING SOUTH Section 7506000N Transported cover Gneiss and biotite schist Leucogranite (alaskite) Gneiss Mineralised zones Chemical assay grades in ppm U3O8 Bulked intercepts First pass reconnaissance exploration drilling 301m End of hole depth 3m@317 LEGEND 454m 282m 40m@240 74m 79m 70m 60m 60m 57m 55m 80m 150m 301m 160m 6m@115 150m 5m@155 3m@251 7m@301 100m@265 18m@353 12m@362 2m@167 3m@300 2m@254 5m@1038 2m@185 17m@1899 11m@547 21m@1368 14m@105 149m@474 149m@474 APPENDIX 2: Husab Project – Rossing South Prospect: Drill hole cross section 7506000 North. 4 5 APPENDIX 3: TABLE OF NEW RESULTS Husab Project – Rossing South Prospect: RC drilling down hole spectrometer results. Uranium intersections greater than 0.1 kg/t (100 ppm) U3O8 over drill hole intersection widths of not less than 2 metres down hole width: Hole_id Northing Easting Azi_True Dip From To Width Grade Grade UTM WGS84 33S UTM WGS 84 33S (deg) (deg) (m) (m) (m) (kg/t U3O8) (lb/t U3O8) RDD002 7506000 506480 270 -60 118 120 2 0.185 0.408 171 320 149 0.474 1.044 Including 171 188 17 1.899 4.188 Including 205 216 11 0.547 1.206 Including 260 281 21 1.368 3.016 Including 306 320 14 0.105 0.232 RRC004A 7506000 506400 270 -60 103 247 144 0.143 0.315 Including 103 108 5 0.155 0.341 Including 116 123 7 0.301 0.664 Including 131 134 3 0.251 0.553 Including 147 165 18 0.353 0.778 Including 180 192 12 0.362 0.798 Including 201 203 2 0.167 0.369 Including 218 221 3 0.300 0.661 Including 245 247 2 0.254 0.560 277 282 5 1.038 2.289 Notes: • Analyses on RC chips and NQ drill core by Genalysis Laboratory Services, Perth. Uranium assays were carried out by Four Acid Digest/MS (Method AT/MS). • Metal values (U) have been converted to oxide values (U3O8) using a factor of 1.179, and expressed as kg/t U3O8. Note that 100 ppm U3O8 is equivalent to 0.1 kg/t U3O8, which is 0.01% U3O8. • Assays expressed as kg/t U3O8 have been converted to lb/ tonne by multiplying by 2.2046. • Intersection widths are estimated to be approximately true width.
EXT Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held