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Extract Resources Announces $30.5M Capital Raising

SOUTH PERTH, Western Australia, June 13 /CNW/ - Extract Resources
("Extract" or "the Company"), (TSX / ASX :EXT), a Uranium exploration company
with projects in Namibia, Africa, today announced that a placement to
institutional investors has been committed to raise a total of A$30.5M from
the issue of 27.75M fully paid ordinary shares at a price of A$1.10 per share.
The placement has been facilitated jointly through BBY Limited and
Patersons Securities in Australia and Haywood Securities in the UK.
Funds from the placement will enable the acceleration of the exploration
and development activities in Namibia and are expected to be sufficient to
move to Definitive Feasibility Study phases for both the Ida Dome and Rossing
South projects, once initial resource estimates are generated.
Peter McIntyre, Managing Director of Extract Resources, said today "We
are delighted to welcome some new high quality institutional investors to our
register." Mr McIntyre further added, "The Company continues to develop the
potential of its projects and has now secured sufficient funding to further
advance them. I anticipate that the next 6 to 12 months will be a period of
significant expansion in our resource potential."

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
main prospect areas and numerous targets: Ida Dome; Hildenhof; and Rossing
South. Rossing South represents the first new discovery in this area with
significant potential. Extract is listed on the ASX and the TSX under the
ticker symbol "EXT". For more information on Extract visit
www.extractresources.com