Overview: Extract is earning a 51% interest in the Husab uranium...

Overview: Extract is earning a 51% interest in the Husab uranium prospect in the central zone of the
Damara Orogen, Namibia. The JV is subject to Namibian Ministerial consent. The ground is well situated
with Rossing 10 kilometres to the northwest, a large scale low grade (alaskite) uranium mine, operated by
Rio Tinto since 1976. The calcrete-hosted Langer Heinrich uranium deposit (PDN), is 30 kilometres to the
west/southwest. EXT has applied for two additional licences in the Uis area (Namibia) in its own right
(100%). EXT has a 50% interest in the Burnakura underground gold mine (WA), gold pour has commenced
and cash flow is expected 4Q05.
Husab Project: The licence is granted and permitted. Recent airborne radiometrics suggests there are a
number of uranium bearing granite intrusions within the licence. The ground includes uraniferous alaskites
similar to Rossing, though no historic drilling. The licence lies within the Namib-Naukluft National Park,
where exploration and subsequent mining is permitted. The area was previously worked by the Ida copper
mine and a fluorite mine. EXT plans to undertake geochemical and ground radiometrics in September,
U3O8
Kt
0.0
0.0
0.00 0.0
273
na
Company Comment
0.4
0.1
0.5 0.4 na
1.0
na
0.6
0.0
0.0
-
0.1
0.6
with the first phase of drilling expected by October, subject to rig availability. Anglo American, explored the
vicinity in the 1970's, and intercepted 5 metres at 0.25% U3O8 on a trend that crosses into the Husab
licence. Rock-chip sampling on trend at the Husab mine returned a highest assay of 0.29% U3
Following this trend into Husab will be a prime drilling target for EXT.
Burnakura Gold: NOA2 commissioning is expected in Aug/Sept. and production of 50k/oz is expected
over 15 months. Potential is good for reserve upside along a 7km strike and at depth. The current reserve
is to 160m depth. EXT indicates production costs should be around A$440/oz.
Investment Comment: Exploration of the Husab project in Namibia is to commence targeting
both Langer Heinrich and Rossing style mineralisation. The licence is well situated between pedigree
uranium projects, has not been well explored previously and has potential to host economic deposits.

*West African Gold Exploration (Namibia) Pty Ltd
www.extres.com.au Burnakura - Exploration
Tectonic na CIL
Option Status
65% of EXT's exploration budget is for uranium.
The Husab project is centrally located in Namibia's uranium
belt situated between Rossing and Langer Heinrich. All
exploration consents have been granted.
Husab has strong evidence of primary and secondary
uranium mineralisation, with a number of radiometric
anomalies and uranium occurrences.
Rock chip sampling at the Husab project returned a
maximum assay of 0.29% U3O8.
Extract plans to commence mapping and ground
radiometric surveys in August, and drilling 4Q05.
Namibia is a stable and progressive country with a well
established Mining Act. Paladin (Langer Heinrich) and Rio
(Rossing) have significant uranium projects in the country.

Source: Bloomberg