COMMSEC REPORT Short Term Buy Base Case Price $1.50 a share...

COMMSEC REPORT

Short Term Buy Base Case Price $1.50 a share
Long Term Outperform, if Zone returns similar grades
The Valuation Increases to $2.42 P/Share.

Rossing South revised Project Parameters.

Base 275mt 275 mt 275 mt 275 mt
@ 337 ppm @285ppm @353ppm @430ppm
-----------------------------------------------------------
Base $65/Ib
$1.50 $0.99 $1.66 $2.42
Unrisked
$2.12 $1.38 $2.34 $3.42
Base $55/Ib
$1.07 $0.61 $1.21 $1.80
Unrisked
$1.51 $0.86 $1.71 $2.69.

I am a bit dissapointed by commsecs valuation.
If I remember correctly they have previously put
a valuation of $1.68, and that would not of taken
into account the much larger & ppm resource just
Announced.

----------------------------------------------------------
HEYWOODS VALUATION.
Our valuation is based on a DCF Of 15/% Analysis
of Husab U Prject(R/S) which produces an NPV.
Of $750 MILLION and consideration of the collective
rest of U Res @ IDA DOME Valution becomes $810 MILLION.

EXT is currently trading on the TSX @ C$1.75
With $20.5 Million in the bank we are looking very good

Feasibility Study to start in two months.

This might wake a few people up, imho Commsec have put
a lower valuation on because they themselves will
want to get in.

Re Simmo