Rssing South: worlds 6th largest uranium deposit Written by...

Rssing South: worlds 6th largest uranium deposit
Written by Administrator
Friday, 13 August 2010 09:39
Uranium exploration and development company, Extract Resources, this week announced an increase in estimated resources at its Rssing South deposit making it the worlds sixth largest global uranium deposit by contained metal.
According to a statement released by Extract, Rssing Souths Zones 1 and 2 indicated resource increased to more than a quarter of a billion pounds (257M.lbs) U3O8: a ten-fold increase in indicated resource from the previous resource statement released in July 2009.
It now also have an inferred resource of 110M.lbs U3O8, including maiden inferred resource from Zones 3 and 4, representing a 37% increase in total resource size from the previous resource statement The size and grade of the new resource confirms Rssing South as one of the most significant uranium discoveries made in the last decade, and establishes it as the largest in-situ and highest grade, granite-hosted uranium deposit in Namibia.
Extracts managing director, Jonathan Leslie, said: The resource upgrade at Rssing South is a significant step forward for the company and for the Husab Uranium Project. We have further defined one of the worlds largest uranium resources which supports the scheduled completion of the Definitive Feasibility Study in Q4 2010 and, in time, the development of a world-class mine.
Once in full production, the Husab Uranium Mine is expected to become the second largest producer in the world.
According to Leslie the immediate priority remains completing the Definitive Feasibility Study
on Zones 1 and 2 to bring these deposits into production within the shortest possible time frame.
Seventeen drill rigs remain on site with the current focus on completing the drilling required to define measured resources within the Zones 1 and 2 starter pits.
Once the resource update has been optimised, additional drilling will be planned, aimed at converting additional inferred resource material to indicated status and defining additional resources down plunge of high grade domains.
Although Extracts priority remains resource definition and project development, exploration of this large mineralised system is expected to continue for some time. We also expect that the resource base will continue to increase with on-going drilling, Leslie said.
Significant exploration potential remains to be tested throughout the Husab Uranium Project, with
7 of the 15 kilometre Rssing South trend yet to be drilled.

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