------------------------------------------------------------------------------------------------------ Exploration Target Clarified - Chasing 552Mlbs at Rossing South 26 October 2009
Extract Resources, in which Kalahari Minerals* owns 40.88%, has re-released its current resource and exploration targets as discrete numbers to meet Canadian guidelines.
The company specifically denotes that its exploration-targeted resource size (outside current resource estimates) is 185-285Mlbs at 400-500ppm. This is in addition to the current (aggregated) resource of 267Mlbs @ 486ppm. This equates to an upper target of a total of 552Mlbs of U3O8.
While only a compliance clarification, this news reaffirms our own confidence that the resource will exceed our target (1 September 2009) of 560Mlbs. However, in light of the new drilling released on 9 October — that is further south than any other drilling and on the opposite limb of the fold that hosts the mineralisation — we are now confident that the global resource will exceed 600Mlbs.
Clearly, the next driver outside a takeover approach will be a resource upgrade, which (in the August 2009 43-101 for Rossing South) is
targeted for “late-2010/early-2011”. -----------------------------------------------------------------------------------------------------
That's incorrect and should read late 2009/early 2010
Cheers all!
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$9.06 Sentiment: Hold Disclosure: Held
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