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Kalahari Minerals celebrates as Rossing South fulfils expectations

Tuesday, January 27, 2009

Mining group Kalahari Minerals was celebrating today after drilling at the Rossing South deposit in Namibia confirmed that it was one of the most significant uranium discoveries made in decades.

Rossing South is owned by Extract Resources, which in turn is 39.59% held by AIM listed Kalahari. After making the discovery just 12 months ago, Extract has now achieved a maiden JORC compliant resource estimate for Zone 1 of the deposit that is at the top end of expectations.

In fact, the deposit has become the highest grade granite-hosted uranium deposit in Namibia and future upgrades to the estimate could propel it into the top 10 global of uranium deposits by contained metal.

Kalahari chairman Mark Hohnen said: “This result is testament to the hard work Extract has put into defining Rossing South as one of the most exciting uranium discoveries in recent years, a feat rarely achieved in the mining industry in such a short space of time from initial discovery. Importantly, the 108 million pounds of U3O8 at a grade of 430ppm is in addition to the 25.1 million pounds of U3O8 at the nearby Ida Dome effectively giving Extract a total resource of 133.1 million pounds.”

Hohnen said Kalahari was fully committed to supporting Extract as it continues its drilling programme. The Zone 2 resource is expected to be published in the next six months which, he added, should once again expand Extract's quantified resource base.