Extract Resources Feasibility Study due in July for Rossing South Uranium Project
The feasibility study for the Rossing South deposit at the Husab Uranium Project owned by Extract Resources (ASX/TSX: EXT) is progressing well, with the scoping study phase due for completion in July.
Extract believes the consistent return of wide zones of strong uranium mineralisation from Rossing South support the Company’s view that the 100% owned Husab Uranium Project is part of one of the largest uranium mineral systems in the world.
Zone 1 has an inferred resource of 115 million tonnes grading 430ppm for 108 million pounds contained uranium at a cut-off grade of 100ppm. A maiden Zone 2 resource is expected by end August 2009.
Extract has six drill rigs dedicated to resource drilling at Rossing South. One RC rig is drilling step out holes at the southern end of Zone 1, to extend mineralisation to the south. One diamond rig is completing resource extension holes. An updated resource estimate for Zone 1 will be completed in the next three months.
Extract has appointed two prominent Namibians as non-executive directors to the Board in Steve Galloway (Chairman) and Inge Zaamwani-Kamwe, the Board advises that it has approved the appointment of a strong local executive management team in support of the impending project approval and development phase. New appointments will include a locally-based CEO for Swakop Uranium (Pty) Ltd, to guide the project development through the next critical phase. The Company will advertise the executive positions with a view to having a management team in place by mid-August, to accelerate the development of the project.
EXT Price at posting:
$5.45 Sentiment: LT Buy Disclosure: Held
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