Hi HarleeJust got a reply from companyThere is currently no...

Hi Harlee

Just got a reply from company



There is currently no offer for Extract Resources. Rather there is an offer by Taurus Mineral Limited (“Taurus”), an entity owned by CGNPC Uranium Resources Co., Ltd. (“CGNPC-URC”) and the China-Africa Development Fund (“CADFund”), for our major shareholder Kalahari Minerals, who owns 42.7% of Extract. If CGNPC receive more than 50% of the voting power in Kalahari Minerals then this will trigger a takeover offer for Extract Resources. It is not anticipated that the independent directors will make a recommendation until after they have received and offer from Taurus, if the requirement for an offer for Extract is triggered.
While Extract is yet to respond formally to the proposed Taurus offer, I can assure you that Extract, together with our advisers, are working very hard behind the scenes to see if there are any alternatives available that might deliver greater value for our shareholders.

Next part relates to yesterday notice

Then this bit

In relation to the drilling results, given the size of the ore body that has been defined to date, the announcement of individual drilling results are no longer material to the company. The company is working towards it next resource update which is due to be released to the market in Q2, 2012. As no doubt you would understand, receipt of assay results and compiling resource updates is a large and time intensive task, which unfortunately cannot be accelerated.

I reply with this

Thanks for the reply. I’m a little confused by the notice at first it says they have an interst in 43% of EXT which means they have 100% of KAH. Also after reading the whole notice it seems that a deal has been done with Eplangeo. I think the Chinese are trying to cloud the issue and scare off competitors.

Ray