Holding in Extract Resources LtdKalahari Minerals plc, the AIM...

Holding in Extract Resources Ltd

Kalahari Minerals plc, the AIM listed mining exploration and evaluation group with a portfolio of copper, base metal and uranium interests in Namibia, has, through its wholly owned subsidiary Kalahari Uranium Limited, purchased 5,456,641 ordinary shares in Extract Resources Ltd (ASX and TSX: EXT) (“Extract”) for a price per share of AUD$1.05 on 30 April 2008.

Kalahari is now interested in 72,156,641 ordinary shares in Extract representing approximately 39.11% of the total voting rights of Extract.

Kalahari recently raised £14.4 million (before expenses) by way of a placing with institutional and private investors, to enable the Company to both develop its copper and base metal projects in Namibia, and increase its stake in Extract, which it sees as an important part
of its growth strategy.

Extract’s Husab uranium project continues to generate highly encouraging results from its aggressive exploration programme, returning zones of exceptional width and grade. With five rigs now working on the site at two key target areas, Extract is focused on generating a maiden resource statement, which it anticipates releasing in the near future.

Chairman Mark Hohnen said, “Having received considerable support from some major institutions in our recent fundraising, I am delighted that we have been able to utilise some of these funds as planned through this investment in Extract.

The excellent results being reported on a regular basis give us confidence that Extract has the potential to become a major new uranium player and we are delighted to continue to support them through the development phase and hopefully beyond.”

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