Kalahari Minerals plc ('Kalahari' or 'the Company')
Extract Appointment of Namibian Management Team
Kalahari Minerals plc, the AIM listed mining exploration and evaluation group with a portfolio of uranium, copper and base metal interests in Namibia, notes Extract Resources Ltd's ('Extract') announcement dated 3 June 2009. The Board of Kalahari applauds the fact that Extract has recognised and responded to the Kalahari proposed organisational initiatives by announcing the appointment of a Namibian-based executive management team, which Kalahari has always believed to be critical for the development of the Extract's world-class Husab Uranium Project.
Under Extract's proposal, it is intended that the new management team, which will include a locally-based CEO for Extract's subsidiary, Swakop Uranium (Pty) Ltd, will be in place by mid-August. The Board of Kalahari will continue to lobby for the complete transferral of Head Office and all managerial and operational activity to Namibia as it believes this will be the best way to maximise the value of Extract's assets, and is the most sensible way to move forward in Namibia. Additionally, as part of its initiatives for the development of stronger relations in Namibia, the Board of Kalahari will insist on Extract listing on the Namibian Stock Exchange, a process which Kalahari is committed to in its own right.
Kalahari Chairman Mark Hohnen said, 'We are committed to the development of Extract's uranium portfolio into production and truly welcome Extract's response to our initiatives. We initiated the Namibianisation of Extract through the appointment of Namibian nationals Steve Galloway and Inge Zaamwani-Kamwi to the Board and have actively lobbied for the relocation of the Extract's headquarters and management team from Perth to Namibia, as we see this as being vital to the progression of the Husab project. We want to ensure that there is a strong relationship with the Namibian authorities, as we believe this is key to ensuring that these world class uranium assets are developed to their full potential. As such we will continue to be an active shareholder to ensure that the complete transferral of all operations to Namibia occurs, that we form a strong relationship with the Namibian Government and that all parties benefit from the development of these assets. Kalahari has a strong social and economic policy in line with the interests of Namibia and will push this agenda.'
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