November 30, 2011: Extract Resources Ltd (ASX/TSX/NSX: EXT) ("Extract") is pleased to announce that the Ministry of Mines and Energy of the Republic of Namibia has provided to Swakop Uranium, a wholly owned subsidiary of Extract, a notice of preparedness to grant a Mining Licence for the Husab Uranium Project. Swakop Uranium has accepted the terms and conditions contained within the notice of preparedness. Therefore, in accordance with the Minerals (Prospecting and Mining) Act, 1992, the Minister of Mines will now direct the Mining Commissioner to issue a Mining Licence to Swakop Uranium. The area covered by the Mining Licence (ML171) is contained within Extract’s existing exploration concession, EPL3138, and includes reserves defined to date within Zones 1 and 2 of the project, mineral resources defined within Zones 1 to 5, and the Middle Dome and Salem prospects (see Figure 1). Extract intends to maintain its resource definition drilling and exploration programme throughout EPL3138 and within the neighbouring EPL3439. Extract CEO and Managing Director Jonathan Leslie said: “We are delighted to receive the notification of preparedness to grant a Mining Licence. This marks the final step to achieving all of the permits that we need in order to begin the development of the Husab Uranium Project.
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