ext looking interesting

Hi Cranswick/Jockstar/Marcol

Finally I had time to have a good look/analyse at EXT and I must admit - I LIKE IT - Why ?

SPP was announced on 24/7/06, but surprisingly 2 days later it was withdrawn - and guess what, they did a private share placement of 37m shares @ 6.5c per share to raise $2.4m approx. one month later on 19/9/06 !!!

This is extremely interesting !!!

It implied that there are investors who are very confident in EXT's projects ie. probably more to their uranium project in Namibia (high grades but at depth) with potential to have 3/4 interesting target areas on their tenements.

Peter McIntyre is clearly excited about Husab pointing out that the company has only investigated 480 metres of the 4 kilometres of strike length of the Ida zone that the radiometric survey identified as being prospective. So far only 4,730 metres of the 8,000 metre drill programme has been completed so the news flow should be maintained. A second target zone of 15 kilometres has also been identified even closer to Rossing and the company is about to start a reverse circulation drill programme on that. Drill results are only one part of the discovery process and it is difficult for the market to put a value on a company until a resource statement has been produced and for Hsub that is probably at least six months away.

Sp peaks at 15c in May (around the time when China's Premier visited Australia on uranium talks - most uranium shares on ASX bounded like a ping pong balls up) and sp dropped to 7.5c in 19/9/06 - to "facilitate" the private share placement at 6.5c with no free option provided. Since then the sp when back up briefly above 8c, but since drifted down below 7c. This in my opinion is the typical "tree-shaking tactic" to further accumulate before a strong run appears soon.

With its location between the well established Rossing mine and the new Langer Heinrich mine of Palladin Resource it is certainly in the right area. A combination of good geography and the right minerals ought to make for a good story.

So, watch out for this stock.

This is not a recommendation to buy or sell - plse conduct your own research when deciding to buy or sell !!!