Some further support to the positive view many shareholders...

Some further support to the positive view many shareholders already have:

RBC Capital Markets 15/3/10

"In our view, Rssing South is the best undeveloped resource in the world and we continue to believe that the Rssing South deposit has excellent potential to increase in size significantly beyond its existing resource base of approximately 267 million pounds U3O8.
We continue to rate Extract Outperform, Speculative Risk rating."
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Event: On March 12, 2010, Extract Resources provided an update on its exploration and the status of its ongoing Definitive Feasibility Study (DFS) for its Rssing South project in Namibia.

Extract reported that exploration efforts show encouraging indications of significant mineralization on the western limb of the Rssing South antiform.

Extract also reported that it plans to announce an updated Rssing South resource estimate in Q3/10 (previously H1/10), incorporating infill and extension drilling that has been completed since July 2009. Extract expects the updated resource estimate will increase the overall size and confidence of the project's resource.

The updated Rssing South resource will be incorporated into the project's DFS which is currently ongoing and slated for completion in Q4/10 (previously June 2010).

Although the updated resource and DFS have been delayed by as much as two quarters, we believe that taking the time to properly define the size of the project's resource is the prudent thing to do to ensure the optimal size for the project to maximize its value.

The company is refining the cost of independently developing the Rssing South project, using either an owner-operator mine fleet or contract mining.

Extract announced that a mine plan incorporating the currently defined resource indicates an average stripping ratio of 6.9:1 over the life of mine and would require approximately 120 million tonnes of pre-strip material to be removed and support a 15 million tonne process plant.

Extract also noted that the capital costs for the processing plant and annual operating costs are currently expected to remain in line with with the preliminary cost estimate released on August 3, 2009.

In our view, Rssing South is the best undeveloped resource in the world and we continue to believe that the Rssing South deposit has excellent potential to increase in size significantly beyond its existing resource base of approximately 267 million pounds U3O8.

We continue to rate Extract Outperform, Speculative Risk rating.