November 29, 2011: Further to recent media speculation, Extract Resources Ltd (ASX/TSX/NSX: EXT) ("Extract") confirms that it is aware that discussions have taken place between CGNPC Uranium Resources Co. Ltd. (“CGNPC-URC”) and Epangelo Mining Company (Pty) Ltd (“Epangelo”), a wholly state owned Namibian enterprise, in relation to a possible acquisition by Epangelo of a 10% interest in the Husab Uranium Project. However, Extract notes that any agreement between CGNPC-URC and Epangelo would need to be conditional on CGNPC-URC having acquired a controlling interest in Extract’s 100%-owned Husab Project.
Separately, discussions between Extract and Epangelo are well advanced around the possible acquisition on commercial terms by Epangelo of a 10% interest in the Husab Project, irrespective of whether or not any transaction involving CGNPC-URC occurs.
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