Kalahari Minerals plc, the AIM listed resource company, notes the announcement published by Extract Resources Ltd (?Extract? or ?the Company?), in which Kalahari?s subsidiary, Kalahari Uranium Limited, holds an approximate 43% interest, regarding its position in relation to the possible offer for Kalahari.
Extract Announcement:
Update on Extract?s position in relation to the possible offer for Kalahari Minerals
March 9, 2011: Extract Resources Limited (ASX/TSX/NSX: EXT) ("Extract" or ?the Company?) refers to its announcement on 8 March 2011 ?Possible Cash Offer for Kalahari Minerals?.
Extract notes that CGNPC Uranium Resources Co Ltd (?CGNPC-URC?) has stated that it intends to seek relief from the Australian Securities and Investments Commission (?ASIC?) to acquire a relevant interest in more than 20% of the issued voting shares in Extract. In order to ensure that the best interests of all Extract shareholders are protected, the independent directors of Extract intend to make submissions to ASIC that any such relief should either:
? be granted on condition that CGNPC-URC's offer for Kalahari only proceeds if all Extract shareholders are not disadvantaged in any way, and that all Extract shareholders are afforded the opportunity to have the effective benefit of CGNPC-URC's offer on no less than equivalent terms to those offered to Kalahari shareholders; or ? not be granted.
The independent directors of Extract will keep shareholders informed of material developments on this matter. This would include opining on any proposal or offer for Extract at the appropriate time.
In the meantime, Extract intends to continue with its existing activities, which include progressing the Definitive Feasibility Study for the Husab Uranium Project and the planned exploration programme. Extract will also continue to explore and evaluate all options to enhance the value of the Company through the partnership process, which remains ongoing.
About Extract Resources Extract Resources Ltd is an international uranium exploration and development company whose primary focus is in Namibia. The company?s principal asset is its 100%-owned Husab Uranium Project which contains the fifth largest uranium only deposit in the world. Extensive exploration potential also exists for new uranium discoveries in the region. Extract Resources is listed on the Australian (ASX), Toronto (TSX) and Namibian (NSX) Stock Exchanges.
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For further information please visit www.kalahari-minerals.com or contact:
Mark Hohnen Kalahari Minerals plc Tel: +44 (0) 20 7292 9110 Simon Raggett Strand Hanson Limited Tel: +44 (0) 20 7409 3494 Stuart Faulkner Strand Hanson Limited Tel: +44 (0) 20 7409 3494 Rory Murphy Strand Hanson Limited Tel: +44 (0) 20 7409 3494 Richard Chase Ambrian Partners Ltd Tel: +44 (0) 20 7634 4700 Rory Scott Mirabaud Securities LLP Tel: +44 (0) 20 7878 3360 Hugo de Salis St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177 Susie Geliher St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177
Lottie Brocklehurst St Brides Media & Finance Ltd Chaucer House 38 Bow Lane London EC4M 9AY T: +44 (0) 207 236 1177 M: +44 (0) 7917 010 468 F: +44 (0) 207 236 1188 www.sbmf.co.uk
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