zone 1 & 2 expected to yield 500 m lbs u3o8

From the KAH AGM, Zone 1 and 2 look like 500Mlb+. That's about 2 lbs U3O8 per EXT share. At US$6 per lb (a rexent takeover price for a poorer find), that's US$12 per EXT share. Higher values may apply due to EXT high grade and low cost of recovery.

And that's just Zones 1 & 2, extending 6km in length! There's still 9km more to be drilled.

Quote from Marben100 on another site:

Just got back from the Kalahari AGM, which has to be one of the most productive AGMs I've attended. If it weren't for the fact that Rio Tinto sent one of their staff and that Stephen Dattels attended in person, one might take some of the statements made with a pinch of salt. Kalahari has now released their official AGM statement: http://fool.uk-wire.com/cgi-bin/articles/2...302371099S.html I'll not mess about and just highlight the key bullet points.

- In conversation with Glynn Tonge after the meeting, he believes that it now looks highly likely that Rossing South Zones 1 and 2 link up. He has just returned from a semi-annual visit to operations in Namibia. Intensive drilling is currently underway between the zones.

- He also said that the exploration rig was currently working around the Salem area – but that Extract would not reveal results, even to him. He said that results of the explo drilling will be announced in August. [I am surprised that they would hold back any significant discovery].

- The helimag survey will start next week and should take 2-3 weeks

- Mark Hohnen stated in the formal meeting that he is now confident that the total zone 1 and zone 2 resource will be 500Mlb+ [now stated as a "possibility" in the official AGM statement] - yup, that isn't a typo :0))) (though obviously not by the time of the August zone 2 maiden resource declaration)

- In response to a question from Laurie Kennedy* of Rio, Mark Hohnen confirmed that, "as a gesture of goodwill towards Rio", Kalahari had agreed that it did not intend to increase its stake in Extract beyond 40%

- In response to another question from Rio, it was confirmed that David de Jongh Weill was representing Niger Uranium on Kalahari's Board. In a chat with David after the meeting, he confirmed that whilst he has known Stephen Dattels for 7 years, his introduction to SD was through Mike Beck, who he knows much better. He also confirmed that Chiliogon has been acting in a corporate finance capacity on behalf of Niger (but not Kalahari).

- In the post-meeting chat, it was mentioned that Rossing South looked bigger & better than Rossing (4th largest U mine globally). LK did not disagree.

- I chatted briefly with LK who spoke about the current volatility of the U market. There was a big grin on his face when I pointed out that whatever the U price was, Rossing South would be one of the world's most profitable U mines, due to its low cost.

- I also chatted with DdJW after the meeting. He confirmed that it would not be unreasonable for me to expect an announcement concerning URU's funding soon (don't forget, he is a barrister ;0)). Most importantly, he said that the Board intended to minimise the fund raising (just to meet short term needs) & dilution. Not much funding was required to progress the Henkries project at present.

- Speaking to Mark Hohnen & Glynn Tonge after the meeting, they emphasised that they were very keen for Extract to become a Namibian company and establish its HQ there (this makes sense to me). Zamwaani is "keen to know Extract's intentions" for moving the project forward. They were non-comittal about working with Rio but re-emphasised that if the three companies were toi work together, Rio would have to make a full and fair offer.