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Xtract Resources ends interest in Namakwa uranium deposit

Published: 17:15 11 Apr 2014 AEST

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Xtract Resources (LON:XTR) has decided not to go ahead with the acquisition of the Namakwa uranium deposit in South Africa.

After completing due diligence, Xtract said the project did not meet its investment criteria.

In November, Xtract paid Aardvark Uranium US$100,000 for a 90 day exclusive period to carry out its diligence work, a deadline that was subsequently extended until yesterday (10 April).

Xtract, which is now focused solely on Chile, yesterday announced rapid progress at its Chepica copper gold mine in Talca, which is expected to move in to profit this quarter.

Xtract owns 15% of Chepica and has an option to buy the outstanding 85%. It also has full 100% ownership of the Mejillones phosphate property, which lies just north of Antofagasta.

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