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Extract Resources

Kalahari Minerals: Extract Resources drilled 72,172 metres at Rössing South in Q4

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Kalahari Minerals (LON:KAH) relayed a quarterly report from its 41.12 percent owned associate Extract Resources (TSX:EXT, ASX:EXT).

Extract is developing one of the world’s largest uranium deposits - known as Rössing South - at the Husab project in Namibia, where it is currently running a massive 17 rig drilling programme.

It drilled 72,172 metres in the three months ended 31 December 2010. This took the overall running total to over 570,000 metres. At the moment Extract is focused on ‘Priority 1’ infill drilling at Rössing South’s Zone 1.

It received outstanding chemical assay results in the quarter, which continued to demonstrate the deposit’s high grade uranium mineralisation. It also lodged important permitting documents - an Environmental Impact Assessment and Management Plan - with the Ministry of Environment and Tourism.

Kalahari also stepped up its interest in its associate, as it helped raise new capital for Extract, with a new AU$60.9 million share subscription. Extract ended the period with a A$35.3 million cash balance.

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