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Extract Resources in pre open pending downstream offer from Taurus Mineral Limited

Extract Resources in pre open pending downstream offer from Taurus Mineral Limited

Extract Resources (ASX: EXT, TSX: EXT) has been granted a trading halt by the ASX today pending an announcement relating to the proposed downstream offer for Extract from Taurus Mineral Limited.

Taurus, an entity owned by CGNPC Uranium Resources Co. and the China-Africa Development Fund, previously made a cash offer for Kalahari Minerals, Extract’s 42.74% shareholder, of 243.55 pence (A$3.60) per Kalahari share.

The deal also includes a proposal to make a downstream cash offer to Extract shareholders of A$8.65 per Extract share if Taurus receives acceptances of the offer of more than 50% of the voting rights in Kalahari.

The trading halt will be in effect until an announcement is made to the market or no later than the start of trading on Tuesday 7 February 2012.

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