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Extract Resources: Upgrade establishes R�ssing South as the 6th largest global uranium deposit

By: MT Newswires
Posted: 8/11/2010 1:20:00 PM
Referenced Stocks: DFS

Extract Resources Limited (EXT.TO) is up 5% today after it announced a new resource estimate, following JORC Code and Canadian NI43-101 guidelines, for the Rössing South Deposit, part of Extract's Husab Uranium Project in Namibia.

Highlights include:

- Resource upgrade moves Rössing South into the top 6 global uranium deposits by contained metal.

- Zones 1 and 2 Indicated Resource increased to more than a quarter of a billion pounds (257M.lbs) U3O8: a ten-fold increase in Indicated Resource from the previous resource statement.

- Inferred Resource of 110M.lbs U3O8, including Maiden Inferred Resource from Zones 3 and 4.

- 37% increase in Total Resource size from previous resource statement.

- Confirmed as the largest in-situ and highest grade granite-hosted uranium deposit in Namibia.

- Extensive exploration potential within Husab Uranium Project still to be tested with an extensive drilling program continuing.

- Resource now defined to support completion of Definitive Feasibility Study ( DFS ).