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Relationship with Extract

Relationship with Extract

In May 2005 Extract Resources and Kalahari Copper entered into an unincorporated joint venture over the Husab Uranium Project (EPL3138) in Namibia. Extract had a 51% interest with Kalahari holding 49%. In March 2007 Extract issued Kalahari 66.7 million new fully paid ordinary shares in Extract to Kalahari in consideration for the acquisition of Kalahari's 49% interest in the Husab Joint Venture, and its nuclear fuel rights (under application) in respect of Exclusive Prospecting Licence (‘EPL’) 3139 (Ubib). The Namibian Ministry of Mines and Energy also granted to Extract EPL3439 which adjoins the Husab license to the south and EPL's 3327 and 3328 located in the Uis Region, approximately 150 kilometres north of Husab.

Following the acquisition of the Kalahari assets Extract now owns 100% of four highly prospective EPL blocks in Namibia, the main project being Husab, just south of Rio Tinto’s world-class Rössing uranium mine. Kalahari owns approximately 40% of the Extract issued share capital.

Extract has identified the acceleration of work on the Husab Project as a priority, bringing the project to a proposed development status during this period of strong demand for uranium.
Consistently high assay results have identified Husab as one of the largest uranium discoveries in the world with a current JORC compliant Measured and Indicated Resource for Zones 1 & 2 of 257 Mlbs at a grade of 480 ppm U3O8 and an JORC compliant Inferred Resource of 110.3Mlb at a grade of 400 ppm from Zones 1,2,3 and 4.

With further drilling scheduled on newly delineated areas, the Board of Kalahari is confident that Extract’s resource base will continue to grow, providing Extract with the ground and cover to support multiple mining operations.

See below for a link to the Extract Resources website and current share price.

www.extractresources.com