Niger Uranium EGM

Kalahari Minerals plc, the AIM listed resource company with uranium, gold and base metal interests in Namibia, notes Niger Uranium Limited’s (‘Niger Uranium’) announcements dated 20 January 2010 and 27 January regarding the requisition of an Extraordinary General Meeting (‘Niger EGM’) of Niger Uranium shareholders by NWT Uranium Corp. (‘NWT’).

Included in the proposed resolutions of the Niger EGM is the authorisation for the board of Niger Uranium to take such steps as may be necessary to requisition a general meeting of Kalahari shareholders (‘Kalahari GM’), in order to propose a resolution at a Kalahari GM to affect the distribution of not less than 90% of the shares owned by the Company in Extract Resources Limited (‘Extract’) to Kalahari shareholders.

The board of Kalahari (‘the Board’) would like to reiterate its confidence in its ability to increase its shareholder net worth, for the benefit of all shareholders. The Board remains focussed on driving value in Extract and believes that it is strongly supported by the Company’s institutional shareholders base. It is the opinion of the Board that any requisition for the distribution of the Company’s interest in Extract would be value destructive and against the interests of shareholders, and following consultation, something that would not be welcomed by a significant number of the Company’s major institutional shareholders.

Additionally, the Board maintains a good relationship with a number of Niger Uranium shareholders and believes that these shareholders do not support NWT’s position regarding the proposed resolution to distribute Extract shares.

Kalahari also has the unanimous support of the Niger Uranium board, as per Niger Uranium’s announcement, dated 27 January 2010, which stated that they remain fully supportive of Kalahari and the development of its portfolio of uranium, gold, copper and other base metal interests in Namibia.

The Company will keep shareholders updated on any developments regarding the requisition of the Niger EGM, once further announcements are made by Niger Uranium.

Click here to read the full announcement.