Extract Resources Comments on Recent Trading Activity

SOUTH PERTH, Western Australia, March 23 /CNW/ - At the request of the Investment Industry Regulatory Organization of Canada ("IIROC"), Extract Resources Limited (ASX/TSX: EXT) ("Extract or "the Company") today announced that the Company is not aware of any material undisclosed development at this time that would cause the recent upward movement in the Company's share price.

The Company has responded to a similar request from the Australian Stock Exchange ("ASX") and the written response has been filed to SEDAR and is available at www.sedar.com.

About Extract

Extract Resources is an Australian-based uranium exploration and development company whose primary focus is in the African nation of Namibia. The Company's principal asset is its 100% owned Husab Uranium Project which contains two known uranium deposit areas: Rossing South; and Ida Dome. Extensive exploration potential also exists for new uranium discoveries, in addition to the already known occurrences.

Extract is listed on the ASX and the TSX under the ticker symbol "EXT". For more information on Extract visit www.extractresources.com

For further information: If you have any questions in relation to this announcement please contact: Jonathan Leslie, Chief Executive Officer, [email protected]; Richard Henning, Investor Relations, [email protected]; John Gardner, Media Relations, M: 0413 355 997; Siobhan Lancaster, Company Secretary