Rossing South Exploration Results further substantiate the significance of
Husab Uranium Project

News provided by

Extract Resources

Nov 18, 2009, 07:00 ET

SOUTH PERTH , Western Australia , Nov. 18 /CNW/ - Extract Resources Limited (ASX/TSX/NSX: EXT), a uranium exploration and development company with projects in Namibia , today announced an exploration update on the large, high grade, granite hosted uranium system at Rossing South, part of EXT's world-class Husab Uranium Project.

Highlights:

    
    -   Chemical assay results confirm the continuity of uranium
        mineralisation at Rossing South, as the infill drilling moves the
        Inferred Resource closer to 'Measured' and 'Indicated' status.

    -   All zones of uranium mineralisation still open at depth and along
        strike, in at least one direction.

    -   11 drill rigs operating on site, with more rigs being sourced to
        accelerate exploration and resource definition efforts.

    -   A RadonX exploration programme to commence over the entire Rossing
        South area of cover to delineate additional uranium anomalies.

    -   Further results assessed in early 2010; EXT continuing to progress
        the Rossing South Feasibility Study (due for completion in mid-2010).

The return of consistent zones of high grade, granite hosted uranium mineralisation from Rossing South continues to confirm the global significance of this massive mineralised system.

Extract Resources Chairman, Mr. Steve Galloway , said: "Exceptional chemical assay results reinforce the view that Rossing South is one of the most significant uranium discoveries ever made. The company remains committed to defining the full potential of Rossing South with extensions to known resources being defined, along with exciting new discoveries.

"A programme of radon emanometry using a proprietary technique (RadonX) to further quantify the enormous potential of this project, will be completed over the next two months. RadonX has been shown to be effective in the Rossing South environment and should accelerate exploration progress. Results will be assessed in the New Year with additional rigs sourced to test the new targets.

"The Company is also progressing the Feasibility Study for Rossing South, a key step in bringing the project into development in a timely and efficient way," Mr Galloway concluded.

Chemical assay results not previously reported from recent drilling at Rossing South include:

    
    -----------------------------------------------------
    Hole ID           From     To      Mineralised zones
                        (m)    (m)             (U(3)O(8))
    -----------------------------------------------------
    Zone 1
    -----------------------------------------------------
    RDD078             336    367     31m @ 1578 ppm
    -----------------------------------------------------
    RRC449              88    225     137m @ 464 ppm
    -----------------------------------------------------
    RRC456             157    243      86m @ 480 ppm
    -----------------------------------------------------
    RRC461              61    131      70m @ 741 ppm
    -----------------------------------------------------
    RRC503             175    277      104 @ 485 ppm
    -----------------------------------------------------
    RRC504             108    145     37m @ 1247 ppm
    -----------------------------------------------------
    Zone 2
    -----------------------------------------------------
    RDD059             393    411     18m @ 3028 ppm
    -----------------------------------------------------
    RDD075             371    417      46m @ 934 ppm
    -----------------------------------------------------
    RRC497             140    203      63m @ 924 ppm
    -----------------------------------------------------

About Extract Resources

Extract Resources Limited is an Australian-based uranium exploration and development company whose primary focus is in 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 the region.

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled or reviewed by Mr Martin Spivey , who is a Member of The Australasian Institute of Mining and Metallurgy and Mr Andrew Penkethman who is a Member of the Australian Institute of Geoscientists. Mr Spivey and Mr Penkethman are both full time employees of the Company. Mr Spivey and Mr Penkethman have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Spivey and Mr Penkethman consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

Reference to hand held spectrometer results refers to use of a Company owned Exploranium, GR-135 Plus or Terraplus RS-125, hand held spectrometer. The uranium values are recorded by placing the unit on the bulk RC sample bags or individual trays of drill core and expressed as parts per million (ppm) eU which is equivalent to ppm U. Results from these units provide an indication of uranium mineralisation; they may also be affected by uranium mobility and disequilibrium. These factors should be considered when interpreting eU information whilst waiting for confirmation chemical assay results.

This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected.

Rossing South Exploration Update

General Exploration

RadonX is a proprietary technique whereby radon fluxing through permeable overburden, such as the Rossing South gravel plain, is captured by activated charcoal cartridges within inverted cups. The cups are buried within the soil for approximately ten days, following which the gamma emitting radon daughter products are measured. The technique is a refinement of the Radon-On-Activated-Charcoal (ROAC) method developed in South Africa during the 1980's. A previous orientation RadonX survey over known uranium mineralization at Rossing South produced a compelling case for the effectiveness of the technique in the Rossing South environment, with a clear radon signature being produced in areas with up to 70 metres of overburden. The planned programme also has the benefit of having a very low environmental impact as the pots will be laid out and collected on foot.

This survey is expected to commence this month and be completed in early 2010. The results will be evaluated in quarter one 2010. Following this review priority targets will be defined for drill testing. This methodology is expected to accelerate progress in testing the enormous potential of the 15 kilometre long Rossing South mineralised trend.

The main targets remain the bulk tonnage primary, granite hosted uranium deposits, but potential also exists for the definition of surficial (secondary) channel hosted mineralisation. The main structural corridors prospective for hosting primary granite, Rossing Style, uranium mineralisation are shown in Figure 1. The majority of the prospective zones highlighted by the dashed white lines have yet to be explored. The Company remains committed to realizing the full potential of this richly endowed project.

Additional geological personnel and drill rigs are being sourced to accelerate exploration efforts. Another large capacity RC rig has been booked to arrive on site after the Christmas break in January 2010 .

Salem Exploration Update

First pass RC drilling has been completed at the Salem prospect located, approximately 10km south of Rossing South Zone 2 (Figure 1). 14 holes for 3,955 metres have been completed. The drilling was targeting a radiometric anomaly associated with a series of alaskite dykes that have intruded grey granite. The geological setting for this style of primary granite hosted uranium mineralisation differs to that at Rossing South to the north and Ida Dome to the south. The uraniferous granites at Salem have intruded grey biotite bearing granite. This style of mineralisation and structural setting is not evident from magnetic data in the same way as Rossing South and Ida Dome . Potential exists for concealed, Salem type uranium mineralisation further north under the Rossing South gravel plain. RadonX will help explore for these targets, as well as the more typical Rossing South style of occurrence.

Every hole drilled at Salem intersected multiple zones of anomalous uranium mineralisation from shallow depths. Unlike Rossing South, uranium mineralization at Salem outcrops at surface, and drilling indicates that the system remains open to the north and south, and at depth. Results are shown in Appendix 2.

Resource Definition Update - Zone 1 & Zone 2

Eleven rigs are currently dedicated to infill and resource extensional drilling over Zone 1 and 2 to define resources for conversion to reserves as part of the Rossing South Feasibility Study. A steady flow of quality chemical assay results reconfirms the continuity of the high grade granite hosted uranium mineralisation.

Diamond drilling in the gap between Zone 1 and Zone 2 has confirmed that both zones are part of the same mineralised system hosted within the Rossing South anticline. The gap between Zones 1 and 2 is thus interpreted to be a down warped section of the anticlinal axis. Drilling in this area is expected to define additional uranium mineralization which will add to the large resource base already defined. Further resources are also expected to be defined in the area immediately to the south of Zone 2.

Open pit optimisation on the Inferred Resource defined at Zone 1 and Zone 2 suggests that the majority of resources defined to date are in potentially mineable positions. The current open pit optimisation, based on a US$65 per pound U(3)O(8) price (approximate long term contract price) has been pushed as deep 370 metres below surface. The Company believes that ultimate pits in excess of 400 metres depth are a realistic objective, provided the continuity of the mineralised domains can be demonstrated. Figure 2 shows an example of the Zone 1 uranium mineralisation with strongly mineralised domains open down dip. All of this material has been captured within preliminary open pit optimisation studies.

A full list of recently received and previously unreported chemical assay results is shown in Appendix 2.

To see Appendix 1 and Appendix 2, please click URL below:

http://files.newswire.ca/476/Extract_Resources.doc

    
                                 APPENDIX 2:

                             TABLE OF NEW RESULTS

    Husab Project - Rossing South Prospect: RC and diamond drill hole assay
             results. Uranium intersections greater than 100 ppm
    U(3)O(8) over drill hole intersection widths of not less than 2 metres
                               down hole width:

    -------------------------------------------------------------------------
             Northing  Easting
                UTM      UTM                                           Grade
               WGS84    WGS84   Azi_True             From  To  Width   (ppm
    Hole_id     33S      33S      (deg)   Dip (deg)   (m)  (m)  (m) U(3)O(8))
    -------------------------------------------------------------------------
    PC092     7503350   506050       270        -60    65   70     5     424
    -------------------------------------------------------------------------
    RDD053    7503654   505306        90        -60   189  192     3     158
    -------------------------------------------------------------------------
                                                      276  282     6     109
    -------------------------------------------------------------------------
    RDD059    7503303   506205       270        -60   393  411    18    3028
    -------------------------------------------------------------------------
    RDD071    7504002   505864       270        -60   303  308     5     226
    -------------------------------------------------------------------------
                                                      319  341    22     957
    -------------------------------------------------------------------------
                                                      353  359     6     163
    -------------------------------------------------------------------------
    RDD073   506107.3  7504005       270        -60 246.6  254   7.4     878
    -------------------------------------------------------------------------
                                                      291  294     3    1640
    -------------------------------------------------------------------------
                                                      306  316    10     312
    -------------------------------------------------------------------------
                                                      328  352    24     688
    -------------------------------------------------------------------------
                                                      371  379     8     271
    -------------------------------------------------------------------------
    RDD074    7504102   506104       270        -60   400  414    14     287
    -------------------------------------------------------------------------
                                                      464  474    10     408
    -------------------------------------------------------------------------
                                                      537  542     5     103
    -------------------------------------------------------------------------
                                                      553  559     6     543
    -------------------------------------------------------------------------
    RDD075    7504404   506126       270        -60   348  353     5     314
    -------------------------------------------------------------------------
                                                      371  417    46     934
    -------------------------------------------------------------------------
                               Including              371  395    24    1516
    -------------------------------------------------------------------------
                               and                    401  417    16     401
    -------------------------------------------------------------------------
    RDD078    7505202   506304       270        -60   276  292    16     626
    -------------------------------------------------------------------------
                                                      303  314    11     706
    -------------------------------------------------------------------------
                                                      336  367    31    1578
    -------------------------------------------------------------------------
                                                      424  435    11     159
    -------------------------------------------------------------------------
    RDD079    7505503   506105       270        -60   310  313     3     500
    -------------------------------------------------------------------------
                                                      328  349    21    1200
    -------------------------------------------------------------------------
                               Including              328  342    14    1346
    -------------------------------------------------------------------------
                               and                    347  349     2    3130
    -------------------------------------------------------------------------
    RDD085    7503153   505656       270        -60    72   74     2     246
    -------------------------------------------------------------------------
                                                       92  102    10     109
    -------------------------------------------------------------------------
                                                      129  138     9     886
    -------------------------------------------------------------------------
                                                      184  199    15    1039
    -------------------------------------------------------------------------
    RRC417    7500003   504205       270        -60   237  241     4     356
    -------------------------------------------------------------------------
    RRC419    7500003   504405       270        -60   240  246     6     194
    -------------------------------------------------------------------------
    RRC420    7500003   504506       270        -60   258  266     8     174
    -------------------------------------------------------------------------
    RRC430    7500804   505204       270        -60   197  215    18     221
    -------------------------------------------------------------------------
                                                      223  238    15     260
    -------------------------------------------------------------------------
                                                      397  405     8     399
    -------------------------------------------------------------------------
    RRC443    7506854   506505       270        -60    15   20     5     164
    -------------------------------------------------------------------------
                                                       35   43     8     116
    -------------------------------------------------------------------------
                                                       52   55     3     105
    -------------------------------------------------------------------------
    RRC444    7506851   506606       270        -60    41   44     3     198
    -------------------------------------------------------------------------
                                                       75   97    22     208
    -------------------------------------------------------------------------
                                                      105  110     5     340
    -------------------------------------------------------------------------
    RRC445    7506853   506706       270        -60    44   49     5     111
    -------------------------------------------------------------------------
                                                       96  101     5     787
    -------------------------------------------------------------------------
                                                      125  133     8    2158
    -------------------------------------------------------------------------
                                                      150  162    12     452
    -------------------------------------------------------------------------
    RRC446    7506954   506755       270        -60    54   59     5     919
    -------------------------------------------------------------------------
                                                       79   82     3     470
    -------------------------------------------------------------------------
                                                      136  138     2     163
    -------------------------------------------------------------------------
                                                      155  193    38     395
    -------------------------------------------------------------------------
                                                      220  232    12     284
    -------------------------------------------------------------------------
                                                      244  256    12     240
    -------------------------------------------------------------------------
    RRC447    7506953   506656       270        -60    17   23     6     368
    -------------------------------------------------------------------------
                                                       40   83    43     526
    -------------------------------------------------------------------------
                               Including               40   44     4     238
    -------------------------------------------------------------------------
                               and                     51   73    22     896
    -------------------------------------------------------------------------
                               and                     79   83     4     365
    -------------------------------------------------------------------------
                                                       94  129    35     618
    -------------------------------------------------------------------------
                                                      156  160     4     719
    -------------------------------------------------------------------------
    RRC448    7505802   505813       270        -60   159  163     4     299
    -------------------------------------------------------------------------
                                                      219  228     9     201
    -------------------------------------------------------------------------
                                                      247  249     2     280
    -------------------------------------------------------------------------
                                                      259  261     2    1211
    -------------------------------------------------------------------------
    RRC449    7505850   506400       270        -60    88  225   137     464
    -------------------------------------------------------------------------
                               Including               88  100    12     146
    -------------------------------------------------------------------------
                               and                    105  130    25     504
    -------------------------------------------------------------------------
                               and                    137  143     6     256
    -------------------------------------------------------------------------
                               and                    152  225    73     646
    -------------------------------------------------------------------------
                                                      248  250     2     365
    -------------------------------------------------------------------------
                                                      262  269     7    1122
    -------------------------------------------------------------------------
                                                      286  294     8    2725
    -------------------------------------------------------------------------
                                                      308  310     2     126
    -------------------------------------------------------------------------
                                                      333  364    31     474
    -------------------------------------------------------------------------
    RRC450    7505900   505950       270        -60    76   84     8     143
    -------------------------------------------------------------------------
                                                      162  164     2     168
    -------------------------------------------------------------------------
                                                      202  207     5     228
    -------------------------------------------------------------------------
    RRC451    7506453   506303       270        -60    96   98     2     575
    -------------------------------------------------------------------------
    RRC453    7506451   506505       270        -60   113  134    21     450
    -------------------------------------------------------------------------
                               Including              113  122     9     868
    -------------------------------------------------------------------------
                               and                    127  134     7     198
    -------------------------------------------------------------------------
                                                      154  156     2     852
    -------------------------------------------------------------------------
                                                      188  193     5     110
    -------------------------------------------------------------------------
                                                      226  231     5     175
    -------------------------------------------------------------------------
                                                      242  244     2     190
    -------------------------------------------------------------------------
                                                      258  269    11     265
    -------------------------------------------------------------------------
                                                      278  283     5     220
    -------------------------------------------------------------------------
    RRC455    7506553   506455       270        -60    53   58     5     136
    -------------------------------------------------------------------------
                                                       76   85     9     316
    -------------------------------------------------------------------------
                                                       90   95     5     196
    -------------------------------------------------------------------------
    RRC456    7506554   506553       270        -60    60   68     8     112
    -------------------------------------------------------------------------
                                                      157  243    86     480
    -------------------------------------------------------------------------
                               Including              157  185    28    1160
    -------------------------------------------------------------------------
                               and                    190  204    14     213
    -------------------------------------------------------------------------
                               and                    213  221     8     309
    -------------------------------------------------------------------------
                               and                    227  243    16     166
    -------------------------------------------------------------------------
    RRC457    7506953   506553       270        -60    55   73    18     185
    -------------------------------------------------------------------------
    RRC458    7506950   506450       270        -60     0    7     7     107
    -------------------------------------------------------------------------
    RRC459    7507050   506400       270        -60    25   29     4     107
    -------------------------------------------------------------------------
    RRC460    7507050   506600       270        -60    45   48     3     432
    -------------------------------------------------------------------------
                                                       75   81     6     235
    -------------------------------------------------------------------------
                                                      118  126     8     280
    -------------------------------------------------------------------------
    RRC461    7507252   506505       270        -60    61  131    70     741
    -------------------------------------------------------------------------
                               Including               61   81    20    1118
    -------------------------------------------------------------------------
                               and                     87  131    44     668
    -------------------------------------------------------------------------
    RRC462    7507253   506704       270        -60   263  268     5     265
    -------------------------------------------------------------------------
    RRC463    7507153   506449       270        -60     7   18    11     385
    -------------------------------------------------------------------------
                                                       38   41     3     220
    -------------------------------------------------------------------------
                                                       64   75    11     228
    -------------------------------------------------------------------------
    RRC464    7507152   506554       270        -60    25   42    17     109
    -------------------------------------------------------------------------
                                                       48   55     7     404
    -------------------------------------------------------------------------
                                                       70   75     5     201
    -------------------------------------------------------------------------
                                                      116  123     7     145
    -------------------------------------------------------------------------
    RRC465    7507153   506657       270        -60   189  194     5     345
    -------------------------------------------------------------------------
                                                      201  203     2     218
    -------------------------------------------------------------------------
                                                      216  223     7     299
    -------------------------------------------------------------------------
    RRC466    7507249   506602       270        -60   174  182     8     273
    -------------------------------------------------------------------------
                                                      187  190     3     379
    -------------------------------------------------------------------------
                                                      202  215    13     191
    -------------------------------------------------------------------------
    RRC467    7502600   505450       270        -60    75   80     5     119
    -------------------------------------------------------------------------
                                                       94  115    21     103
    -------------------------------------------------------------------------
                                                      137  140     3     600
    -------------------------------------------------------------------------
                                                      155  157     2     182
    -------------------------------------------------------------------------
    RRC468    7502650   505350       270        -60   116  118     2     144
    -------------------------------------------------------------------------
                                                      135  143     8     303
    -------------------------------------------------------------------------
    RRC469    7502650   505450       270        -60   144  147     3     138
    -------------------------------------------------------------------------
                                                      160  162     2     172
    -------------------------------------------------------------------------
    RRC470    7502650   505650       270        -60   208  210     2     121
    -------------------------------------------------------------------------
                                                      265  268     3     158
    -------------------------------------------------------------------------
    RRC471    7500804   505304       270        -60   198  201     3     203
    -------------------------------------------------------------------------
                                                      218  220     2     409
    -------------------------------------------------------------------------
                                                      228  241    13     487
    -------------------------------------------------------------------------
    RRC472    7500805   505404       270        -60   261  270     9     164
    -------------------------------------------------------------------------
                                                      284  290     6     254
    -------------------------------------------------------------------------
    RRC473    7500803   505504       270        -60   219  226     7     204
    -------------------------------------------------------------------------
                                                      292  296     4     207
    -------------------------------------------------------------------------
                                                      320  324     4     341
    -------------------------------------------------------------------------
    RRC474    7500400   504700       270        -60   216  230    14     116
    -------------------------------------------------------------------------
    RRC481    7500001   504604       270        -60   169  174     5    1766
    -------------------------------------------------------------------------
                                                      286  289     3     165
    -------------------------------------------------------------------------
    RRC482    7500000   504700       270        -60   210  224    14     737
    -------------------------------------------------------------------------
    RRC483    7500000   504800       270        -60   205  232    27     290
    -------------------------------------------------------------------------
                                                      244  246     2     142
    -------------------------------------------------------------------------
    RRC484     504900  7500000                        170  175     5     772
    -------------------------------------------------------------------------
                                                      235  240     5     309
    -------------------------------------------------------------------------
    RRC491    7507050   506700       270        -60    64   66     2     175
    -------------------------------------------------------------------------
                                                      103  111     8     230
    -------------------------------------------------------------------------
                                                      118  141    23     332
    -------------------------------------------------------------------------
                                                      148  177    29     685
    -------------------------------------------------------------------------
                                                      225  238    13     134
    -------------------------------------------------------------------------
    RRC492    7507050   506800       270        -60   236  238     2     257
    -------------------------------------------------------------------------
                                                      245  250     5     125
    -------------------------------------------------------------------------
                                                      262  273    11     186
    -------------------------------------------------------------------------
    RRC493     506750  7507150       270        -60   219  236    17     242
    -------------------------------------------------------------------------
                                                      241  243     2     273
    -------------------------------------------------------------------------
    RRC494     505300  7502950     269.5        -60    51   56     5     113
    -------------------------------------------------------------------------
                                                       61   63     2     121
    -------------------------------------------------------------------------
                                                       73   79     6     116
    -------------------------------------------------------------------------
                                                      100  105     5     421
    -------------------------------------------------------------------------
                                                      112  119     7     259
    -------------------------------------------------------------------------
    RRC495    7502950   505350       270        -60    94   99     5     235
    -------------------------------------------------------------------------
                                                      105  112     7     243
    -------------------------------------------------------------------------
                                                      141  145     4     931
    -------------------------------------------------------------------------
                                                      159  163     4    1315
    -------------------------------------------------------------------------
    RRC496    7502950   505450       270        -60    79   82     3     683
    -------------------------------------------------------------------------
                                                      162  164     2     327
    -------------------------------------------------------------------------
    RRC497    7502950   505550       270        -60   140  203    63     924
    -------------------------------------------------------------------------
                                                      220  226     6     239
    -------------------------------------------------------------------------
                                                      237  239     2     199
    -------------------------------------------------------------------------
                                                      244  247     3     158
    -------------------------------------------------------------------------
                                                      256  263     7     133
    -------------------------------------------------------------------------
    RRC501    7505900   506250       270        -60   167  169     2     138
    -------------------------------------------------------------------------
    RRC502    7505950   506300       270        -60    58  114    56     315
    -------------------------------------------------------------------------
                               Including               58   69    11     298
    -------------------------------------------------------------------------
                               and                     74   76     2     302
    -------------------------------------------------------------------------
                               and                     83   89     6     327
    -------------------------------------------------------------------------
                               and                     96   98     2     115
    -------------------------------------------------------------------------
                               and                    105  114     9    1135
    -------------------------------------------------------------------------
                                                      127  132     5     193
    -------------------------------------------------------------------------
                                                      144  150     6     657
    -------------------------------------------------------------------------
                                                      165  172     7     201
    -------------------------------------------------------------------------
                                                      233  235     2     172
    -------------------------------------------------------------------------
                                                      241  256    15     167
    -------------------------------------------------------------------------
    RRC503    7505950   506450       270        -60    83   85     2     354
    -------------------------------------------------------------------------
                                                      144  155    11     350
    -------------------------------------------------------------------------
                                                      175  279   104     485
    -------------------------------------------------------------------------
                                                      303  309     6     131
    -------------------------------------------------------------------------
                                                      327  335     8     723
    -------------------------------------------------------------------------
                                                      341  346     5     114
    -------------------------------------------------------------------------
    RRC504    7505950   506000       270        -60   108  145    37    1247
    -------------------------------------------------------------------------
                               Including              108  121    13    1216
    -------------------------------------------------------------------------
                               and                    128  145    17    1774
    -------------------------------------------------------------------------
                                                      167  172     5     290
    -------------------------------------------------------------------------
                                                      208  225    17     356
    -------------------------------------------------------------------------
    RRC505     505950  7505950       270        -60    83   96    13     410
    -------------------------------------------------------------------------
                                                      126  130     4     322
    -------------------------------------------------------------------------
                                                      136  138     2     219
    -------------------------------------------------------------------------
    RRC511    7502700   505450       270        -60   102  107     5     128
    -------------------------------------------------------------------------
                                                      124  127     3     177
    -------------------------------------------------------------------------
                                                      135  139     4     262
    -------------------------------------------------------------------------
                                                      202  211     9     299
    -------------------------------------------------------------------------
    RRC513    7502700   505650       270        -60   221  233    12     336
    -------------------------------------------------------------------------
                                                      253  256     3     470
    -------------------------------------------------------------------------
    RRC514    7502750   505350       270        -60   146  148     2     246
    -------------------------------------------------------------------------
    RRC515    7502750   505450       270        -60   121  125     4     299
    -------------------------------------------------------------------------
                                                      132  168    36     301
    -------------------------------------------------------------------------
    SRC001    7492100   505000       270        -60     5   18    13     135
    -------------------------------------------------------------------------
                                                       31   55    24     221
    -------------------------------------------------------------------------
                                                       63   88    25     103
    -------------------------------------------------------------------------
                                                      102  106     4     121
    -------------------------------------------------------------------------
                                                      111  127    16     138
    -------------------------------------------------------------------------
                                                      133  147    14     255
    -------------------------------------------------------------------------
    SRC002    7492200   504900       270        -60     9   13     4     163
    -------------------------------------------------------------------------
                                                       25   29     4     129
    -------------------------------------------------------------------------
                                                       42   78    36     127
    -------------------------------------------------------------------------
                                                       85   88     3     116
    -------------------------------------------------------------------------
    SRC003    7492200   505000       270        -60    11   21    10     104
    -------------------------------------------------------------------------
                                                       39   70    31     187
    -------------------------------------------------------------------------
                                                       79   81     2     138
    -------------------------------------------------------------------------
                                                      111  120     9     175
    -------------------------------------------------------------------------
                                                      129  131     2     177
    -------------------------------------------------------------------------
    SRC004    7492200   505100       270        -60    15   18     3     171
    -------------------------------------------------------------------------
                                                       57   83    26     146
    -------------------------------------------------------------------------
                                                       88   93     5     114
    -------------------------------------------------------------------------
                                                      123  132     9     118
    -------------------------------------------------------------------------
                                                      159  162     3     184
    -------------------------------------------------------------------------
                                                      170  173     3     111
    -------------------------------------------------------------------------
                                                      193  195     2     118
    -------------------------------------------------------------------------
    SRC005    7492300   504900       270        -60     8   65    57     294
    -------------------------------------------------------------------------
                                                       70   86    16     112
    -------------------------------------------------------------------------
                                                      128  134     6     116
    -------------------------------------------------------------------------
    SRC006    7492300   505000       270        -60     0    3     3     111
    -------------------------------------------------------------------------
                                                       20   31    11     199
    -------------------------------------------------------------------------
                                                       39   42     3     149
    -------------------------------------------------------------------------
                                                       90   98     8     184
    -------------------------------------------------------------------------
                                                      141  164    23     236
    -------------------------------------------------------------------------
                                                      187  195     8     201
    -------------------------------------------------------------------------
    SRC007    7492300   505100       270        -60    37   39     2     200
    -------------------------------------------------------------------------
                                                      102  106     4     134
    -------------------------------------------------------------------------
                                                      138  143     5     132
    -------------------------------------------------------------------------
                                                      149  166    17     110
    -------------------------------------------------------------------------
                                                      184  186     2     160
    -------------------------------------------------------------------------
                                                      193  197     4     167
    -------------------------------------------------------------------------
                                                      202  206     4     101
    -------------------------------------------------------------------------
    SRC008    7492400   504900       270        -60     0   10    10     125
    -------------------------------------------------------------------------
                                                       16   71    55     178
    -------------------------------------------------------------------------
                                                       85   88     3     130
    -------------------------------------------------------------------------
                                                       97  103     6     137
    -------------------------------------------------------------------------
    SRC009    7492400   505000       270        -60     1    3     2     113
    -------------------------------------------------------------------------
                                                       94   96     2     109
    -------------------------------------------------------------------------
                                                      110  114     4     187
    -------------------------------------------------------------------------
                                                      183  185     2     135
    -------------------------------------------------------------------------
    SRC010    7492400   505100       270        -60     0   16    16     155
    -------------------------------------------------------------------------
                                                       28   50    22     144
    -------------------------------------------------------------------------
                                                      123  126     3     120
    -------------------------------------------------------------------------
                                                      171  177     6     118
    -------------------------------------------------------------------------
    SRC011    7492500   504900       270        -60     5    7     2     343
    -------------------------------------------------------------------------
                                                       38   41     3     194
    -------------------------------------------------------------------------
                                                       68   70     2     134
    -------------------------------------------------------------------------
    SRC012    7492500   505000       270        -60     7    9     2     177
    -------------------------------------------------------------------------
                                                       37   45     8     261
    -------------------------------------------------------------------------
                                                      189  191     2     114
    -------------------------------------------------------------------------
    SRC013    7492500   505100       270        -60    13   16     3     124
    -------------------------------------------------------------------------
                                                       27   29     2     254
    -------------------------------------------------------------------------
                                                       37   41     4     140
    -------------------------------------------------------------------------
                                                       61   70     9     106
    -------------------------------------------------------------------------
                                                       78   80     2     117
    -------------------------------------------------------------------------
                                                      129  135     6     141
    -------------------------------------------------------------------------
    SRC014    7492500   505200       270        -60    39   51    12     165
    -------------------------------------------------------------------------
                                                       59   84    25     156
    -------------------------------------------------------------------------
                                                      145  153     8     105
    -------------------------------------------------------------------------
                                                      188  191     3     111
    -------------------------------------------------------------------------
                                                      215  220     5     144
    -------------------------------------------------------------------------
                                                      320  325     5     217
    -------------------------------------------------------------------------

    Notes:
    -   Analyses on RC chips and 1/2 NQ drill core by Genalysis Laboratory
        Services, Perth. Uranium assays were carried out by Four Acid
        Digest/MS (AT/MS).
    -   Metal values (U) have been expressed as parts per million (ppm)
        U(3)O(8) converted to oxide values (U(3)O(8)) using a factor of 1.179
        and rounded to zero decimal places. Note that 100 ppm U(3)O(8) is
        equivalent to 0.1 kg/t U(3)O(8), which is 0.01% U(3)O(8).
    -   Intersection widths are estimated to be approximately true width.

For further information: Steve Galloway, Chairman, + 264 61 227950; Richard Henning, Investor Relations, +61 89367 2111, [email protected]

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