EXT - Extract Resources

[bigdog]

17-11-2009 02:47 PM EXT Strategic Partnership Update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01011803

17 November 2009
COMPANY ANNOUNCEMENT/MEDIA RELEASE
Extract Resources assessing strategic partnership opportunities to progress the development of Rossing South Extract Resources Limited (ASX, TSX, NSX: EXT) commenced a comprehensive review of strategic options in May 2009 for the development of Rossing South, part of the company’s world class Husab Uranium Project in Namibia.

The strategic review being carried out by corporate advisers Rothschild, in conjunction with the company, has already identified a number of potential development pathways for Rossing South. At this stage no decision has been made on the preferred development option for the project.

As part of the continuing process, Extract has now invited interested parties to submit proposals for their potential partnership in the development of Rossing South, including outlining the basis of their interest and how they can assist with bringing the project into production in the most timely and efficient manner. Proposals will be carefully evaluated and compared against all other available options, including the development of the project solely by Extract, through its 100 per cent-owned subsidiary, Swakop Uranium.

Due to the size and quality of the Rossing South deposit, Extract has received extensive interest from a number of parties seeking to participate in the project’s development. Extract will keep shareholders informed of any material developments.

In the meantime, Extract is continuing to progress the Rossing South Feasibility Study (due for completion by mid-2010), as well as delineating the significant new zones of mineralisation that continue to be discovered.

Extract believes that the strong level of interest already received from potential partners supports the company’s view that Rossing South has the potential to become one of the world’s leading uranium mines, capable of producing 15 Mlbs of U3O8 per year, delivering significant returns to shareholders and material benefits to Namibia.

6016

 

[bigdog]

Looks like the market liked the ANN!!!
EXT 8.50 +0.170 +2.04% high 8.53 low 8.26 179,117 shares $1,500,130 @ 18-Nov 01:22:58 PM

18-11-2009 12:53 PM EXT Rossing South Exploration Results
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01012260

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

November 18, 2009: 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:

Zone 1
RDD078 1578 ppm Mineralised zones(U3O8)
RRC504 1247 ppm

Zone 2
RDD059 3028 ppm

6121

 

[bigdog]

Shares held by the non top 20 shareholders has now reduced to:
Balance of Register 35,524,813 shares 15.00% (was 16.13% two months ago)

I can only guess that Kalahari and Zero/Polo are continiuing to buy on market because the SP dropped again today!

EXT $8.10 -0.240 -2.88% high $8.44 low $8.04 266,854 shares $2,182,316 @ 19-Nov 04:10:59 PM
-- small trades pulled down the SP yet again today!

11/19/09 10:31:26 $8.44 1400 shares
11/19/09 10:33:09 $8.38 892
11/19/09 10:34:13 $8.31 21

IMO, it is strange how when Kalahari and Zero/Polo are both buying on market that the SP decreases!
-- when POLO was buying several months ago, the SP increased
-- do we really have Kalahari and Zero/Polo "fighting" for the additional on market shares?

http://extres.com.au/MediaReleases/tabid/617/Default.aspx
Top 20 shareholders - 18 November 2009

Top 20 SHAREHOLDERS NOV 17 2009 compared to Top 20 Sep 17 2009.

## Tot_Share %Holdg Change__ Shareholder
01 98,053,911 41.40% 5,665,225 KALAHARI URANIUM LIMITED
02 35,705,693 15.07% 1,084,291 RIO TINTO INTERNATIONAL HOLDINGS AUSTRALIA PTY LTD
03 22,450,849 9.48% 2,764,053 ZERO NOMINEES PTY LTD - Euroz Ltd - POLO
04 8,109,021 3.42% 883,778 NATIONAL NOMINEES LIMITED
05 7,436,571 3.14% 206,571 S G J INVESTMENTS PTY LTD - Steve Sikirich
06 7,346,532 3.10% -122,307 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
07 5,830,564 2.46% 853,447 J P MORGAN NOMINEES AUSTRALIA LIMITED
08 3,976,524 1.68% 204,127 CITICORP NOMINEES PTY LIMITED
09 1,928,718 0.81% 373,129 PORT BRASSEY PTY LTD
10 1,826,583 0.77% -711,585 ANZ NOMINEES LIMITED
11 1,355,908 0.57% -3,026,368 UBS WEALTH MANAGEMENT AUST - P MCINTYRE
12 1,333,565 0.56% 37,043 ERIDITUS PTY LTD - ROBERT VAGNONI
13 1,000,000 0.42% 1,000,000 UBS NOMINEES PTY LTD
14 921,933 0.39% 921,933 AMP LIFE LIMITED
15 716,832 0.30% 19,912 MR YI WENG & MS NING LI
16 691,182 0.29% 691,182 QUEENSLAND INVESTMENT GROUP
17 687,849 0.29% 48,434 CITICORP NOMINEES PTY LIMITED
18 666,783 0.28% 18,521 TASWA PTY LTD
19 654,660 0.28% 18,185 IRONSIDE PTY LTD
20 650,000 0.27% -30,556 MR DAVID MICHAEL HONNER

TOTAL 201,343,678 85.00%
Balance of Register 35,524,813 15.00%
Grand TOTAL 236,868,491 100.00%

Observations
Kalahari increased plus 5,665,225 shares
UBS WEALTH MANAGEMENT AUST - P MCINTYRE down from 4,382,276 to 1,355,908 0.57% -3,026,368

New Top 20 shareholders
13 UBS NOMINEES PTY LTD 1,000,000 0.42% 1,000,000
14 AMP LIFE LIMITED 921,933 0.39% 921,933
16 QUEENSLAND INVESTMENT GROUP 691,182 0.29% 691,182

The following disappeared from the top 20
13 WARBONT NOMINEES PTY LTD - UBS Securities 1,033,042
14 LABONNE ENTERPRISES PTY LTD - P MCINTYRE 1,000,000
15 POLO AUSTRALASIA LIMITED (AUSTOCK) 832,321
-- POLO shares most likely transferred to ZERO NOMINEES!!

6343

 

[bigdog]

http://www.proactiveinvestors.com.a...ce-uranium-at-current-rate-til-2023-3520.html

Rio Tinto's Rossing can produce uranium at current rate ‘til 2023
by Lawrence Williams, Mineweb.net
Monday, November 30, 2009

Reports from Namibia suggest, perhaps hardly surprisingly, that mining giant Rio Tinto (ASX: RIO) is very keen to purchase the Rossing South project from Australian explorer, Extract Resources (ASX: EXT) and develop it in conjunction with its existing major mining operation some 7 km to the north.

Rio already owns 14.7% of Extract directly and also has 14.1% of Kalahari Minerals (LSE: KAH) which in turn owns 40% of Extract - which perhaps puts it in the driving seat with respect to taking on what is turning out to be one of the world's great uranium deposits - and given the proximity of its own operation, this would seem to make sense.

But perhaps Rio has missed the boat in picking up the project at a reasonable price as Extract and Kalahari stock has soared as more and more good grade uranium is turned up by Extract's exploration team. The current total resource for Rossing South is put at 267 million lbs U3O8 at 488ppm with almost definitely much more to come. Indeed Kalahari puts the anticipated potential at over 500 million lbs.

Jerome Mutumba, Rossing Uranium's manager of corporate communications and external relations, has been reported as telling Namibia Economist "Rio Tinto and Rössing see great potential for Rössing South to be developed and operated together with Rössing as this will provide value to both Rössing and Extract Resources.... the mines could share significant infrastructure... Rössing Uranium remains interested in discussing with the board of Extract how it might maximise value for all shareholders in both Extract and our Rössing mine.... Rössing produces 8% of global primary uranium production and is already a world class mine. Rössing South has the potential to be a similar scale."

Other shareholders in Extract and Kalahari may well be holding out for a higher price than Rio may be prepared to pay though. A significant player in this is Stephen Dattels who, through Polo Resources and various other companies with which he is associated is believed to have built up a significant stake in both Kalahari and Extract.

Dattels, and his associates are perhaps best known for the huge sale of Uramin, which has the Trekkopje uranium mine, also in Namibia, to French nuclear giant Areva for over $2 billion in 2007. He is very much a believer in Namibian uranium and has already made a fortune backing this belief.

Meanwhile Rossing itself, which had been looking at running operations down only three years or so ago, now reckons it can maintain its annual production rate of 4,000 tonnes of U3O8 a year until 2023 - indeed it should be able to increase it by 500 tonnes a year if it builds a new heap leach facility for which a feasibility study will be completed early next year.

Rossing Uranium is owned as to 68.6% by Rio Tinto.

The mine is also exploring around its own operation and reckons its potential for expanding its own resource remains, although the Rossing South resource has very obvious attractions. But, the very fact that the mine can continue operating for another 10 years or more at its current rate, even without finding new ore on its own ground, means that it may not be in a rush to pay a high premium for Rossing South.

It is still very much the obvious developer for the project and its big shareholding in Extract and Kalahari may mean it can successfully prevent its sale to other parties and hold out for a deal which satisfies all parties.

6793

 

[Uncle Barry]

Good morning Big Dog.
Many thanks for your Report.

At the AGM, it was declared that another resourse the size and or potential of the RS group of 'finds' was thought to be discovered shortly.

Which will only add another exciting phase to what EXTRACT is standing on, in the Earth under its feet.

You may have noticed.
After the drilling and results from the Salem location, they, the Company's Geo team will be using Radon Caps, that will collect data from as deep as 70 meters, these will be used in the area to the north, up towards where the Chinese hold their lease.

If these prove another 'find', resource, then the possible area could be a monster, the zone/area is marked as light green in the magnetic mapping.

Kind regards,
UB
ps, What I post is for my fun only and therefore you should do nothing with any information you think I could be writing, nothing except seek an adviser or Doctor for your head.

 

[bigdog]

I have found African article from last Friday

"The source told the Economist that the only hurdle at the moment was that some of Extract shareholders are demanding more money."
-- assume that this is Dattels and Kalahari!!!
-- perhaps the SP will be heading north!!

EXT 7.86 +0.090 +1.16% high of 7.86 140,241 shares $1,083,934 @ 30-Nov 11:28:14 AM

http://www.economist.com.na/index.p...-roessing-south&catid=542:headlines&Itemid=62

Rio Tinto said to be eying Rössing South
Written by Administrator
Friday, 27 November 2009 08:21

Rio Tinto, the mining giant that owns Rössing Uranium is reported to be planning to buy out Rössing South uranium deposit, which is reportedly one of the biggest uranium finds in recent years. According to a well-placed source in Australia who is close to both Rio Tinto and Extract Resources, Rio Tinto wants Rössing South so that it can expand its uranium production capacity. The source told the Economist that the only hurdle at the moment was that some of Extract shareholders are demanding more money.

Jerome Mutumba, manager corporate communications and external relations at Rössing Uranium told the Economist this week that Rio Tinto has acquired on behalf of Rössing, 14.7% interest in Extract Resources Ltd, the company which owns the Rössing South deposit, and 14.1% of Kalahari Minerals which owns 40% of Extract Resources.

“Rio Tinto and Rössing see great potential for Rössing South to be developed and operated together with Rössing as this will provide value to both Rössing and Extract Resources.

Rössing South is only seven kilometres from the Rössing pit, and the mines could share significant infrastructure. Hence we see potential for Rössing South and Rössing working together on a joint development as this will provide value to both Rössing and Extract Resources.

A significant investment will be required dependent upon the nature of the joint development,” Mutumba said.

He said Rössing Uranium remain interested in discussing with the board of Extract how it might maximise value for all shareholders in both Extract and our Rössing mine.

“Rössing produces 8% of global primary uranium production and is already a world class mine. Rössing South has the potential to be a similar scale,” Mutumba said.

 

[bigdog]

Uncle Barry,

-- Who knows what will happen with the EXT SP!
-- Not too many buyers out there and the SP is hovering today!

Were you aware of this ASF fishing thread?
https://www.aussiestockforums.com/forums/showthread.php?t=2911

 

[bigdog]

ASX ANN after the close today

The SP has been on the downward trend which is a concern!

Date....... Close Volume
08-Dec-09 7.28 497,017
07-Dec-09 7.40 240,486
04-Dec-09 7.67 248,989
03-Dec-09 7.90 434,391
02-Dec-09 7.89 1,936,032
01-Dec-09 7.90 622,876
30-Nov-09 7.83 446,438
27-Nov-09 7.77 561,035
26-Nov-09 7.73 249,832
25-Nov-09 7.80 305,740
24-Nov-09 7.90 437,969


08-12-2009 05:09 PM EXT Rossing South Exploration Results
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01020707

Rossing South Exceptional Drilling Results
8 December 2009: Extract Resources Ltd (ASX/TSX/NSX: EXT), a uranium exploration and development company with projects in Namibia, today announced exceptional chemical assay results from the massive Rossing South mineralised system, part of EXT’s world-class Husab Uranium Project.

Highlights:
● Multiple intersections of high grade uranium mineralisation:
- 28m @ 4,544 ppm U3O8
- including 3m @32,865 ppm U3O8 (3.29%)
● Highest grade granite - hosted deposit in Namibia.
● All zones of uranium mineralisation still open at depth and along strike, in at least one direction.
● 13 drill rigs operating on site, with more rigs being sourced to accelerate
exploration and resource definition efforts.
● A RadonX exploration programme has commenced over the entire Rossing South area of cover to delineate additional uranium anomalies.
● EXT continuing to make strong progress with the Rossing South Feasibility Study (due for completion in mid-2010).

The latest round of impressive chemical assay results continues to set Rossing South apart as a truly unique uranium project.

Extract Resources Chairman, Mr. Steve Galloway, said: “The latest round of high grade assayresults from Rossing South are exceptional with some of the best results returned thus far.”

“The mineralised system known as Zone 1 and Zone 2 extends for over five kilometres with infill and extensional drilling upgrading resource status from ‘Inferred’ to ‘Indicated’ so that reserves can be defined as part of the Feasibility Study to be completed in June 2010.

“The Company is very pleased with the rapid progress being made and with 13 drill rigs now on site, our work rate will accelerate further.

“We remain focused on developing Rossing South. It is a first class asset and we are confident that the work we are completing now will ensure it becomes a first class mining operation,” Mr Galloway concluded.

7389

 

[bigdog]

Interesting play by Kalahari to takeover Coronet Resources Limited (unlisted) which is owned by Peter McIntyre the ex MD of Extract Resources!!!

Peter McIntyre was a director of Kalahari and resigned in 2008.

Any thoughts about this?

The EXT share price has been fairing better in the past week!
Date........ Close Volume
17-Dec-09 8.18 599,378
16-Dec-09 7.94 142,842
15-Dec-09 8.01 116,078
14-Dec-09 8.00 427,856
11-Dec-09 8.28 569,772
10-Dec-09 7.86 703,263
09-Dec-09 7.53 1,069,641
08-Dec-09 7.28 497,017

Today currently EXT 8.20 +0.020 +0.24% 23,198 shares $191,802 @ 18-Dec 10:05:20 AM

http://www.kalahari-minerals.com/Ne..._for_the_entire_issued_ordin/News.aspx?id=145

All share takeover bid for the entire issued ordinary share capital of Coronet Resources Limited

17 December 2009
Kalahari, the AIM and NSX listed resource company with uranium, gold and base metal interests in Namibia, announces that it intends, through its wholly owned, recently incorporated, Australian subsidiary, Kalahari Minerals Pty Ltd, to make a conditional off-market all share takeover bid for the entire issued ordinary share capital of Coronet Resources Limited.

Coronet shareholders will be offered 1 Kalahari Share for every 1.705 Coronet Shares held. The Offer values each Coronet Share at AU$1.85 per share and Coronet, in aggregate, at approximately AU$50.4 million.

A valuation report will be prepared for the purposes of s.593 of the Companies Act 2006. A copy of this report will be sent to Coronet shareholders in due course.

The Coronet Board has unanimously agreed to recommend that Coronet shareholders accept the Offer and the major shareholders of Coronet have entered into pre-bid acceptance agreements with Kalahari in respect of, in aggregate, approximately 19.9 per cent. of the total issued ordinary share capital of Coronet. In the event that the proposed Offer is accepted by all of the shareholders of Coronet, Kalahari would issue a maximum of 16,000,617 Kalahari Offer Shares.

Coronet is an Australian-based mineral exploration company. Its principal asset is its shareholding of 16 million Kalahari Shares, representing an approximate 7.65 per cent. interest in Kalahari. Coronet is an unlisted public company incorporated in Australia.

Key Shareholders as at 2 November 2009
Number Percent Key Shareholders
28,179,810 13.48% Rio Tinto International Holdings Australia Pty Ltd
27,680,000 13.24% Niger Uranium, Ltd
20,900,000 10.00% M&G Investment Management
17,600,000 8.42% Emerging Metals Limited
16,000,000 7.65% Coronet Resources Limited
11,446,850 5.48% Blakeney Management Limited
7,199,980 3.44% New City Investment Managers
6,946,480 3.32% Henderson New Star
6,312,009 3.02% Regent Pacific Group Limited

 

[bigdog]

New potential shareholders or players!!!

http://www.bloomberg.com/apps/news?pid=20601091&sid=a9rxPLKedAPs

Indian Uranium Need to Grow 10-Fold by 2020, Nuclear Power Says Share
By Natalie Obiko Pearson

Dec. 21 (Bloomberg) -- India’s need for uranium will increase 10-fold by 2020 as Asia’s third-largest energy consumer boosts nuclear power generation, the country’s monopoly atomic generator forecast today.

India is seeking cheaper sources of uranium than what it may get through commercial arrangements with companies like Russia’s Rosatom Corp. and France’s Areva SA, which plan to build reactors in the country, said Jagdeep Ghai, finance director at state-owned Nuclear Power Corp. of India.

India will need about 8,000 tons of uranium annually, he said. The nation has signed civil nuclear agreements with six countries, including Canada, Kazakhstan and Namibia, to secure stakes in overseas uranium mines, Ghai said.

“Most of these countries can give us access to uranium,” he said. “Nuclear Power’s strategy is to buy stakes in mines and tie up the source of supply.”

Company officials were in South Africa and Namibia last week assessing offers for stakes, Ghai said.

Atomic energy companies are flocking to India after a three-decade global ban on nuclear trade was lifted last year. The country aims to increase its nuclear power generation capacity 10-fold to 40,000 megawatts by 2035, Nuclear Power Chairman Shreyans Kumar Jain said Dec. 10.

8119

 

[bigdog]

EXT 8.58 +0.190 +2.26% @ 14-Jan 04:35:42 PM

ASX ANN 11-01-2010 12:56 PM EXT Rossing South Drilling and Exploration Update
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01028324

Rossing South Drilling and Exploration Update
11 January 2010: Extract Resources Ltd (ASX/TSX/NSX: EXT), a uranium exploration and development company with projects in Namibia, today announced updated exploration results from the massive Rossing South mineralised system, part of Extract’s world-class Husab Uranium Project.

Highlights:
● Infill resource definition drilling continues to return high grade intercepts
● All zones of uranium mineralisation still open at depth and along strike, in at least one direction.
● 13 drill rigs operating on site, with additional rigs due on site in the next 4 to 6 weeks to accelerate exploration and resource definition efforts.
● Encouraging results from the RadonX survey programme

The latest round of chemical assay results continues to set Rossing South apart as a truly impressive uranium project.

Extract Resources Chairman, Mr. Steve Galloway, said: “We are pleased that we continue to return results with positive surprises at Rossing South – the quality of the original discovery continues to be confirmed, and if anything, gets better. We are conscious of the need to expand our regional exploration programme. Rossing South as defined for our feasibility study represents just a fraction of the prospective area. The RadonX survey results give us a useful indicator of where we should focus future exploration drilling, and the company is committed to this work.

He added ”With the feasibility study on-going and enough cash to fund a new exploration programme – the company is well positioned to add substantial resources to our existing inventory over the next six months and beyond.”

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

Zone 1
RRC591 24m @ 2349 ppm

Zone 2
RDD086 23m @ 2417ppm

Kalahari Minerals plc (‘Kalahari’)

Rossing South Drilling and Exploration Update


Kalahari Minerals reported based upon the above ANN:

Kalahari Minerals plc, the AIM listed resource company with uranium, gold and base metal interests in Namibia, is pleased to provide an update published by Extract Resources Ltd (‘Extract’ or ‘the Company’), in which Kalahari’s subsidiary, Kalahari Uranium Limited, holds a 40.44% interest, on the large, high grade, granite hosted uranium system at Rossing South, part of Extract’s world-class Husab Uranium Project.

Kalahari Executive Chairman Mark Hohnen said, “The infill resource definition drilling continues at pace, at Rossing South, as Extract looks rapidly to advance the project and complete the feasibility study. The ongoing results at Zones 1 & 2 continue to return high grade intercepts, confirming the world class nature of the resource and its future production potential.”

8897

 

[bigdog]

What do you make of the following play for EXT?

"to distribute 90% of Kalahari’s holding in Extract Resources (ASX: EXT) to the Kalahari shareholders"

http://www.minesite.com/fileadmin/content/pdfs/Brokers_Notes_Jan_10/Niger Uranium 21-01-10.pdf

Niger Uranium: NWT calls another EGM
21 January 2010

Niger Uranium’s (URU) largest shareholder has requisitioned an EGM to gain control of the board and to requisition a meeting of Kalahari Minerals (AIM: KAH) to distribute 90% of Kalahari’s holding in Extract Resources (ASX: EXT) to the Kalahari shareholders. As Niger’s total stake in Kalahari is worth £50m, the see-through value of its holding in Extract is £58.4m, whereas Niger’s own market cap is only £40.2m, there is a financial benefit in holding the Extract shares directly. However, as Niger only holds 13.48% of Kalahari, the company would need the support of other Kalahari shareholders both to request an EGM and get the proposal approved.

Some holders, such as Rio Tinto, may be keen to hold the Extract shares directly but the proposal would require the approval of other shareholders. Niger has stated that it will issue additional information in due course and we await an announcement before considering the impact on our valuation. In the mean time, due to the recent appreciation in Niger’s share price, we are changing our recommendation to a HOLD with a target price of 35p.

EGM called
Niger Uranium’s largest shareholder, NWT Uranium, has requested an EGM under Section 82 of the BVI Companies Act, 2004. NWT also confirmed that it now has a direct and indirect interest of 35.13% in URU - well above the 30% required to request an EGM.

The proposed resolutions of the EGM are:
1. For URU Chairman, David de Jongh Weill, to be removed as a director of URU
2. For Wayne Isaacs to be elected as a director of URU
3. For the board of URU to requisition a general meeting of Kalahari to pass a resolution to distribute at least 90% of Kalahari’s holding in Extract Resources to the shareholders in Kalahari

Board changes
NWT has requested EGMs in the past to make changes to the board and block a fundraising that would have led to a dilution in its holding in Niger. We view the first two resolutions as an attempt for NWT to gain greater control over the URU board. Of the five current URU directors, John Lynch and Raphael Danon are also on the NWT board. Removing David de Jongh Weill and replacing him with Wayne Isaacs would give NWT control of the board.

In November, the Niger board proposed distributing the majority of its holding in Kalahari Minerals to shareholders but this was blocked at the shareholder meeting by shareholders, including, we believe, NWT.

In a statement released yesterday, NWT said that “notwithstanding this rejection, Mr. Weill continues to propose that Niger dispose of its interest in Kalahari, this time in tranches, so as not to require shareholder approval. He has also indicated in his recent Chairman's statement that he intends to re-submit the special dividend proposal to shareholders at the forthcoming AGM.”

NWT withdrew its previous EGM requisition last January when David de Jongh Weill was appointed to the board but as a director of Kalahari and chairman of URU shareholder of AfNat Resources, NWT now believes that there is a conflict of interest.

Proposed requisition of Kalahari Minerals to distribute Extract Resources shares

Niger currently holds 27.68m or 13.24% in the outstanding shares of Kalahari. In turn, Kalahari currently holds 98m or 40.43% of Extract Resources. If the proposed distribution of Extract shares proceeds, Niger would receive 11.68m shares in Extract (90% of 12.98m), which would be worth A$93.55m or £52.57m at current prices.

It has not been revealed whether the Extract shares would be distributed to Niger shareholders in the same way as the proposed Kalahari share distribution. Niger’s total stake in Kalahari is worth £50m, the see-through value of its inferred holding in Extract is £58.4m. However, as Niger’s own market cap is only £40.19m, there is a financial benefit in holding the Extract shares directly.

This may not be in the best interests of all Kalahari shareholders and as Niger has control of only 13.24% of the Kalahari, it appears unlikely that it would be accepted without their support. We do not believe this is likely given a distribution of Extract shares would push Rio over the 20% threshold that requires an automatic takeover offer for the A$2bn company.

Valuation

Before the proposed special dividend was announced, Niger traded at a 20% discount to the value of its holding in Kalahari. However, when Niger announced that it planned to pay a special dividend of the majority of its holding in Kalahari to its share holders, the discount was removed before returning when the proposal was rejected. At the time that the proposal was rejected, we issued a Sell note with a target price of 32.5p reflecting the earlier discount.

Until we have more detail regarding the proposed EGM, we will not re-evaluate the discount to our valuation. However, as the both the Niger share price has fallen in line with our expectations and the Kalahari share price has increased, we are changing our recommendation from a SELL to a HOLD with a target price of 35p reflecting a 20% discount to the value of the company’s Kalahari holding.

RATINGS, CERTIFICATION AND DISCLOSURES
Westhouse Securities Limited is a member of the London Stock Exchange and is authorised and regulated by the Financial Services Authority. Registered in England and Wales, No. OC305445 Registered Office 12th Floor, One Angel Court, London EC2R 7HJ.

INVESTMENT ANALYST CERTIFICATION
In my role as Research Analyst for Westhouse Securities Limited, I hereby certify that the views about the companies and their securities discussed in this report are accurately expressed and that I have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report.

RATINGS SYSTEM
Westhouse Securities Limited uses BUY, HOLD and SELL as its stock rating system to describe its recommendations. Investors should carefully read the definitions of all ratings used in each research report. In addition, since the research report contains more complete information concerning the analyst’s views, investors should carefully read the entire research report and not infer its contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor’s decision to buy or sell a stock should depend on individual circumstances (such as the investor’s existing holdings) and other considerations.

Ratings are explained as follows:
BUY: We expect that over the next twelve months the share price will outperform the market by more than 15%. The market is defined as the FTSE All Share Index

HOLD: We expect that over the next twelve months, the share price will perform between +15% and -15% of the market defined as the FTSE All Share Index

SELL: We expect that over the next twelve months the share price will under-perform the market by more than 15%. The market is defined as the FTSE All Share Index

Distribution of Westhouse Securities’ research recommendations:
BUY: 73%
HOLD: 21%
SELL: 6%

9276

 

[jaz008]

By David Winning and Shin Jung-Won Of DOW JONES NEWSWIRES SEOUL -(Dow Jones)- A consortium of Korean companies led by Korea Electric Power Corp. (KEP), or Kepco, is preparing to bid for a stake in one of the world's largest undeveloped uranium deposits, according to two people familiar with the matter.
State-run utility Kepco, Korea Hydro and Nuclear Power Co., and Korea Resources Corp. are looking to take a stake of around 15% in Extract Resources Ltd.'s (EXT.AU) Rossing South uranium mine development in Namibia, one of the persons said.
The consortium is working to submit the bid by a deadline of March 18, and the outcome is likely to be known a few months later, said the person, who didn't want to be named.
He didn't disclose the likely value of the Korean consortium's offer.
Another person confirmed Kepco and Korea Resources Corp. are in talks over a possible joint bid, but membership of the consortium hasn't been finalized.
The person didn't mention a possible involvement by Korea Hydro & Nuclear Power Co.
Extract, based in Western Australia, appointed the Australian unit of Rothschild in May last year to undertake a strategic review of its options for the development of the Rossing South deposit.
In November, Extract said it had "received extensive interest from a number of parties seeking to participate in the project's development" but hadn't ruled out developing the project by itself.
It wanted potential bidders to state how they could help bring a mine into production quickly and efficiently.
Extract says Rossing South--located to the south of Rio Tinto Ltd.'s (RTP) producing Rossing mine--has the potential to produce 15 million pounds of uranium a year. That would make it the world's second-largest uranium mine.
Rio Tinto owns nearly 15% of Extract and analysts think it's also likely to be in talks over potentially partnering in the development of Rossing South, especially if there is scope for sharing infrastructure at the Rossing mine.
David Wood, director of Rothschild Australia Ltd., didn't disclose any identities of potential bidders when contacted by Dow Jones Newswires Wednesday, but said large groups were among those that had approached Extract in past months about a partnership.
He confirmed parties were working toward a milestone in mid-March, adding Extract's management was open-minded about whether a miner or a uranium consumer would make the best partner if it opted to sell down part of its interest.
Concerns about climate change have thrust nuclear power, which relies on uranium as a fuel, back into the spotlight as a potential source of emissions-free energy.
Asian countries like China plan to accelerate programs to build reactors and European nations like Sweden are ending moratoriums on new nuclear plants.
In contrast to some renewable energy sources, nuclear technology is already commercial.
Supporters say plants don't require huge amounts of land compared to wind farms or biofuels plantations, and that safety continues to improve.
South Korea and Japan--Asia's current nuclear heavyweights--are planning additional plants, and many countries, including Vietnam, Thailand, and Indonesia, want to join the nuclear club.
China and South Korea have also said they plan to establish strategic stockpiles of uranium.
The growing demand for feedstock has combined with diminishing secondary supplies of uranium from sources like decommissioned nuclear weapons to put pressure on existing and new mines to bridge the gap.
South Korea's government has set a series of targets to secure the uranium needed for nuclear power plants.
It wants the country's uranium self-sufficiency ratio to rise to 25% by 2016 and to 50% by 2030 from 6.7% in 2010 through the acquisition of overseas mines.
In December, Kepco signed a deal with France's state-controlled nuclear group Areva SA (CEI.FR) to partner in the operating company of the Imoureran uranium mine in Niger.
That agreement gave Kepco the right to offtake 10% of the production of the mine for the duration of its operations, with the uranium used exclusively in South Korean nuclear power plants.
South Korea is also exporting nuclear power technology. A Kepco-led consortium received a $20.4 billion contract in December to build four nuclear power plants in the United Arab Emirates.
The Ministry of Knowledge Economy said in mid-January it is targeting overseas contracts for 10 nuclear power plants by 2012 and 80 plants by 2030.
This would make it the world's third-largest exporter of nuclear power plants and account for 20% of new nuclear power construction projects globally by 2030, the ministry said.
-By David Winning and Shin Jung-Won, Dow Jones Newswires; 822-2198-2240

 

[bigdog]

The EXT SP has not been good lately!

http://www.proactiveinvestors.com.a...e100-potential-maintains-buy-stance-4704.html

Wednesday, February 03, 2010

Ambrian Capital says Kalahari affilate Extract Resources has FTSE100 potential, maintains 'buy' stance

In a note on Kalahari Minerals (AIM: KAH), London-based stockbroker Ambrian Capital said the company’s primary asset, the 40% owned Extract Resources (ASX, TSX: EXT), could potentially grow to become a FTSE100 constituent. According to the broker, the uranium explorer could follow a similar path to Centamin Egypt, who recently joined the main board from the AIM market.

The broker said that Kalahari remains one of its strongest conviction 'buy' recommendations. According to Ambrian, the on-going corporate developments and a resource upgrade for the Rossing South uranium deposit being developed in Namibia, due in the second quarter of 2010, should drive the share price well in excess of 200p.

The analyst report gave a target price of 232p per share. Furthermore, Ambrian said that the appointment of the company’s new CEO, from an exceptional shortlist of candidates, will wake up investors to the quality and size of what it believes is a world beating asset.

Ambrian’s Metals and Mining analyst, Brock Salier attended presentation by Kalahari Minerals and Extract Resources at the 2010 Indaba Conference in Cape Town, South Africa. Speaking at the event, Kalahari chief executive Mark Hohnen made it clear that his goal for the next 12 months is to drive towards a combination of Kalahari and Extract, Salier said.

The analyst also noted the attendance of key Namibian ministers at the event. According to the analyst the Namibian Minister of Mines and Energy indicated that the government is eager to participate in the project, but through broad-based empowerment rather than a system like that used in South Africa. What this means is that the government would invest in the project as an equity partner, and it was made clear that the intention is not to do this on a free-carry basis, but to contribute financially.

 

[bigdog]

EXT Top 20 Shareholders at 9 February 2010
http://www.extractresources.com/MediaReleases/tabid/617/Default.aspx

Select link: "Top 20 Shareholders - 9 February 2010"

A comparision of the Top 20 shareholders reports (Feb 9 2010 vs Nov 20 2009) identified the following:

KAH, RIO AND POLO have not bought or sold shares since last top 20 report November 20, 2009

S G J INVESTMENTS PTY LTD - Steve Sikirich disposed of 1,436,571 shares

CITICORP NOMINEES PTY LIMITED acquired 1,761,915 shares

UBS WEALTH MANAGEMENT AUST - P MCINTYRE acquired 1,158,653 shares

HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED-GSCO ECA acquired 2,226,851 shares

CITICORP NOMINEES PTY LIMITED DRP Account disposed of 1,553,142 shares

TOP.20 shareholding increased to 85.54% (Nov 20 84.57%)

BALANCE OF REGISTER decreased to 14.46% (Nov 20 15.43%)

----------------------------------------------------------------------------------------------------------
## SharesHeld Holdg% Company Name & A/C Designation 9 Feb 2010 Change#

01 98,053,911 40.41% KALAHARI URANIUM LIMITED ________________ 0

02 35,705,693 14.72% RIO TINTO INTERNATIONAL HOLDINGS AUSTRALIA PTY LTD 0

03 22,450,849 9.25% ZERO NOMINEES PTY LTD - Euroz Ltd - POLO ___ 0

04 8,240,868 3.40% NATIONAL NOMINEES LIMITED 734,133

05 6,916,739 2.85% HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED -387,925

06 6,395,722 2.64% J P MORGAN NOMINEES AUSTRALIA LIMITED 548,074

07 6,000,000 2.47% S G J INVESTMENTS PTY LTD - Steve Sikirich -1,436,571

08 5,512,957 2.27% CANADIAN REGISTER CONTROL -53,888

09 4,225,956 1.74% CITICORP NOMINEES PTY LIMITED 1,761,915

10 2,524,088 1.04% UBS WEALTH MANAGEMENT AUST - P MCINTYRE 1,158,653

11 2,226,851 0.92% HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED-GSCO ECA 2,226,851

12 1,928,718 0.79% PORT BRASSEY PTY LTD 0

13 1,507,332 0.62% ANZ NOMINEES LIMITED -336,205

14 1,333,565 0.55% ERIDITUS PTY LTD - ROBERT VAGNONI 0

15 890,000 0.37% UBS NOMINEES PTY LTD CFS FUTURE LEADERS FUND A/C -110,000

16 861,725 0.36% AMP LIFE LIMITED -60,208

17 727,889 0.30% CITICORP NOMINEES PTY LIMITED CWLTH BANK OFF SUPER A/C 40,040

18 716,832 0.30% MR YI WENG & MS NING LI 0

19 662,619 0.27% QUEENSLAND INVESTMENT GROUP -28,563

20 654,660 0.27% IRONSIDE PTY LTD - Peter Ironside 37,660

00 0.00% CITICORP NOMINEES PTY LIMITED DRP Account -1,553,142

TOP.20 207,536,974 85.54% TOP 20 SHAREHOLDERS (Nov 20 84.57%) 2,540,824

REG.BAL 35,080,662 14.46% BALANCE OF REGISTER (Nov 20 15.43%) -2,334,041

GRAND 242,617,636 100.00% ADDITIONAL SHARES ISSUED SINCE Nov 20 2009 206,783

10313

 

[bigdog]

ASX ANN today:
Outstanding Chemical Assay Results
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01038679

http://www.proactiveinvestors.com.a...ng-assay-results-from-rossing-south-5049.html

Thursday, February 18, 2010

Extract Resources unveils outstanding assay results from Rossing South

Shares in Australian-based uranium exploration and development company Extract Resources (ASX/TSX/NSX: EXT) jumped 12c after announcing further outstanding chemical assay results from the Rössing South mineralised system, part of Extract’s world-class Husab Uranium Project.

During the afternoon trade, shares were up 12c, 1.7%, to $7.34.

The results reflect the quality and global significance of the Husab Uranium Project and underpin Extract’s commitment to the completion of a Definitive Feasibility Study and, in due course, the development of a mine at Rössing South.

Uranium mineralisation is open down dip and along strike, with further drilling expected to upgrade the resource classification and increase the size of this massive mineralised system.

Fifteen drill rigs are currently operating at Rössing South with 14 dedicated to infill and resource drilling at Zone 1 and Zone 2.

Multiple high grade chemical assay results from Zone 1 and Zone 2 drilling, including 146m @ 639 ppm, 88m @ 650 ppm, 62m @ 786 ppm, 21m @ 2003 ppm and 23m @ 1673 ppm.

The company has completed 249,810 metres of drilling at the Rössing South project with 225,951 metres of this total dedicated to resource definition within Zone 1 and Zone 2.

The latest round of chemical assay results were received from 75 drill holes located throughout Zone 1 and Zone 2. Multiple intercepts of high grade mineralization were reported from drill holes within both Zone 1 and Zone 2, highlighting the strong continuity of the high grade domains.

Uranium mineralisation remains open along strike and down dip with further drilling expected to increase the known dimensions of this massive mineralised system.

The company’s principal asset is its 100%-owned Husab Uranium Project which contains two known uranium deposit areas, Rössing South and Ida Dome.

Extensive exploration potential also exists for new uranium discoveries in the region.

 

[bigdog]

http://www.proactiveinvestors.com.a...resources-looking-better-by-the-day-5069.html

Friday, February 19, 2010

Kalahari Minerals equity stake in Extract Resources looking better by the day

Gone are the days of questioning whether Extract Resources (TSX/ASX: EXT) it sitting on a world class uranium deposit in Namibia. Attention has now shifted to two more pertinent questions: Just how big is the deposit, and who will ultimately put it into production? Both of those questions are still the subject of considerable debate in the investment community.

Kalahari Minerals (AIM: KAH), which owns 40.44% of Extract, has watched with increasing pleasure as the company continues to pump out incredible drill results. It isn’t just the sheer size of the project that impresses, but the grades being reported of late have been well in excess of the typical grades found in Namibia, the world’s fifth largest uranium producer.

Today Extract Resources released more bumper drill results, including 146 meters grading 663 ppm and 21 meters grading 2003 ppm in Zone 1, while in Zone 2, it reported an astonishing 129 meters grading 1415 ppm.

Kalahari’s Executive Chairman, Mark Hohnen said the results were “truly stunning” - it is hard to disagree.

Extract now has fifteen rigs drilling away at Rossing South, with more rigs on route. To date, Extract has completed 249,810 meters of drilling Rossing South, with the bulk of it targeted at Zones 1 and 2.


A pre-feasibility report is due to be released in June, which will certainly be one of the more interesting press releases to hit the entire uranium sector this year. Kalahari reckons the report will consider a mine that will run at a rate of more than 15 million tonnes per annum “to support one of the world's largest uranium mines." Kalahari has never been afraid to air its views on the potential of the project, and reiterated today that it expected the resource target of 550 million pounds of uranium to be “easily achieved”.

Extract’s flagship project, Rossing South, as the name suggests, is situated directly south of the Rio Tinto (LSE: RIO) Rossing Mine, one of the longest running uranium mines in the world. Rio Tinto has been watching Extract Resources progress with great interest, so much so, that it has built up a sizeable position in the company both directly (14.72% stake) and indirectly through Kalahari Minerals (13.48% stake). Polo Resources (AIM: PRL) has also built up stakes in both companies, but this week Niger Uranium, another AIM listed uranium minnow, confirmed that it had sold a chunk of its stake in Kalahari, reducing its interest from 13.24% to 6.54%.

Who bought the stock has yet to be disclosed…

 

[bigdog]

ASX ANN
1/03/2010 9:49:00 AM Extract Resources Appoints Jonathan Leslie as CEO
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01042688

EXTRACT RESOURCES APPOINTS JONATHAN LESLIE AS CEO
1 March 2010: Extract Resources Ltd (ASX/TSX/NSX: EXT), a uranium exploration and development company with projects in Namibia, today announces the appointment of Mr Jonathan Leslie as the Group’s Chief Executive Officer (CEO) with immediate effect. Mr Leslie will join the Board of Extract in due course.

Mr Leslie is a highly experienced mining executive, with extensive operational and management knowledge of the global mining industry which includes experience in uranium marketing and project management.

He was on the Board of Rio Tinto PLC for 9 years, and CEO of two of Rio Tinto’s major product groups. He has broad experience of uranium marketing having spent four years responsible for Rio Tinto’s worldwide uranium sales into the Far East and Asia. His involvement in uranium continued with his appointment as Managing Director of Rössing Uranium where he developed close relationships with the Namibian government and related agencies.

More recently, Mr Leslie served as Executive Chairman for the major AIM-listed mining company, Nikanor plc, formed to develop the world class KOV copper/cobalt project in the Democratic Republic of Congo. Prior to his role with Nikanor, Mr Leslie was CEO of Sappi Ltd, from 2003 to 2006.

Extract’s Chairman, Mr Stephen Galloway, said Mr Leslie had emerged as the outstanding candidate for the role following an extensive international search.

Mr Galloway said, “I am delighted to announce Jonathan’s appointment as Extract’s CEO, during this crucial stage in the company’s evolution from mid-cap explorer to a tier-one uranium asset developer. Jonathan brings a wealth of knowledge and global leadership. The networks developed by Jonathan in banking and finance, and thorough understanding of uranium mining, markets and customers, will add tremendous value to Extract as the company moves towards full production of the Rössing South deposit.”

Mr Leslie said, “The prospect of leading one of the most globally significant uranium projects is what attracted me to this role. I look forward to leading Extract as it realises its potential as one of the largest global uranium producers and a major player in the resources sector.”

0998

 

[bigdog]

ASX ANN
1/03/2010 9:49:00 AM Extract Resources Appoints Jonathan Leslie as CEO
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01042688

EXTRACT RESOURCES APPOINTS JONATHAN LESLIE AS CEO

Jonathan Leslie is very highly paid!!!!!

Schedule 1 - Summary of key terms and conditions of executive employment agreement

This summary below sets out the key terms and conditions of the executive employment agreement (Agreement) between Mr Jonathan Leslie and Extract Resources Ltd (Extract).

Commencement of employment and appointment
Mr Leslie’s employment with Extract will commence with immediate effect.

Term:
The Agreement is for a four year term (Term).

Remuneration:
1. Salary
Mr Leslie's salary, which will be paid in Pounds Sterling is currently equivalent to AUD1,204,000 per annum, less superannuation contributions. This amount is reviewable annually.

2. Short term incentive
In addition to his salary, Extract may in its discretion, pay Mr Leslie a bonus of up to AUD 342,000 per annum upon the achievement of key performance indicators.

3. Long term incentive
Subject to Board and shareholder approval, Extract proposes to grant Mr Leslie a number of performance rights. Upon reaching certain key performance targets, each performance right would entitle Mr Leslie to acquire one fully paid ordinary share in Extract without being required to pay any consideration for the share.

Shareholder approval for the grant of the performance rights to Mr Leslie will be sought as soon as practicable after his appointment. If approved by shareholders, Mr Leslie will be granted the performance rights within 3 months of the date of that approval.

4. Termination
Mr Leslie may resign by giving written notice to Extract equal to the lesser of 12 months or the unexpired portion of the Term.

Extract may terminate Mr Leslie’s employment in the following circumstances:
(a) immediately for misconduct or other circumstances justifying summary dismissal;
(b) by providing either 12 months written notice or, written notice for the unexpired portion of the Term; or
(c) by providing either 3 months written notice or written notice for the unexpired portion of the Term, if by reason of any illness, injury or incapacity, Mr Leslie is unable to perform his duties for a total of 13 weeks in any 52 consecutive weeks.

 

[bigdog]

Paydirt Uranium Conference, Adelaide - March 2010 3/03/2010

http://www.extractresources.com/Default.aspx?TabId=631&DMXModule=1420&EntryId=3465

page 4 reports:
Outstanding Market Position

RössingSouth -the MOST IMPORTANT URANIUM DISCOVERY of recent years

RÖSSING SOUTH positioned to become the SECOND-LARGEST Uranium mine globally

RÖSSING SOUTH potential to produce 15Mlbs U3O8 per annum

EXTRACT poised to become a TOP 5 GLOBAL URANIUM PRODUCER

page 11 reports:
RössingSouth: Exploration Potential

Rocks immediately below mineralised zone have unique magnetic response

Can trace these, and by inference the prospective zone, under sand cover using airborne magnetics

The few holes that tested this zone intersected uranium

More than 60% of the prospective zone remains to be explored

Commencing an exploration programme

1228