Extract Resources – Rossing South continues to return wide, high grade zones of uranium mineralisation

Extract Resources – Rossing South continues to return wide, high grade zones of uranium mineralisation

Extract Resources, a Uranium exploration company with projects in Namibia, Africa, today announced more wide zones of high grade uranium mineralization, at Rossing South.

Chemical assay results from Reverse Circulation (RC) drilling continue to confirm the continuity of alaskite hosted uranium mineralization. The grades returned are particularly high for this style of primary, granite hosted uranium mineralisation.

With four large capacity RC rigs and two core rigs now operating at Rossing South, drilling is well on schedule to complete the initial drill out of Zone 1 by the end of November 2008; 100 x 100 metre spacing should enable an initial resource to be defined by January 2009.

Zone 1 uranium mineralisation has now been defined over a strike length in excess of 2.3 kilometres with drilling ongoing to determine the southern strike extent of this large mineralised system. Mineralisation is also open at depth (to the east) on every section drilled.

The majority of holes drilled are intersecting multiple zones of moderate to steep east dipping uraniferous alaskite with potential for additional mineralised zones beyond the limit of drilling.

Extensive exploration potential remains at Rossing South with drilling to date focusing only on the northern six kilometres of a 15 kilometre long target zone.

196 angled resource definition drill holes have now been completed at Rossing South for approximately 56,800 metres of drilling. Once Zone 1 has been drilled out, resource definition drilling will resume on Zone 2.

With the resumption of diamond drilling, critical structural and geotechnical data is being collected and additional samples will be available for metallurgical test work.

Visual signs (smoky quartz and abundant biotite) of uraniferous alaskite along with hand held spectrometer readings taken from the one metre bulk RC samples, continue to indicate the intersection of broad zones of strong uranium mineralisation. These encouraging indicators have been noted along the entire known strike length of Zone 1.

Appendix 1 provides an overview of the drilling completed at Rossing South and highlights some of the recently received chemical assay results. Appendix 2 shows an example cross section from Zone 1 featuring some of the significant results reported in this release and Appendix 3 is a detailed table of new results.

Extract Resources is a well funded Australian-based uranium exploration company whose primary focus is in the African nation of Namibia. The Company’s principal asset is its 100% owned Husab Uranium Project which contains three known uranium targets: Ida Dome; Hildenhof; and Rossing South. Extract is listed on the ASX and the TSX under the ticker symbol “EXT”. For more information on Extract visit www.extractresources.com

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