Extract Resources – Strongly mineralised uranium zones continue at Rossing South

Extract Resources – Strongly mineralised uranium zones continue at Rossing South

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

Chemical assay results and downhole spectrometer data from Reverse Circulation (RC) drilling continue to demonstrate the continuity of alaskite hosted uranium mineralization in both Zone 1 and Zone 2.

Three large capacity RC rigs continue to operate at Rossing South drilling Zone 1 on a 100 x 100 metre spacing to define an initial resource within the first quarter 2009. An additional two RC rigs are expected at Rossing South within the next four weeks. Once Zone 1 has been drilled out, resource definition drilling will resume on Zone 2.

Visual signs of uraniferous alaskite, such as smoky quartz and abundant biotite, 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 positive field indicators, along with the steady flow of quality chemical assay results from Rossing South, support the Company’s view that Rossing South has the potential to become one of the largest uranium discoveries in many years.

Some of the chemical assays mentioned in this release have previously had downhole spectrometer results reported (ASX release 13 May 2008). A comparison of the downhole spectrometer surveys with the chemical assay results indicate the metal content is approximately 20% less with the chemical assays, which is as expected. The Company continues to treat spectrometer information as an estimate of the uranium mineralisation whilst waiting for confirmation by chemical assay results.

A more regular flow of chemical assay results is being returned now that the Company is also using the pressed pellet x-ray fluorescence (XRF) method. Comparison sampling between the four acid digest, inductively coupled plasma mass spectrometry method, and XRF have been favorable.

Extensive exploration potential still exists on the Husab Project with the remaining nine kilometre zone of prospective stratigraphy at Rossing South yet to be tested. Work on this and other target zones is planned for later in 2009, once the Company has established a maiden resource at Rossing South.

Extract Resources is an 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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