Bloomberg News

Extract May Offer Stake in Uranium Project to Namibia, CEO Says

June 07, 2011

June 7 (Bloomberg) -- Extract Resources Ltd. said it’s in discussions to sell a stake in its Husab uranium project to Namibia’s state-owned Epangelo Mining Co.

“We continue to have discussions with Epangelo,” Chief Executive Officer Jonathan Leslie said in a phone interview today from London. The talks with the government involve a potential “transaction on a commercial basis,” he said.

Extract, the uranium explorer 43 percent owned by Kalahari Minerals Plc, expects Husab to become the second-biggest uranium deposit in the world, Leslie said. Extract has “no reason for concern” on its application for a mining license in Namibia, he said.

To contact the reporter on this story: James Paton in Sydney at jpaton4@bloomberg.net

To contact the editor responsible for this story: John Chacko at jchacko@bloomberg.net


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