Extract Resources - Mining Licence Issued for Husab Uranium Project
SOUTH PERTH, Australia, Dec. 1, 2011 /CNW/ - Extract Resources Ltd
('Extract') is pleased to announce that the Ministry of Mines and Energy of the Republic of Namibia has now issued the Mining Licence (ML171) for the Husab Uranium Project.Issuance of the Mining Licence follows the receipt by the company of a notice of preparedness, as announced on November 30, 2011, and the acceptance by Swakop Uranium (Pty) Ltd, a wholly owned subsidiary of Extract and the holder of the licence, of the terms and conditions contained therein.
ML171 covers an area of 110.1 km(2) within Extract's existing exploration concession, EPL3138, and is issued in respect of Nuclear Fuels including reserves defined to date within Zones 1 and 2 of the project, mineral resources defined within Zones 1 to 5, and the Middle Dome and Salem prospects (see Figure 1). The Mining Licence is valid for a period of twenty five years from the date of issue, unless abandoned, cancelled or extended in compliance with the Minerals (Prospecting and Mining) Act, 1992.
Extract CEO and Managing Director Jonathan Leslie said:
'We are delighted to have received the Mining Licence for the Husab Project so soon after the Notice of Preparedness. This is the last stage to achieving all of the permits we need in order to develop Husab, the world's fourth largest primary uranium deposit. Extract looks forward to developing its world class asset with Namibians, for Namibia.'
About Extract Resources
Extract Resources Ltd is an international 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 the fourth largest uranium only deposit in the world. Extensive exploration potential also exists for new uranium discoveries in the region. Extract Resources is listed on the Australian (ASX), Toronto (TSX) and Namibian (NSX) Stock Exchanges.
SOURCE Extract Resources
Image with caption: 'Figure 1: Husab Mining Licence Area shown in yellow. Projection UTM WGS 84 Zone 33 South. (CNW Group/Extract Resources)'. Image available at: http://photos.newswire.ca/images/download/20111201_C3112_PHOTO_EN_7739.jpg
Extract Resources
CONTACT:
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|Extract Resources: London Office |Tel: 44 (0)20 7317 9220 |
|Jonathan Leslie, CEO | |
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|Extract Resources: Perth Office |Tel: 61 (0)8 9367 2111 |
|Siobhan Lancaster, Company |slancaster@extractresources.com|
|Secretary/Corporate Affairs | |
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|Extract Resources: Namibia |Tel: 27 (83) 2646188 |
|Tom Ferreira |tom@swakopuranium.com.na |
| |Tel: 264 (0) 61 300 220 |
|Nomvula Kambinda |nomvulak@swakopuranium.com.na |
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|Australian Media Enquiries: |Tel: 61 (0)2 8999 1010 |
|MAGNUS Investor Relations Corporate|Mob: 61 (0)413 355 997 |
|Communication (Australia) |Mob: 61 (0) 413 439 883 |
|John Gardner and Dudley White | |
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|UK Media Enquiries: |Tel: 44 (0)20 7404 5959 |
|Brunswick Group (UK) | |
|Carole Cable / Pip Green | |
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