The promote will make it one of the top five uranium deposits in the world. The emerging uranium miner says the size and grade of the latest resource confirms Rossing South as one of the most important uranium discoveries made in the past decade. Managing director Jonathan Leslie said the enlarge in the resource from the original discovery in February 2008 showed the project had "an amazing trajectory". "The main purpose is to confirm up the resource so we can get into mining, but it's also important to make people aware that the whole prospectivity of that area is enormous and is now a world class ranked deposit in terms of size," he told The Australian.
"The project has been progressively moving up the ranking list and we expect it to go on." Extract announced yesterday that indicated capital showed 257 million pounds of uranium oxide at zones one and two of the deposit, which is division of its Husab uranium project in Namibia. It added that the overall deposit was upgraded 37 per cent. The company said the increased resource also recognized the deposit as one of the highest-grade, granite hosted uranium deposits in Namibia. Rossing South neighbours mining giant Rio Tinto's huge Rossing project, which saw the mining major take a 15 per cent stake in Extract in 2008. Extract's stock is tightly held, as Rio also holds an curiosity in Kalahari Minerals, whose main investment is a 41 per cent interest in Extract.
Japan's Itochu also secured a 10.3 per cent stake in the rising miner last month, which upped the trading house's interest in the mine, as it also has a 14.9 per cent bet in Kalahari Minerals. Extract was also the centre of market conjecture last month that it could lose the right to mine the massive put, after Russia and Namibia signed a five-year uranium co-operation agreement. Following the signing, it was recommended in Russian news agencies that Russia's state-owned nuclear company Rosatom had applied to develop Rossing South and would be ready to spend $US1 billion ($1.1bn) on uranium development in the country.
"The project has been progressively moving up the ranking list and we expect it to go on." Extract announced yesterday that indicated capital showed 257 million pounds of uranium oxide at zones one and two of the deposit, which is division of its Husab uranium project in Namibia. It added that the overall deposit was upgraded 37 per cent. The company said the increased resource also recognized the deposit as one of the highest-grade, granite hosted uranium deposits in Namibia. Rossing South neighbours mining giant Rio Tinto's huge Rossing project, which saw the mining major take a 15 per cent stake in Extract in 2008. Extract's stock is tightly held, as Rio also holds an curiosity in Kalahari Minerals, whose main investment is a 41 per cent interest in Extract.
Japan's Itochu also secured a 10.3 per cent stake in the rising miner last month, which upped the trading house's interest in the mine, as it also has a 14.9 per cent bet in Kalahari Minerals. Extract was also the centre of market conjecture last month that it could lose the right to mine the massive put, after Russia and Namibia signed a five-year uranium co-operation agreement. Following the signing, it was recommended in Russian news agencies that Russia's state-owned nuclear company Rosatom had applied to develop Rossing South and would be ready to spend $US1 billion ($1.1bn) on uranium development in the country.
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