Kalahari Minerals Expects Further Upgrades At Rossing South
April 01 2009 - 9:51AM
Dow Jones News
Mining company Kalahari Minerals PLC (KAH.LN) Wednesday said it
expects estimates of the amount of uranium ore at Rossing South in
Namibia to rise to 250 million pounds in the coming months
following further drilling, as it reported a wider full-year
loss.
Kalahari owns a 38.85% stake in Australia's Extract Resources
(EXT.AU), which owns Rossing South. Recent results put the
project's resource at 133.1 million pounds of U308, a type of
uranium mineral, at grades of more than 400 parts a million of
uranium.
That makes it one of the most significant uranium finds in
decades and potentially one of the biggest deposits on earth,
according to the two companies. More drilling is planned.
Rossing South's potential has attracted the interest of Rio
Tinto PLC (RIO.LN), which owns a 15.6% stake in Extract and a 15.8%
stake in Kalahari, and Polo Resources Ltd. (PRL.LN), which Tuesday
increased its stake in Extract to 5.7%.
Kalahari, which also has interests in copper and base metals,
said Wednesday its pretax loss widened to GBP11 million from GBP7.3
million a year earlier.
At 1306 GMT, shares in Kalahari were up 10.5 pence, or 9.9%, at
a record 117 pence, outperforming a higher Alternative Investment
Market, up 0.12%.
Company Web site: www.kalahari-minerals.com
-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272;
jason.douglas@dowjones.com
Order free Annual Report for Extract Resources Limited
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