Extract Resources - Massive uranium zones continue to be intersected at Rossing South



    SOUTH PERTH, Western Australia, Sept. 2 /CNW/ - Extract Resources ("the
Company"), (TSX:EXT;ASX:EXT), a Uranium exploration company with projects in
Namibia, Africa, today announced further strike extensions and the return of
wide zones of uranium mineralization, at Rossing South.
    Recently received chemical assay data continues to highlight the
continuity of high grade, alaskite hosted uranium mineralization in both
Zone 1 and Zone 2.

    
    Chemical assays not previously reported include:

    -------------------------------------------------------------
    Hole ID              From     To          Mineralised zones
                           (m)    (m)                     (U3O8)

    -------------------------------------------------------------
    Zone 1 -   RRC042      86    181       95 m @     780 ppm
    -------------------------------------------------------------
             including    153    169       16 m @   2,892 ppm
    -------------------------------------------------------------
    Zone 2 -   RRC050     112    270      158 m @     552 ppm
    -------------------------------------------------------------
             including    144    226       82 m @     942 ppm
    -------------------------------------------------------------
    Zone 2 -   RRC051     163    309      146 m @     388 ppm
    -------------------------------------------------------------
             including    223    246       23 m @   1,135 ppm
    -------------------------------------------------------------
    

    Uranium mineralization at Zone 1 has been extended to 1.8 kilometers of
strike with mineralization still open along strike to the south and at depth.
Three large capacity RC rigs are dedicated to drilling out this zone on a
100 x 100 metre spacing to define an initial resource by the first quarter
2009. Hand held spectrometer readings taken from the one metre bulk RC samples
continue to indicate that broad zones of strong uranium mineralisation are
being intersected within uraniferous alaskite.
    Following the definition of the initial Rossing South resource, full
scale feasibility work will be undertaken to determine optimum mining and
processing options. Preliminary metallurgical and base line environmental
monitoring is being undertaken to continually progress the project in tandem
with the resource definition drilling in progress.
    Preliminary metallurgical test work and mineralogical work from core hole
RDD002 indicates favorable mineralogy for a conventional acid leach processing
plant, such as that in use at the Rossing Mine (Rio Tinto 69%). The dominant
uranium mineral is uraninite occurring, as discrete grains, on grain
boundaries and in veinlets and fractures.
    Future analysis on Rossing South samples is to be predominantly by
pressed pellet XRF. This will result in an increased sample turn around time
which will both reduce the sample backlog and cope with the accelerated
drilling rates, at Rossing South.
    Peter McIntyre, Managing Director of Extract Resources, said today
"Rossing South is the first new alaskite hosted uranium discovery in Namibia
in many years and is shaping up as the most significant discovery since the SJ
deposit at the Rossing Mine."

    About Extract

    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. Rossing South
represents the Company's first new discovery in this area with enormous
potential. Extract is listed on the ASX and the TSX under the ticker symbol
"EXT". For more information on Extract visit www.extractresources.com

    The information in this report that relates to Exploration Results,
Mineral Resources or Ore Reserves is based on information compiled by
Mr Andrew Penkethman who is a Member of the Australian Institute of
Geoscientists. Mr Penkethman is a full time employee of the Company and has
sufficient experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004 Edition of
the 'Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves'. Mr Penkethman consents to the inclusion in this report of
the matters based on his information in the form and context in which it
appears.
    Reference to hand held spectrometer results refers to use of a Company
owned Exploranium, GR-135 Plus, hand held spectrometer. The uranium values are
recorded by placing the unit on the bulk RC sample bags and expressed as parts
per million (ppm) eU which is equivalent to ppm U. Results from these units
provide an indication of uranium mineralisation they may also be affected by
uranium mobility and disequilibrium. These factors should be considered when
interpreting eU information whilst waiting for confirmation chemical assay
results.

    To view APPENDIX 1: Husab Project - Rossing South Prospect: Drill hole
location plan, please visit:
    http://files.newswire.ca/476/Extract_Rossing_South.pdf


    
                                 APPENDIX 2:

                             TABLE OF NEW RESULTS

    Husab Project - Rossing South Prospect: RC drilling chemical assay
    results. Uranium intersections greater than 0.1 kg/t (100 ppm) U3O8 over
    drill hole intersection widths of not less than 2 metres down hole width:

    -------------------------------------------------------------------------
    Hole_id  Northing  Easting  Azi_True  Dip  From  To  Width  Grade  Grade
                  UTM      UTM     (deg) (deg)  (m)  (m)   (m)  (kg/t  (lb/t
                WGS84    WGS84                                   U3O8)  U3O8)
                  33S      33S
    -------------------------------------------------------------------------
    RRC042    7506800   506680      270   -60   25   41    16   0.129  0.285
    -------------------------------------------------------------------------
                                                86  181    95   0.780  1.720
    -------------------------------------------------------------------------
                                    including   86   97    11   0.340  0.749
    -------------------------------------------------------------------------
                                    and also
                                     includes  105  109     4   0.622  1.371
    -------------------------------------------------------------------------
                                    and also
                                     includes  114  137    23   0.735  1.621
    -------------------------------------------------------------------------
                                    and also
                                     includes  147  181    34   1.475  3.253
    -------------------------------------------------------------------------
                                    and also
                                     includes  153  169    16   2.892  6.375
    -------------------------------------------------------------------------
    RRC050    7503600   505960      270   -60  112  270   158   0.552  1.218
    -------------------------------------------------------------------------
                                    including  112  136    24   0.184  0.406
    -------------------------------------------------------------------------
                                    and also
                                     includes  144  226    82   0.942  2.077
    -------------------------------------------------------------------------
                                    and also
                                     includes  232  237     5   0.161  0.355
    -------------------------------------------------------------------------
                                    and also
                                     includes  243  262    19   0.131  0.288
    -------------------------------------------------------------------------
                                    and also
                                     includes  267  270     3   0.534  1.177
    -------------------------------------------------------------------------
    RRC051    7503600   506040      270   -60  163  309   146   0.388  0.856
    -------------------------------------------------------------------------
                                    including  163  165     2   0.237  0.523
    -------------------------------------------------------------------------
                                    and also
                                     includes  175  179     4   0.412  0.908
    -------------------------------------------------------------------------
                                    and also
                                     includes  189  207    18   0.407  0.896
    -------------------------------------------------------------------------
                                    and also
                                     includes  223  246    23   1.135  2.503
    -------------------------------------------------------------------------
                                    and also
                                     includes  255  265    10   0.847  1.868
    -------------------------------------------------------------------------
                                    and also
                                     includes  271  273     2   2.992  6.597
    -------------------------------------------------------------------------
                                    and also
                                     includes  277  281     4   0.296  0.652
    -------------------------------------------------------------------------
                                    and also
                                     includes  290  294     4   0.347  0.765
    -------------------------------------------------------------------------
                                    and also
                                     includes  298  301     3   0.350  0.771
    -------------------------------------------------------------------------
                                    and also
                                     includes  307  309     2   0.118  0.259
    -------------------------------------------------------------------------

    Notes:
      -  Analyses on RC chips by Genalysis Laboratory Services, Perth.
         Uranium assays were carried out by Four Acid Digest/MS
         (Method AT/MS).
      -  Metal values (U) have been converted to oxide values (U3O8) using
         a factor of 1.179, and expressed as kg/t U3O8. Note that 100 ppm
         U3O8 is equivalent to 0.1 kg/t U3O8, which is 0.01% U3O8.
      -  Assays expressed as kg/t U3O8 have been converted to lb/tonne by
         multiplying by 2.2046.
      -  Intersection widths are estimated to be approximately true width.
    





For further information:

For further information: Peter McIntyre, Managing Director; Richard
Henning, Investor Relations, rhenning@extractresources.com

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