Extract Resources - Rossing South Exploration Programme resumes



    SOUTH PERTH, Australia, Nov. 9 /CNW/ - Extract Resources (ASX:EXT) is
pleased to announce additional drill results from Garnet Valley, and the
mobilization of additional drilling equipment to Husab which will accelerate
the current programme of resource definition drilling on the Ida Dome. The
availability of additional drill rigs will also enable the recommencement of
exploration activities at Rossing South.

    
    SUMMARY:
              -  Assay results from the second of the Garnet Valley diamond
                 holes show a thick intersection of 129 metres grading
                 0.159 kg/t U3O8, within which discrete higher grade zones
                 are present.
              -  Additional Reverse Circulation assay results from Garnet
                 Valley have been returned, with stand out intersections
                 including 10 metres grading 0.516 kg/t U3O8, 41 metres
                 grading 0.270 kg/t U3O8,  30 metres grading 0.290 kg/t U3O8,
                 and 22 metres grading 0.269 kg/t U3O8
              -  More drilling rigs - five now at Husab and another scheduled
                 to start soon
              -  Exploration drilling programme to resume at Rossing South
    

    Extract Resources Managing Director, Peter McIntyre on his return from
Canada for the opening of Extract on the TSX said that he continues to be
encouraged by the results that are now flowing from the labs "The assay
results that are coming back from the labs bear a close correlation to hand
held spectrometer readings, hence we are increasingly confident about our
estimates of resource potential at Husab.
    Further, the Rossing South exploration drilling and our initial success
in locating uranium bearing granites beneath transported cover in that area,
shows the potential for Husab to grow into a very significant project indeed."

    Garnet Valley Update

    Diamond Drilling

    Assays from diamond drill hole GDD002, drilled on a section line
80 metres to the north of previously released GDD001 (105m grading
0.191 kg/t U3O8) have been returned. Both holes were drilled within the
central portion of the Garnet Valley alaskite panel, part of the 5 kilometre
long Ida Trend. As was the case with GDD001, GDD002 returned a significant
bulked mineralised intersection of 129 metres grading 0.159 kg/t U3O8, within
which discrete higher grade zones are present, including 20 metres grading
0.448 kg/t U3O8. A further 13 diamond-cored holes have been completed at
Garnet Valley in an extended programme designed to test the Garnet Valley
panel to a vertical depth of approximately 250 metres. To date 800 metres of
strike have been drilled, mainly to the south of the Garnet Valley Dyke, and
hand-held spectrometer readings indicate that most holes continue to intersect
uranium mineralisation. Diamond drilling continues with two machines operating
at Garnet Valley and a light capacity rig continuing to drill in rugged
country at Ida Central, 3 kilometres to the north along regional strike.
Detailed new diamond drilling assay results are listed in the results table
appended to this report.

    Reverse Circulation Drilling

    A second RC rig has been mobilised at Husab, and has commenced drilling
on the New Camp target area. A third machine is expected in November. Assay
results have been returned from a number of RC holes drilled to the north and
south of the Garnet Valley dyke. Highlights include: 10 metres grading
0.516 kg/t U3O8, 41 metres grading 0.270 kg/t U3O8, 30 metres grading
0.290 kg/t U3O8, and 22 metres grading 0.269 kg/t U3O8. Full assay results are
listed in the appended table.

    Rossing South Exploration Programme

    With additional percussion drilling equipment now on site, the RC rig
previously at Garnet Valley is now free to resume the initial drilling
campaign at Rossing South. This programme of work has already successfully
located uranium bearing leucogranites concealed by transported cover in an
area interpreted to contain similar lithologies to those hosting the nearby
world class Rossing deposit. Drilling will recommence at Rossing South to
follow-up on the 160+m wide uranium anomalous zone previously encountered. In
addition, a trial alpha cup survey at Rossing South has commenced. A total of
100 cups have been installed, and will be retrieved for analysis in November.
The alpha cups are placed below the soil surface and measure the effects of
alpha radiation derived from radon gas present within the regolith.

    www.extractresources.com

    The information in this report that relates to exploration results is
based on information compiled by Mr Martin Spivey, who is a Member of The
Australasian Institute of Mining and Metallurgy and Mr Andrew Penkethman who
is a Member of the Australian Institute of Geoscientists. Mr Spivey is a
consultant to the Company and is employed by Silverlode Pty Ltd. Mr Penkethman
is Manager Projects for Extract Resources Limited, and is a full time employee
of the company. Mr Spivey and Mr Penkethman have sufficient experience which
is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which they are 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 Spivey and Mr Penkethman consent to the inclusion in this report of the
matters based on their information in the form and context in which it
appears.

    APPENDIX 1:  TABLE OF NEW RESULTS

    
    Husab Project: Diamond/RC Drilling Results

    Uranium intersections greater than 0.1 kg/t U3O8 over drill hole
    intersection widths of not less than 2 metres down hole width:
    -------------------------------------------------------------------------
    Hole-   North-   East-   Azi-    Dip   From    To    Width  Grade  Grade
    id      ing      ing     True   (deg)   (m)    (m)    (m)    kg/t   lb/
            UTM      UTM     (deg)                               U3O8  tonne
            WGS84    WGS84                                              U3O8
            33S      33S
    -------------------------------------------------------------------------
    Garnet
    Valley
    DDH
    -------------------------------------------------------------------------
    GDD002  7483560  501032    300    -60     84    213    129  0.159  0.351
    -------------------------------------------------------------------------
                                      Inc.    84    118     34  0.111  0.245
    -------------------------------------------------------------------------
                                      and    127    152     25  0.138  0.304
    -------------------------------------------------------------------------
                                      and    157    177     20  0.448  0.988
    -------------------------------------------------------------------------
                                      and    182    191      9  0.182  0.401
    -------------------------------------------------------------------------
                                      and    201    213     12  0.138  0.304
    -------------------------------------------------------------------------
                                             378    386      8  0.485  1.069
    -------------------------------------------------------------------------
    Ida
    Central
    DDH
    -------------------------------------------------------------------------
    HDD029  7486231  502838    255    -70     62     64      2  0.135  0.298
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Garnet
    Valley
    RC
    -------------------------------------------------------------------------
    GRC026  7484117  501192    300    -60      4     25     21  0.185  0.408
    -------------------------------------------------------------------------
    GRC027  7484177  501249    300    -60      3     22     19  0.124  0.273
    -------------------------------------------------------------------------
    GRC028  7484236  501306    300    -60      2      4      2  0.123  0.271
    -------------------------------------------------------------------------
                                              10     14      4  0.115  0.254
    -------------------------------------------------------------------------
    GRC029  7484290  501372    300    -60      7     22     15  0.143  0.315
    -------------------------------------------------------------------------
    GRC030  7484359  501412    300    -60      7     10      3  0.141  0.311
    -------------------------------------------------------------------------
                                              27     38     11  0.115  0.254
    -------------------------------------------------------------------------
    GRC031  7484414  501478    300    -60     24     29      5  0.129  0.284
    -------------------------------------------------------------------------
    GRC032  7484547  501567    300    -60      2      4      2  0.149  0.329
    -------------------------------------------------------------------------
                                              14     16      2  0.571  1.259
    -------------------------------------------------------------------------
    GRC033  7484473  501530    300    -60      1     14     13  0.170  0.375
    -------------------------------------------------------------------------
                                              27     38     11  0.209  0.461
    -------------------------------------------------------------------------
    GRC034  7484344  501438    300    -60     24     52     28  0.204  0.450
    -------------------------------------------------------------------------
    GRC035  7484399  501499      0    -90      8     11      2  0.112  0.247
    -------------------------------------------------------------------------
                                              34     85     51  0.184  0.406
    -------------------------------------------------------------------------
                                      Inc.    58     68     10  0.516  1.138
    -------------------------------------------------------------------------
                                              96    122     26  0.211  0.465
    -------------------------------------------------------------------------
                                      Inc.   112    122     10  0.316  0.697
    -------------------------------------------------------------------------
    GRC036  7484048  501150    300    -60      0      4      4  0.137  0.302
    -------------------------------------------------------------------------
                                              10     13      3  0.138  0.304
    -------------------------------------------------------------------------
    GRC037  7484531  501594      0    -90     13     18      5  0.161  0.355
    -------------------------------------------------------------------------
                                              27     34      7  0.104  0.229
    -------------------------------------------------------------------------
                                              40     68     28  0.206  0.454
    -------------------------------------------------------------------------
                                              77    101     24  0.214  0.472
    -------------------------------------------------------------------------
    GRC038  7484244  501328      0    -90     17     23      6  0.302  0.666
    -------------------------------------------------------------------------
                                              34     44     10  0.202  0.445
    -------------------------------------------------------------------------
                                             102    117     15  0.161  0.355
    -------------------------------------------------------------------------
    GRC039  7484165  501270      0    -90      9     17      8  0.220  0.485
    -------------------------------------------------------------------------
                                              21     25      4  0.172  0.379
    -------------------------------------------------------------------------
                                              36     42      6  0.134  0.295
    -------------------------------------------------------------------------
                                              78     96     18  0.162  0.357
    -------------------------------------------------------------------------
    GRC040  7484014  501099      0    -90     98    104      6  0.656  1.446
    -------------------------------------------------------------------------
    GRC041  7483986  501123      0    -90     10     13      3  0.178  0.392
    -------------------------------------------------------------------------
                                              19     27      8  0.168  0.370
    -------------------------------------------------------------------------
                                              34     37      3  0.269  0.593
    -------------------------------------------------------------------------
    GRC042  7484108  501218      0    -90      0     25     25  0.129  0.284
    -------------------------------------------------------------------------
                                              57     59      2  0.172  0.379
    -------------------------------------------------------------------------
                                              67     80     13  0.263  0.580
    -------------------------------------------------------------------------
    GRC043  7484597  501616      0    -90      0      5      5  0.295  0.650
    -------------------------------------------------------------------------
                                              20     24      4  0.256  0.564
    -------------------------------------------------------------------------
                                              35     42      7  0.207  0.456
    -------------------------------------------------------------------------
                                              49     90     41  0.270  0.595
    -------------------------------------------------------------------------
                                             111    113      2  0.162  0.357
    -------------------------------------------------------------------------
    GRC045  7484286  501383      0    -90      4     10      6  0.120  0.265
    -------------------------------------------------------------------------
                                              46     85     39  0.146  0.322
    -------------------------------------------------------------------------
                                              90     95      5  0.111  0.245
    -------------------------------------------------------------------------
    GRC046  7483909  501075    300    -60      1      4      3  0.129  0.284
    -------------------------------------------------------------------------
                                              11     14      3  0.222  0.489
    -------------------------------------------------------------------------
                                              20     28      8  0.149  0.329
    -------------------------------------------------------------------------
                                              50     69     19  0.187  0.412
    -------------------------------------------------------------------------
                                             125    127      2  0.390  0.860
    -------------------------------------------------------------------------
                                             139    148      9  0.498  1.098
    -------------------------------------------------------------------------
    GRC047  7483857  501003    300    -60      0     30     30  0.290  0.639
    -------------------------------------------------------------------------
                                              50     53      3  0.606  1.336
    -------------------------------------------------------------------------
                                              61     64      3  0.291  0.642
    -------------------------------------------------------------------------
    GRC048  7483789  500962    300    -60     20     42     22  0.269  0.593
    -------------------------------------------------------------------------
                                              65     73      8  0.379  0.836
    -------------------------------------------------------------------------

    Notes:
    -   Analyses on riffle split RC chips by Genalysis Laboratory Services,
        Perth. Uranium assays were carried out by Four Acid Digest/MS (Method
        AT/MS).
    -   Analyses on half cut NQ (50mm dia) core 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.
    -   True widths are estimated to range from 80% to 100% of intersection
        thickness.
    





For further information:

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

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