Extract Resources announces CEO for Swakop Uranium

SOUTH PERTH, Western Australia, Oct. 16 /CNW/ - Extract Resources ("the Company") today announced that Mr Norman Green has been appointed as Chief Executive Officer of its wholly owned subsidiary, Swakop Uranium in Namibia.

Mr Green is a graduate of the University of the Witwatersrand and is a Professional Engineer. He has considerable experience in Southern Africa where he has successfully led projects and managed the process for the commissioning of a number of mines, including the Skorpion Zinc mine and refinery project for Anglo American Base Metals in Namibia; he has also worked with Impala Platinum Limited, Assmang Limited and the Hillside Aluminium Project for Gencor, now part of BHP Billiton. Mr Green will reside in Namibia - his primary role is to build a Namibian team and with that team develop the Rossing South deposit from a world class discovery into a world class mine, capable of producing at least 15 Mlbs per annum of uranium.

Extract Chairman, Steve Galloway said today, "Norman makes a welcome return to Namibia as he takes the helm at Swakop Uranium and we are delighted to have found a CEO of this calibre. I know that he relishes the task ahead and his experience demonstrates that he is extremely capable of building the Husab mine at Rossing South. As a company, we are dedicated to making a significant contribution, not only to the world supply of uranium, but also to the Namibian economy and people."

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 two known uranium deposit areas, Rossing South and Ida Dome. Extensive exploration potential also exists for new uranium discoveries.

SOURCE EXTRACT RESOURCES

For further information: For further information: Steve Galloway, Chairman; Richard Henning, Investor Relations, rhenning@extractresources.com

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EXTRACT RESOURCES

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