Rossing South - Zone 2 and Ida Dome Recent significant chemical assays



    
    ROSSING SOUTH - Zone 2

    -   Chemical assay results confirm massive mineralised system with
        multiple zones of high grade uranium mineralisation, including
        78m @ 651 ppm U(3)O(8).

    -   Uranium mineralisation defined over a strike length of two
        kilometres, also open along-strike and down-dip.

    IDA DOME

    -   Chemical assay results continue to confirm high grade uraniferous
        leucogranites, including 6m at 17,135 ppm (1.71%) U(3)O(8).

    -   All prospects open along strike and down dip with significant
        potential to expand the current resource base.
    

    SOUTH PERTH, Western Australia, Jan. 30 /CNW/ - Extract Resources ("the
Company") today announced that, in addition to the recently completed Rossing
South Zone 1 resource estimate of 108 m. lbs of U(3)O(8) at a grade of 430 ppm
(ASX release 27 January 2008), a backlog of assay results from Rossing South
Zone 2 and Ida Dome have returned some outstanding intersections.
    The Husab Uranium project is strategically located in the centre of the
globally significant Namibian alaskite uranium province and still remains
largely unexplored. Future exploration work will follow up on this potential
targeting known exposed uraniferous alaskites and concealed targets.

    Rossing South - Zone 2

    At the same stage of exploration, Zone 2 has returned similar widths and
grades of uranium mineralisation to Zone 1. Once sufficient drilling has been
completed the maiden Zone 2 resource will begin to quantify the enormous
potential of this prospect; this is scheduled for August 2009. Highlights from
recently received drilling results are shown in the following table with a
complete list of drill hole intersections shown in Appendix 2.
    Zone 2 has been defined over a strike length of 2.0 kilometres and is
open along strike and down dip (Figure 2). Resource definition drilling on 100
x 100 metre spacing is in progress.

    
    Chemical assay results not previously reported from Rossing South Zone 2
    include:

             --------------------------------------------------
              Hole ID   From      To         Mineralised zones
                          (m)     (m)               (U(3)O(8))
             --------------------------------------------------
              RRC035     126     204     78m @      651 ppm
             --------------------------------------------------
              RRC036      91     195    103m @      473 ppm
             --------------------------------------------------
              RRC037     135     229     94m @      312 ppm
             --------------------------------------------------
              RRC038     190     267     77m @      408 ppm
             --------------------------------------------------
              RRC047     163     251     88m @      352 ppm
             --------------------------------------------------
              RRC048     123     223    100m @      313 ppm
             --------------------------------------------------
              RRC059     168     271    103m @      560 ppm
             --------------------------------------------------
              RRC064     262     326     64m @      421 ppm
             --------------------------------------------------
    

    Ida Dome

    The Ida Dome prospects have returned significant zones of uranium
mineralisation. Given the outstanding exploration success at Rossing South,
further exploration drilling has been reprioritized; however, outstanding
drilling results have been returned from all prospects drilled, with some of
the recent results from Holland's Dome highlighting the potential of this
area. Results such as 6m @ 1.71% (17,135 ppm) U(3)O(8) from 81 metres, within
a zone of altered alaskite, illustrate the quality of the Ida Dome prospects.
    Ida Dome presently contains a large uranium endowment (ASX release 7
August 2008) with resources of 25.1 m.lbs U(3)O(8) defined. Future drilling is
expected to significantly increase the resource base with all prospects
drilled still open along strike and at depth. Potential exists for Ida Dome to
support a stand alone mining operation or become a satellite operation to
Rossing South. All options for this area are under consideration.

    
    Chemical assay results not previously reported from Ida Dome include:

             --------------------------------------------------
              Hole ID   From      To         Mineralised zones
                          (m)     (m)               (U(3)O(8))
             --------------------------------------------------
              GDD038     246     270     24m @      638 ppm
             --------------------------------------------------
              GDD043      63      89     26m @      581 ppm
             --------------------------------------------------
              GDD045     228     257     29m @      412 ppm
             --------------------------------------------------
              HDD009     109     136     27m @      522 ppm
             --------------------------------------------------
              HDD011      81      87      6m @   17,135 ppm
             --------------------------------------------------
              HDRC021     39      84     45m @      484 ppm
             --------------------------------------------------
              HDRC039     28      55     27m @    1,064 ppm
             --------------------------------------------------
              GRC082     146     176     30m @      412 ppm
             --------------------------------------------------
    

    Additional chemical assay capability from Genalysis Laboratory Services
has resulted in a large number of assay samples received. Numerous significant
drill hole results have been received from every prospect drilled on the Husab
Uranium Project (Figure 1 and Appendix 2).

    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.
    Extract is listed on the ASX and the TSX under the ticker symbol "EXT".
    For more information on Extract visit www.extractresources.com

    
    To view APPENDIX 1 & 2 please see URL below:
    http://files.newswire.ca/736/HusabUpdate.doc
    





For further information:

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

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