Extract Resources - Response to press speculation

SOUTH PERTH, Australia, Nov. 29, 2011 /CNW/ - Further to recent media speculation, Extract Resources Ltd (ASX/TSX/NSX: EXT) ("Extract") confirms that it is aware that discussions have taken place between CGNPC Uranium Resources Co. Ltd. ("CGNPC-URC") and Epangelo Mining Company (Pty) Ltd ("Epangelo"), a wholly state owned Namibian enterprise, in relation to a possible acquisition by Epangelo of a 10% interest in the Husab Uranium Project. However, Extract notes that any agreement between CGNPC-URC and Epangelo would need to be conditional on CGNPC-URC having acquired a controlling interest in Extract's 100%-owned Husab Project.

Separately, discussions between Extract and Epangelo are well advanced around the possible acquisition on commercial terms by Epangelo of a 10% interest in the Husab Project, irrespective of whether or not any transaction involving CGNPC-URC occurs.

About Extract Resources

Extract Resources Ltd is an international uranium exploration and development company whose primary focus is in Namibia. The company's principal asset is its 100% owned Husab Uranium Project which contains the fourth-largest uranium-only deposit in the world. Extensive exploration potential also exists for new uranium discoveries in the region. Extract Resources is listed on the Australian (ASX), Toronto (TSX) and Namibian (NSX) Stock Exchanges.

SOURCE Extract Resources

For further information:

please visit www.extractresources.com or contact:

Extract Resources: London Office
Jonathan Leslie, CEO
Tel: +44 (0)20 7317 9220
Extract Resources: Perth Office
Siobhan Lancaster, Company Secretary/Corporate Affairs
Tel: +61 (0)8 9367 2111
Extract Resources: Namibia
Tom Ferreira

Nomvula Kambinda
Tel: +27 (83) 2646188
Tel: +264 (0) 61 300 220
Australian Media Enquiries:
MAGNUS Investor Relations/Corporate Communication (Australia)
John Gardner and Dudley White
Tel:  +61 (0)2 8999 1010
Mob: +61 (0)413 355 997
Mob: +61 (0) 413 439 883
UK Media Enquiries:
Brunswick Group (UK)
Carole Cable / Pip Green
Tel: +44 (0)20 7404 5959


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Extract Resources

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