Extract Resources - Strong uranium mineralisation continues to be intersected along-strike at Rossing South

    SOUTH PERTH, Western Australia, June 5 /CNW/ - Extract Resources ("the
Company"), (TSX:EXT;ASX:EXT), a Uranium exploration company with projects in
Namibia, Africa, today announced that down hole spectral logging of recently
completed Reverse Circulation drill holes at Rossing South continues to
intersect significant uranium intersections.
    These additional intersections further support the Company's view that a
large high grade alaskite dyke swarm is present under alluvial cover at
Rossing South.
    Deep RC drilling to date now covers four kilometres of strike length on a
line spacing varying from 1.6 kilometres to 400 metres. Angled holes are sited
at 80 metre intervals along drill lines. Potentially economic uranium
mineralisation has been returned from every drill traverse tested to date. The
mineralisation remains open to the north and south and at depth.
    Standout intersections returned from the most recent down hole
spectrometer surveys include:

    Hole ID                  From         To               Mineralised zones
                              (m)         (m)                         (eU3O8)

    RRC035                  123.0       155.7        32.7m  at       866 ppm
              and           188.2       201.8        13.6m  at     1,773 ppm
    RRC036                   83.0       196.3       113.3m  at       486 ppm
              including     134.6       184.9        50.3m  at       856 ppm
    RRC030                  149.2       284.3       135.1m  at       260 ppm
              including     206.5       272.8        66.3m  at       352 ppm

    Note: eU308 refers to equivalent U308 grade derived from spectral
    gamma logging.

    The downhole logging was performed by Terratec Geophysical Services, a
Namibian based geophysical contractor using a spectral logging tool which has
been recently calibrated at the Pelindaba facility in South Africa. It should
be noted that spectral radiometric assays remain provisional until chemical
assays can be returned.
    Hand held spectrometer readings taken from the bulk RC samples collected
on surface indicate that broad zones of uranium mineralisation continue to be
intersected within uraniferous alaskite.
    Drilling will continue at Rossing South, with two Reverse Circulation
drill rigs testing the boundaries of this large mineralised system. A core rig
will also be mobilised to Rossing South to extend RC holes that have reached
their depth capacity and where the hole has ended in mineralisation.
    The following plan highlights the drilling that has been completed to
date and clearly shows the Rossing Mine stratigraphy trending into Extract's
Husab licence and under the Namib Desert cover.

    To view Appendix 1, Husab Project - Rossing South Prospect, and
    Appendix 2, Table of New Results, please click here:

    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 "world class"
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 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 and Mr Penkethman are both full time
employees 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.
    Reference to down hole spectrometer results in this announcement refers
to data collected by consulting geophysical contractor Terratec Geophysical
Services undertaking down hole logging with a Gamma Ray Spectrometer (GRS42).
This unit was calibrated at the Pelindaba facility in South Africa before
arriving on site. The uranium values are recorded as parts per million (ppm)
eU3O8 which is equivalent to ppm U3O8. Whilst results from this unit provide
an indication of uranium mineralisation present they may also be affected by
uranium mobility and disequilibrium. These factors should be considered when
interpreting eU information while waiting for confirmation chemical assay
    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

For further information:

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

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