Extract Resources - Strongly mineralised uranium zones continue at Rossing South

    SOUTH PERTH, Western Australia, Sept. 29 /CNW/ - Extract Resources ("the
Company"), (TSX:EXT;ASX:EXT), a Uranium exploration company with projects in
Namibia, Africa, today announced further wide zones of high grade uranium
mineralization, at Rossing South.
    Chemical assay results and downhole spectrometer data from Reverse
Circulation (RC) drilling continue to demonstrate the continuity of alaskite
hosted uranium mineralization in both Zone 1 and Zone 2.

    Chemical assays not previously reported include:

                               From   To    Mineralised zones
               Hole ID          (m)  (m)               (U3O8)
               Zone 1 - RRC027   40  107   67m @   286 ppm
               ---------------     --------------------------
               Zone 1 - RRC028   55  134   79m @   560 ppm
               ---------------     --------------------------
               Zone 1 - RRC029  141  198   57m @   407 ppm
               ---------------     --------------------------

               ---------------     --------------------------
               Zone 2 - RRC019   89  187   98m @   359 ppm
               ---------------     --------------------------
                     including  119  139   20m @ 1,111 ppm
               ---------------     --------------------------
               Zone 2 - RRC020  112  193   81m @   414 ppm
               ---------------     --------------------------
                     including  164  193   29m @   840 ppm
               ---------------     --------------------------

    Downhole spectrometer results not previously reported include:

                               From   To    Mineralised zones
               Hole ID          (m)  (m)              (eU3O8)
               Zone 1 - RRC043   18  127  109m @   594 ppm
                           and  230  244   14m @ 3,875 ppm
               Zone 1 - RRC044   87  107   20m @   416 ppm
                           and  151  172   21m @   491 ppm
               Zone 1 - RRC053  245  304   59m @   307 ppm
               Zone 1 - RRC054  148  182   34m @   353 ppm
               Zone 1 - RRC055  284  313   29m @   436 ppm
               Zone 1 - RRC088   43  170  127m @   226 ppm
                           and  240  273   33m @ 1,519 ppm
               Zone 2 - RRC037  135  166   31m @   391 ppm
               Zone 2 - RRC038  244  269   25m @   401 ppm
               Zone 2 - RRC045  153  175   22m @   527 ppm
               Zone 2 - RRC046  205  224   19m @   564 ppm
                           and  243  258   15m @   620 ppm
               Zone 2 - RRC047  163  227   64m @   573 ppm
               Zone 2 - RRC048  129  225   96m @   404 ppm
               Zone 2 - RRC059  169  193   24m @ 1,888 ppm
               Zone 2 - RRC064  262  327   65m @   630 ppm

    Three large capacity RC rigs continue to operate at Rossing South
drilling Zone 1 on a 100 x 100 metre spacing to define an initial resource
within the first quarter 2009. An additional two RC rigs are expected at
Rossing South within the next four weeks. Once Zone 1 has been drilled out,
resource definition drilling will resume on Zone 2.
    Visual signs of uraniferous alaskite, such as smoky quartz and abundant
biotite, along with hand held spectrometer readings taken from the one metre
bulk RC samples, continue to indicate the intersection of broad zones of
strong uranium mineralisation. These positive field indicators, along with the
steady flow of quality chemical assay results from Rossing South, support the
Company's view that Rossing South has the potential to become one of the
largest uranium discoveries in many years.
    Some of the chemical assays mentioned in this release have previously had
downhole spectrometer results reported (ASX release 13 May 2008). A comparison
of the downhole spectrometer surveys with the chemical assay results indicate
the metal content is approximately 20% less with the chemical assays, which is
as expected. The Company continues to treat spectrometer information as an
estimate of the uranium mineralisation whilst waiting for confirmation by
chemical assay results.
    A more regular flow of chemical assay results is being returned now that
the Company is also using the pressed pellet x-ray fluorescence (XRF) method.
Comparison sampling between the four acid digest, inductively coupled plasma
mass spectrometry method, and XRF have been favorable.
    Extensive exploration potential still exists on the Husab Project with
the remaining nine kilometre zone of prospective stratigraphy at Rossing South
yet to be tested. Work on this and other target zones is planned for later in
2009, once the Company has established a maiden resource at Rossing South.

    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. 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

    To view APPENDIX 1 & 2 please see URL below:

For further information:

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

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