EXTRACT Resources continues to strengthen its corporate appeal, with a significant resource upgrade at its Rossing South project.
The upgrade will make it one of the top five uranium deposits in the world.
The emerging uranium miner says the size and grade of the new resource confirms Rossing South as one of the most significant uranium discoveries made in the past decade.
Managing director Jonathan Leslie said the increase in the resource from the original discovery in February 2008 showed the project had "an amazing trajectory".
"The main purpose is to prove up the resource so we can get into mining, but it's also important to make people aware that the whole prospectivity of that area is huge and is now a world-class-ranked deposit in terms of size," he told The Australian.
"The project has been steadily moving up the ranking list and we expect it to go on."
Extract announced yesterday that indicated resources showed 257 million pounds of uranium oxide at zones one and two of the deposit, which is part of its Husab uranium project in Namibia. It added that the overall deposit was upgraded 37 per cent.
The company said the increased resource also established the deposit as one of the highest-grade, granite-hosted uranium deposits in Namibia.
Rossing South neighbours mining giant Rio Tinto's massive Rossing project, which saw the mining major take a 15 per cent stake in Extract in 2008. Extract's stock is tightly held, as Rio also holds an interest in Kalahari Minerals, whose main investment is a 41 per cent interest in Extract.
Japan's Itochu also secured a 10.3 per cent stake in the emerging miner last month, which upped the trading house's interest in the mine, as it also has a 14.9 per cent stake in Kalahari Minerals.
Extract was also the centre of market speculation last month that it could lose the right to mine the massive deposit, after Russia and Namibia signed a five-year uranium co-operation agreement.
Following the signing, it was suggested in Russian news agencies that Russia's state-owned nuclear company Rosatom had applied to develop Rossing South and would be prepared to spend $US1 billion ($1.1bn) on uranium development in the country.
But Namibian officials have since publicly supported Extract's right to the mine the project.
Mr Leslie said yesterday there had been a "hive of activity" on the Namibian site, with 19 drill rigs, to move the confidence of the resource from inferred to indicated, the most accurate broad measure of underground material. "The upgrade is a really important milestone because without it we cannot complete the definitive feasibility study, which is scheduled for completion in the last quarter," he said.
The upgrade will make it one of the top five uranium deposits in the world.
The emerging uranium miner says the size and grade of the new resource confirms Rossing South as one of the most significant uranium discoveries made in the past decade.
Managing director Jonathan Leslie said the increase in the resource from the original discovery in February 2008 showed the project had "an amazing trajectory".
"The main purpose is to prove up the resource so we can get into mining, but it's also important to make people aware that the whole prospectivity of that area is huge and is now a world-class-ranked deposit in terms of size," he told The Australian.
"The project has been steadily moving up the ranking list and we expect it to go on."
Extract announced yesterday that indicated resources showed 257 million pounds of uranium oxide at zones one and two of the deposit, which is part of its Husab uranium project in Namibia. It added that the overall deposit was upgraded 37 per cent.
The company said the increased resource also established the deposit as one of the highest-grade, granite-hosted uranium deposits in Namibia.
Rossing South neighbours mining giant Rio Tinto's massive Rossing project, which saw the mining major take a 15 per cent stake in Extract in 2008. Extract's stock is tightly held, as Rio also holds an interest in Kalahari Minerals, whose main investment is a 41 per cent interest in Extract.
Japan's Itochu also secured a 10.3 per cent stake in the emerging miner last month, which upped the trading house's interest in the mine, as it also has a 14.9 per cent stake in Kalahari Minerals.
Extract was also the centre of market speculation last month that it could lose the right to mine the massive deposit, after Russia and Namibia signed a five-year uranium co-operation agreement.
Following the signing, it was suggested in Russian news agencies that Russia's state-owned nuclear company Rosatom had applied to develop Rossing South and would be prepared to spend $US1 billion ($1.1bn) on uranium development in the country.
But Namibian officials have since publicly supported Extract's right to the mine the project.
Mr Leslie said yesterday there had been a "hive of activity" on the Namibian site, with 19 drill rigs, to move the confidence of the resource from inferred to indicated, the most accurate broad measure of underground material. "The upgrade is a really important milestone because without it we cannot complete the definitive feasibility study, which is scheduled for completion in the last quarter," he said.
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