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Friday 13 June, 2008

Kalahari Minerals

Extract Resources Ltd Raises

RNS Number : 6361W
Kalahari Minerals PLC
13 June 2008
 



Kalahari Minerals plc / Ticker: KAH / Index: AIM / Sector: Mining & Exploration

13 June 2008

Kalahari Minerals plc ('Kalahari' or 'the Group')


Extract Resources Ltd Raises AU$30.5 Million


Kalahari Minerals plc, the AIM listed mining exploration group with a portfolio of copper, base metal and uranium interests in Namibia, is pleased to announce that Extract Resources Ltd ('Extract), in which Kalahari's subsidiary, Kalahari Uranium Limited, holds a 39.15 per cent. interest, has raised AU$30.5 million (before expenses) by way of a placing of 27.75 million new Ordinary Shares at a price of AU$1.10 per new Ordinary Share.  The funds raised will be used to advance Extract's highly prospective uranium prospects in Namibia, which continue to generate exciting drill results.  Kalahari has agreed to participate in the Placing to the amount of $11,905,645.60, equating to 10,823,496 new Ordinary Shares. This takes Kalahari's holding in Extract post placing to 83,057,137 ordinary shares, representing 39.04 per cent.  Kalahari was able to participate in the placing through its own existing cash reserves.


Mark Hohnen, Chairman, said, 'Extract has a highly exciting portfolio of uranium assets which has the potential to be world class. This strong response and high levels of interest in the funding, especially in these difficult market conditions, underpins this view and enforces Extract's position to develop its assets. We believe that Extract has the potential to become a major uranium company, so we are very pleased to support it through its development phase and participate in the placing to maintain our holding.'



Extract Resources Announces $30.5M Capital Raising


South Perth, Western Australia - June 13 2008 - Extract Resources ('Extract' or 'the Company'), (TSX / ASX :EXT), a Uranium exploration company with projects in Namibia, Africa, today announced that a placement to professional and sophisticated investors has been committed to, to raise a total of A$30.5M from the issue of 27.75M fully paid ordinary shares at a price of A$1.10 per share. 


The placement has been facilitated jointly through BBY Limited and Patersons Securities in Australia and Haywood Securities in the UK


The interest in the placement has been high and demand has significantly exceeded the available allotment.


Funds from the placement will enable the acceleration of the exploration and development activities in Namibia and are expected to be sufficient to move to Definitive Feasibility Study phases for both the Ida Dome and Rossing South projects, once initial resource estimates are generated.


Peter McIntyre, Managing Director of Extract Resources, said today 'We are delighted to welcome some new high quality institutional investors to our register'. Mr. McIntyre further added, 'The Company continues to develop the potential of its projects and has now secured sufficient funding to further advance them. I anticipate that the next 6 to 12 months will be a period of significant expansion in our resource potential.'    



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For further information please visit www.kalahari-minerals.com or contact:


Mark Hohnen   
Kalahari Minerals Plc
Tel: +61 (0) 893 672 111
Olly Cairns       
Blue Oar Securities Plc
Tel: +61 (0)8 6430 1631
Romil Patel      
Blue Oar Securities Plc
Tel: 020 7448 4400
Richard Chase             
Ambrian Partners Limited
Tel: 020 7634 4700
Robert Collins/Tim Redfern/Neil Elliot
Evolution Securities Limited
Tel: 020 7071 4300
Isabel Crossley/Victoria Thomas
St Brides Media & Finance Ltd
Tel: 020 7236 1177


Notes

Kalahari Minerals Plc is an AIM listed mining and exploration group with a portfolio of copper and base metal prospects within western and eastern central Namibia. Two of the project areas, Dordabis and Witvlei, are prospective for sediment hosted copper mineralisation consistent with the world class Zambian Copper Belt. A third project, Ubib, is prospective for gold mineralisation and is nearby the operating Navachab gold mine.


The Company also has a 90 per cent. interest in the highly prospective Namib Lead Zinc Project centred on the old Namib Lead Mine, which was an underground operation from 1965 - 1992. Previous mine studies (non JORC compliant) indicate surface tails and underground mining reserves of 1.65 million tonnes at 5.7 per cent. zinc, 1.6 per cent. lead and 40.2 g/t silver. Kalahari aims to take the project to bankable feasibility study stage with a view to re-commencing mining operations in the short term.


Additionally, the Company holds a 39.11 per cent. interest in ASX listed Extract Resources Limited, which is focused on uranium exploration. Its key project is the Husab uranium project in Namibia where results from an ongoing drilling programme reinforce the Company's belief that the area has a strong potential to host an economic uranium deposit.


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 main prospect areas and numerous targets: Ida Dome; Hildenhof; and Rossing South. Rossing South represents the first new discovery in this area with significant potential. Extract is listed on the ASX and the TSX under the ticker symbol 'EXT'. For more information on Extract visit www.extractresources.com




This information is provided by RNS
The company news service from the London Stock Exchange
 
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