Name and Location
Rossing South uranium project, Nambia.

Project Description
A preliminary cost estimate report on the 8-km granite-hosted, uranium mineralisation at the Rossing South project has indicated that the project could support a viable openpit mining operation developed to feed a 15-million-ton-a-year agitated tank sulphuric acid leach processing plant.

Studies have indicated a maiden resource of 108-million pounds of uranium oxide at a grade of 430 parts per million.

Production has been estimated at 14,8-million pounds a year of uranium oxide.

The Rossing South area has the potential to be one of the world's largest uranium mines.

Value
Capital costs were initially estimated at $704-million but are now estimated at $1-billion.

Duration
The feasibility study is scheduled to be completed by mid-2010.

First production is expected in late 2013.

Client
Extract Resources.

Key Contracts and Suppliers
GRD Minproc (feasibility study) and Swakop Uranium (development and construction).

Latest Developments
The uranium mineralisation has been confirmed as the highest-grade granite-hosted uranium deposit in Namibia.

Swakop Uranium, a wholly owned subsidiary of Extract, will be responsible for the development and construction of the mine.

Metallurgical testwork is being conducted on material from the areas of the planned starter pits and final scoping of all infrastructure options is well advanced.

Zone 1 and Zone 2 exploration drilling is continuing, with 15 drill rigs currently on site. New Zone discoveries were made towards the end of 2009, where initial drilling intersection confirmed similar mineralisation still open at depth and along strike.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Extract Resources, tel +61 8 9367 2111, fax +61 8 9367 2144 or email reception@extractresources.com; or investor relations, Richard Henning, tel +61 89367 2111 or email rhenning@extractresources.com.