Uranium explorer Extract Resources last week increased the resource estimate of its Rössing South project, in Namibia, by 37%, making it the sixth-largest uranium deposit in the world.

At zones one and two, the indicated resource increased to more than 257-million pounds of ura-
nium oxide, a tenfold increase on the previously reported estimate. An inferred resource of 110-million pounds has also been 
declared for zones three and four.

Extract MD Jonathan Leslie said last week that the size and grade of the new resource confirmed Rössing South as one of the most significant uranium 
discoveries made in the last decade, and established it as the largest on-site and highest-grade granite-hosted uranium deposit in Namibia.

The increased resource also underpinned Extract’s next milestone, which was the completion of a definitive feasibility study (DFS).

“The resource upgrade at Rössing South is a significant step forward for the company and for the Husab uranium project. We have further defined one of the world’s largest uranium resources, 
which supports the scheduled completion of the DFS in the fourth quarter of 2010, and, in time, the development of a world-class mine,” said Leslie.

He added that the resource base was also likely to increase with ongoing drilling.

“The immediate priority 
remains completing the DFS on zones one and two to bring these deposits into production within the shortest possible timeframe. Seventeen drill rigs remain on site with the current focus on completing the drilling required to define measured resources within the zones one and two starter pits.”

Leslie noted that, once this 
resource update had been optimised, additional drilling would be planned, aimed at converting additional inferred resource 
material to the indicated category, and defining additional 
resources downplunge of high-grade domains.

An updated resource estimate is expected in the first quarter of 2011.

“Once in full production, the Husab uranium mine is expected to become the second-largest producer in the world,” Leslie added.

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