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 the fourth quarter of 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 Rossing South resource upgrade remains on track for the third quarter of 2010. The company's technical team has been focused on infill drilling, with the aim of upgrading the inferred resource to indicated status. The upgraded resource is expected to define a ‘significant resource' that can be converted to reserve, and could be used for a mining inventory for the definitive feasibility study (DFS). Meanwhile, the DFS continues to progress well and is on track for completion in the fourth quarter of 2010. It is expected that the DFS will confirm the project's potential as one of the world's largest uranium mines. The base-case mine plan remains low-risk, bulk tonnage, openpit mining, with ore processed through a conventional agitated tank leach plant. Results from the recently completed pilot plant testwork programme are still being returned and interpreted with available results, encouraging and providing further support for the base-case flowsheet.

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.