Posts on this website are general "tips" and nothing more than that and should never be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy.

Extract resources now one of biggest new uranium finds worldwide

July 2nd, 2009

This has been a wonderful story and it seems to be getting better all the time.

Excerpt from today’s
Extract grows Rossing South again
Kate Haycock
Thursday, 2 July 2009

EXTRACT Resources has increased the resources at its flagship high-grade Rossing South project by 34% to 145 million pounds of uranium, firming the deposit’s position as one of the biggest new uranium discoveries in the world.
It has been a tough year for the company with corporate raids from the United Kingdom and an attempted board ousting that has ended with managing director Peter McIntyre resigning from his position.

Despite the boardroom drama, Extract has continued to push ahead with exploration at its flagship Rossing South project.

The resource upgrade announced today has upped resources at Rossing South to 145Mlb of uranium at a grade of 449 parts per million uranium.

The overall estimate includes an indicated resource of 21 million tonnes at 527ppm uranium for 24Mlb uranium, and an inferred resource of 126Mt at 436ppm uranium for 121Mlb uranium.

Perth-based Extract said Rossing South was proving itself as the highest-grade granite-hosted uranium deposit in Namibia.

The next step for the company is to define a resource at the Zone 2 area, with the resource due in August.

The project has attracted a great deal of interest, with Rio Tinto buying into the company last year, and the corporate drama from UK companies Kalahari Minerals and Polo Resources proving Extract has attracted a lot of attention.

(IMO BMN will soon be shown to have a similar resource.)

Wall of Worry or Irrational Exuberance

June 7th, 2009


If you have a look at the posts below ASX listed Uranium speccies it gives an idea of where we are at today. The question that I am asking is: Are we seeing the start of a massively over-bought uranium market or is what we see just the start of a new bull run in uranium. The 5 year charts suggest that the bull is back. So let me know: Does the chart above signify a wall of worry or irrational exuberance?