London, England — MININGREVIEW.COM — 03 May 2011 – Kalahari Minerals plc “’ which owns 43% of Namibia-focused Extract Resources Limited “’ has given a re-assurance that it remains confident that its strong relationship with the government of Namibia will continue to bear fruit.
Extract’s main asset is the US$1.659 billion Husab uranium mine, located approximately 45km north-east of Namibia’s main port, Walvis Bay. It has a current resource of 367Mlb, establishing it as the fifth largest global uranium deposit.
Consistently high assay results have identified the Husab project as the largest in-situ and highest grade granite-hosted uranium deposit in Namibia, with a current JORC compliant measured and indicated resource for Zones 1 & 2 of 257 Mlbs at a grade of 480 ppm U3O8. It also has a JORC-compliant inferred resource of 110.3Mlb at a grade of 400 ppm from Zones 1,2,3 and 4.
With further drilling scheduled on newly delineated areas, the Board of Kalahari is confident that Extract’s resource base will continue to grow, providing the company with the ground and cover to support multiple mining operations.
“The start of limited production at H is targeted for the end of Q1, 2014. Full ramp-up will probably take 15 months, so we should be producing at an annualised rate of 15Mlbs by late Q3 or early Q4 of 2015,” CEO Jonathan Leslie predicts.
Meanwhile Namibia, the world’s fourth-largest uranium producer, is considering legislative changes to ensure its citizens receive more benefit from the country’s mineral wealth, according to finance minister Saara Kuugongelwa-Amadhila.