Extract Resources Limited (Extract) is an international uranium exploration and development company whose primary focus is in Namibia. The company’s principal asset is its 100%-owned Husab Project in Namibia, which contains two uranium deposits, Rossing South and Ida Dome. During the fiscal year ended June 30, 2010, the Company completed a preliminary feasibility study on Rossing South. The Rossing South deposit contains joint ore reserves committee code (JORC)-compliant Indicated Resources of 257 million pounds Triuranium octoxide (U3O8) and Inferred Resources of 110 million pounds U3O8. On July 9, 2010, the Company announced that Itochu Corporation had acquired a 10.3% interest in Extract through its wholly owned Australian subsidiary, Nippon Uranium Resources (Australia) Pty Ltd.
There is a reason(s) why the directors of Extract won’t release the latest drill results. It’s because it would end up looking FAR TOO obvious there has been a behind the scenes deal done.
From **. (not my numbers although interesting)
“Areva sells 27.94% stake in Millennium mine for $150M which works out $10.5/lb. and our lustrous Jonathan Leslie and the board can't even get $5 - 6/lb. for Husab”.
They can’t get $5 - 6/lb. for Husab because there is no need to. Most likely will be looked after 10 fold for bending over and taking it up the back passage.
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