🕐12.04.10 - 11:55 Uhr
Kalahari Minerals plc - Extract revises board structure to fast track Rössing So
uth towards production
Kalahari Minerals plc / Ticker: KAH / Index: AIM / Sector: Mining & Exploration
12 April 2010
Kalahari Minerals plc (Kalahari)
Extract Board Structure
Kalahari Minerals plc, the AIM listed resource, is pleased to announce the appointment of Jonathan Leslie as an Executive Director of Extract Resources Limited (Extract), in which Kalahari has a 40.37% interest.
This follows Mr.
Leslies appointment as Extracts CEO, which was announced on 1 March 2010.
Extract has also been advised that Rio Tintos nominated representative, Mr.
Chris McFadden, will resign from his position as a Non-executive Director of Extract, effective immediately.
This resignation is the result of an agreement between Rio Tinto and Extract whereby Rio Tintos nominated representative would resign from the Board of Extract (Extract Board) upon the appointment of a CEO, as notified at the AGM in Perth on 23 November 2009.
Kalaharis Executive Chairman, Mark Hohnen, said, "Extract is reaching a critical stage in its development as it approaches the completion of a definitive feasibility study at Rssing South and advances towards production.
We are therefore fully supportive of the appointment of Jonathan Leslie, Extracts current CEO, to the Extract Board, who we believe has the ability to take Extract to the next stage in its rapid development, building the business and delivering a world class producing mine at Rssing South.
"As stated previously, Jonathan has an exceptional level of experience in the uranium sector, particularly in Namibia, where he was Managing Director of Rssing Uranium, Rio Tintos subsidiary, which operates the producing Rssing Mine.
He is an international expert in the uranium industry and a well-respected figure in Namibia, with outstanding relationships with the Namibian government and mining agencies.
Indeed, we are scheduled to meet with the President of Namibia tomorrow, to introduce Jonathan and to provide a progress report on the Rssing South Project, as it enters this transformational period in its development - transforming from a pure exploration company to a tier one uranium production company.
"As Extracts major shareholder, the Board of Kalahari would also like to take this opportunity of thanking Chris McFadden and Stephen Dattels, for their guidance and contribution to Extracts development and wish them well in their future activities."
* * ENDS * *
For further information please visit www.kalahari-minerals.com or contact:
Mark Hohnen
Kalahari Minerals plc
Tel: +44 (0) 20 7292 9110
Simon Raggett
Strand Hanson Limited
Tel: +44 (0) 20 7409 3494
Stuart Faulkner
Strand Hanson Limited
Tel: +44 (0) 20 7409 3494
Rory Murphy
Strand Hanson Limited
Tel: +44 (0) 20 7409 3494
Richard Chase
Ambrian Partners Ltd
Tel: +44 (0) 20 7634 4700
Rory Scott
Mirabaud Securities LLP
Tel: +44 (0) 20 7878 3360
Hugo de Salis
St Brides Media & Finance Ltd
Tel: +44 (0) 20 7236 1177
Susie Callear
St Brides Media & Finance Ltd
Tel: +44 (0) 20 7236 1177
Notes to Editors:
Kalahari Minerals plc is an AIM and NSX listed resource company with uranium, gold and base metal interests in Namibia.
Its key investment is its 40.4% holding in ASX, TSX and NSX listed Extract Resources Limited (www.extractresources.com), which is developing the Husab Uranium Project, strategically located directly south of Rio Tintos producing Rssing Mine.
Work is focussing on three main prospects within the project area, Rssing South, Ida Dome and Hildenhof, and results continue to underpin the prospectivity of the region, particularly following the world class Rssing South discovery.
Extract has reported a JORC compliant combined Husab Resource (Global Resource) in excess of 292 M lbs U3O8 at a grade of 439 ppm of which 267 M lbs U3O8 at a grade of 487 ppm is from the two zones at Rssing South at 100 ppm U3O8 cut-off.
Importantly, these are both open ended at depth and along strike.
Kalahari believes Extract has the ground and potential to deliver on Kalaharis estimates of a resource in the region of 550 M lbs U3O8.
Kalaharis other key investment is its circa 44.7% holding in North River Resources plc, an AIM listed emerging southern African focussed multi commodity resource development company.
Susie Callear
St Brides Media & Finance Ltd
Chaucer House
38 Bow Lane
London EC4M 9AY
T: +44 (0) 207 236 1177 | M: +44 (0) 7976 749 561 | F: +44 (0) 207 236 1188 | www.sbmf.co.uk
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