Kalahari Minerals appoints representative to Extract Resources board of directors

Kalahari Minerals (AIM:KAH) has appointed Alastair Clayton as a Non-executive Director to Extract Resources (ASX, TSX:EXT), in which Kalahari holds a 40.44% equity stake. Clayton is Kalahari’s latest representative to join the board at Extract’s invitation. The appointment is designed to support the relationship between the two companies as Extract continues to develop the world-class Husab Uranium Project in Namibia.

“I am delighted to announce Alastair’s appointment to the board of Extract, and I have every confidence that his presence will further underpin the close relationship between Extract and Kalahari as we work towards developing the world-class Husab project towards production”, Kalahari Executive Chairman Mark Hohnen commented.

London-based Clayton is a qualified geologist and an experienced mining executive. Clayton is also currently a non-executive director of South American iron ore developer Templar Minerals (AIM:TMP), and acts as a senior executive with Tanzania operating oil and gas explorer Solo Oil (AIM:SOLO).

“Alastair’s appointment comes at a crucial point in the two companies’ histories, as we eagerly look forward to the publication of the Rossing South Feasibility Study in June this year”, Hohnen said. “This will mark a key milestone in Rossing South’s development into one of the world’s largest high grade uranium mines, creating significant value for Kalahari and Extract shareholders alike”.
 
Clayton was previously Chairman and Non-executive Director of Bannerman Resources (TSX:BAN, ASX:BMN), a uranium exploration company also in Namibia. His thorough understanding of the global uranium industry and investment markets will prove invaluable, Kalahari said. The newly appointed director was also previously a director of Universal Coal (AIM: UCL).

Extract Resources owns and operates the Rossing South uranium deposit on the Husab project, Namibia. Where the resource currently stands at 292 Mlb (million pounds) graded 439 ppm U3O8 of which 267 Mlb at a grade of 487 ppm are in Zones 1 and 2.

At Rossing South, the ongoing exploration work continues to return high grade intercepts. Most recently, on 11 January 2010 Extract reported exploration results which included high grade intercepts from infill drilling and “encouraging” results from a RadonX survey programme, which the companies said confirmed the “world class nature” of the resource and its future production potential.

In January, Extract said it expects to add “substantial resources” to existing inventories within the next six months and beyond. The project’s feasibility study is currently underway and Extract believes it has enough cash resources to fund a new exploration programme.

http://www.proactiveinvestors.co.uk/companies/news/13325/kalahari-minerals-appoints-representative-to-extract-resources-board-of-directors-13325.html