Kalahari Minerals plc, the AIM listed mining exploration and evaluation group with a portfolio of copper, base metal and uranium interests in Namibia, announces that the resolution to remove Chairman Bob Buchan from the board at the Extraordinary General Meeting of Extract Resources Ltd (‘Extract’), requisitioned by Kalahari, was duly passed. Kalahari’s subsidiary, Kalahari Uranium Limited, holds a 39.59% interest in Extract.
Kalahari is committed to supporting Extract as it continues its drilling programme to further expand the 133.1 million pound U3O8 resource at its Husab Uranium Project in Namibia.
Background on Kalahari
Kalahari Minerals Plc is an AIM listed mining and exploration group with a portfolio of copper and base metal prospects within western and eastern central Namibia. Two of the project areas, Dordabis and Witvlei, are prospective for sediment hosted copper mineralisation consistent with the world class Zambian Copper Belt. A third project, Ubib, is believed to be prospective for gold mineralisation and is located close to the operating Navachab gold mine.
The Company also has a 100% interest in the highly prospective Namib Lead Zinc Project centred on the old Namib Lead Mine, which was an underground operation from 1965 - 1992. Previous mine studies (non JORC compliant) indicate surface tails and underground mining reserves of 1.65 million tonnes at 5.7% zinc, 1.6% lead and 40.2 g/t silver. Kalahari aims to take the project to bankable feasibility study stage with a view to recommencing mining operations in the short term.
Additionally, the Company holds a 39.59% interest in ASX and TSX listed Extract Resources Limited, which is focused on uranium exploration. Its key project, the Husab Uranium Project in Namibia, has an initial resource of 133.1 million pounds U3O8, which reinforces the Company’s belief that the area has a strong potential to host a world class uranium deposit. It contains three main prospects, Rossing South (initial resource of 108 million pounds of U3O8 at a grade of 430ppm), Ida Dome (initial resource of 25.1 million pounds of U3O8) and Hildenhof, and is located directly south of Rio Tinto’s producing Rossing Mine.