As copper becomes ever hotter property and the tantalising price of $3/lb heaves into view, at least for the optimistic among us, companies with their focus on the metal naturally become more interesting. A recent newcomer to the London market, Kalahari Minerals [AIM:KAH] can offer investors no less than three copper projects, with a uranium joint venture thrown in to add piquancy to the proposition.

Altogether, Kalahari can already boast an estimated 250,000 tonnes of copper in the ground across its Namibian ground, which makes it clear that the company has moved beyond exploration and into the pre-feasibility phase with its two key projects. The area in which the company is operating was explored preliminarily by other players back in the 1970s, and a sizable portion of the presently known resources originate from this spell, but failure by those then exploring to come across any very large targets plus a deteriorating political situation in Namibia brought proceedings to a halt.



Now that the copper market looks very different and the politics of Namibia have improved, Kalaharis ground is a lot more desirable. Indeed, the companys Chairman Mark Hohnen admits that it has been lucky to have been able to stake the areas it has, which essentially amount to a large slice of the Namibian section of the Kalahari copper belt, which has some geological similarities with the much storied Zambian copper belt.

Kalaharis first order of priority is the Dordabis project, within which it has homed in on a deposit known as Koperberg. Drilling here has identified oxide and sulphide zones of mineralisation and recorded some good intersections, the highlight of which has been 5 metres graded at 3.43% copper. A small scale pilot processing plant is already recovering copper cathode on site.

The Koperberg resource is still open, and an alluring possibility raised by Hohnen is that it could conform to the Olympic Dam geological model. That is, a massive body of IOCG (iron oxide copper gold) mineralisation with significant smatterings of uranium. It is too early to tell whether this is the case or not, but such a scenario is certainly something pleasant to dream of for Kalahari shareholders, and the company has allocated funds specifically towards testing this hypothesis.

Kalaharis second key project goes by the name of Witvlei, and hosts five known copper deposits along with a number of prospects. The next step for the company will be to try and expand the existing deposits and define resources at the prospects in order to come up with a total resource of a potentially economic size.

If this resource development programme comes up with the goods, Hohnen suggests that an attractive option for Kalahari at Witvlei may be the tried and tested development model of establishing initial cash flow from oxide material before moving on to trickier-to-process sulphides. The same development path could also be worth considering at Koperberg if the Olympic Dam model is not found to hold true there.

Kalaharis only grassroots stage project is Ubib, which has been is known to host copper gold mineralisation with a hint of uranium but needs appraising more thoroughly before much more than this can be said. The project is located some 15 kilometres from Anglo Gold Ashantis Navachab gold mine, which obviously auspicates well. Current work is centred on stream sampling to help identify prospective target zones for the application of more advanced exploration techniques.

The Husab uranium project, which is a joint venture with Extract Resources [ASX:EXT] structured to give Extract 51% and Kalahari the remainder, has surprised both companies. Hohnen says that little was thought of Husab until last year, when some great radiometric anomalies were turned up. The presence of uranium along with other metals has now been confirmed, and diamond drilling to test the deposit at depth begins in the next couple of weeks.

Husab is located right between the Rossing uranium mine, owned by Rio Tinto [LSE:RIO; NYSE:RTP], and the Langer Heinrich deposit, which is being developed by the uranium darling of the Australian market, Paladin Resources [ASX:PDN]. Extract has already gained significant recognition from its constituency of investors for Husab, and if drilling confirms the joint venture partners optimism, then the project could well help win Kalahari some fans in the London market, where uranium plays are not as numerous as they could be, and hence much in demand.

Investment Outlook

Kalahari has raised 6 million by way of its AIM listing, and intends to devote the largest portion of this sum to work at Dordabis. Therefore, this is the project that investors should be keeping their weather eye on. Significant progress down the road to feasibility is sure to add value to the company, other things, such as the copper market, being equal.

But in addition to Dordabis, there is scope for either or both of Witvlei and Ubib to shape up and grab investors attention. Husab already stands out, and with a high level of market interest in new uranium projects still apparent, it is a nice asset for Kalahari to have.

Wow what a drop - any views on why ?

media comment, click HERE

In depth article - click HERE

Crikey, it's on the end of a catapult, wish it could tow VML with it !

Another nice week at the office. Apart from the general slump in early Jan what an excellent chart - no rampers needed for this one

Missed out on this one, ouch ! how far is this going to go ?, many a time by the time I get in things start to slacken off !

I am banking on this one to be another GFM. I too missed out yesterday with GFRD - waited for it to drop to 74p and wham a 13 % increase.

New article, click HERE

7 August 2008

Kalahari Minerals plc ('Kalahari')

Maiden Uranium Resource for Ida Dome Project, Namibia




Kalahari Minerals plc, the AIM listed mining exploration and evaluation group with a portfolio of copper and base metal prospects in Namibia, is pleased to provide an update released by Extract Resources Ltd ('Extract' or 'the Company'), in which Kalahari's subsidiary, Kalahari Uranium Limited, holds a 39.11% interest.




Extract Resources (ASX & TSX: EXT), a uranium exploration company with projects in Namibia, Africa, today announced a maiden resource on the Ida Dome Project of 25.1 m lbs U308, within the Garnet Valley, New Camp and Ida Central zones. These areas have not yet been closed off, and will continue to grow along with the resource drilling currently occurring on Holland's Dome, also within the Ida Dome complex. Specifically, this maiden resource includes the results from 28,852 metres of the drilling completed thus far on the Ida Dome Project, being 48% of the planned 60,000 metre programme. A summary of the resources defined to date is as follows:




Ida Dome Project - Garnet Valley + New Camp + Ida Central Maiden Resource Estimate

Lower Cut
Indicated
Inferred

Tonnes Above
U3O8
Contained U3O8
Tonnes Above
U3O8
Contained U3O8

Cutoff (Mt)
(ppm)
(M lb)
Cutoff (Mt)
(ppm)
(M lb)

Garnet Valley

100
0.6
246
0.31
43.5
224
21.39

200
0.5
259
0.26
25.6
263
14.77

New Camp

100



4
156
1.4

200



0.4
234
0.2

Ida Central

100



5.2
170
1.96

200



1.1
238
0.6

Total

100
0.6
246
0.31
52.7
213
24.8

200
0.5
259
0.26
27
261
15.6





Managing Director of Extract Resources, Peter McIntyre, said that the early results for Ida Dome are towards the upper end of target expectations. 'It is extremely pleasing to announce our maiden resource for Ida Dome; it is a solid start for our resource base, and will grow substantially from ongoing work at Ida Dome and from Rossing South to the north. While the Rossing South discovery has recently shifted much of the focus, the Ida Dome Project is still shaping up as a significant project in its own right.' He said that 'the results are also validating the assumptions incorporated in the October 2007 Scoping Study for Ida Dome, which includes the higher-grade Holland's Dome area currently being drilled.'



DETAILS




This preliminary resource statement exceeds the lower range established as an exploration target (24.7 m lbs U3O8 - ASX release 19 October 2007), and the upper range target for Ida Dome as a whole (41.2 m lbs U3O8) is also expected to be exceeded following completion of the 60,000 metre drill programme which commenced in June 2007. The above resource applies to 28,852 metres (48%) of the 60,000 metre programme.




GARNET VALLEY AND NEW CAMP




The drillhole database in the immediate vicinity of the Garnet Valley and New Camp deposits consists of 114 RC and 40 diamond drill holes for 27,127m. The majority of the drilling (122 drillholes) was completed by Extract during 2007 and 2008, with the remaining drillholes having being sunk by a subsidiary of Anglo American Corporation of South Africa in the 1980s.




The drillholes were drilled at angles between -45 and -60. The Extract drillholes were mostly drilled east-west (local grid).




A combination of chemical assaying (20,995 samples) and factored radiometric data (1,714 1m composites) was used for the estimation. At Garnet Valley, five drillholes still remained to be sampled and drilling was ongoing to define the extents of this mineralised system.




A density value of 2.65t/m3 was used for the mineralised zones. This value was chosen after analysis of 42 density samples.




To establish appropriate grade continuity, the mineralisation models for both deposits were based on a nominal 75 ppm U3O8 mineralisation halo. The mineralisation constraints were generated based on sectional interpretation and three dimensional analyses of the available drilling data. The main lithological contacts (e.g. alaskite and sediments) were considered during modelling at Garnet Valley (the lithology being mainly alaskite at New Camp) and were used to guide the modelling of the mineralisation outlines.




The data captured within the mineralisation model was composited to a regular thickness (3m for Garnet Valley and 2m for New Camp) downhole composite length. The composite data consisted of predominantly chemical assay data with some factored radiometric data used where assay results were not yet available.




Based on the composite data, a statistical and geostatistical investigation was carried out to derive appropriate estimation parameters such as high-grade cuts, variogram model parameters and search ranges. High-grade cuts were applied to the 3m and 2m composites prior to grade estimation and ranged from 160 to 950 ppm U3O8.




A three dimensional block model was constructed for the purposes of grade estimation. A parent block size of 40m N by 20m E by 10m RL was selected as the appropriate block size for both deposits based on the current average data spacing and the geostatistical investigations completed. A rotated block model (at 0600) was created to take into consideration the attitude of the domains at New Camp.




The modelled zones are well defined by the existing drilling.




Ordinary Kriging was chosen as the appropriate method for estimating grade.



IDA CENTRAL




The drillhole database in the immediate vicinity of the deposit consists of 36 diamond drill holes for 10,058m. The majority of the drilling was undertaken during 2006, before the commencement of the 60,000 metre resource definition programme that commenced in June 2007.




The drillholes were drilled at angles between -45 and -80, typically to the west. The resulting drilling pattern ranged from 80m by 80m, to 80m by 120m, to 160m by 80m.




To establish appropriate grade continuity, the mineralisation was based on a nominal 75 ppm U3O8 mineralisation halo. The mineralisation constraints were generated based on sectional interpretation and three dimensional analyses of the available drilling data. The main lithological contacts (e.g. alaskite and sediments) were considered during modelling at Ida Dome and were used to guide the modelling of the mineralisation outlines.




The Ida Dome deposit was modelled as 9 distinct domains (3m to 53m wide) with a trend to grid north (north-east UTM). Individual domains can extend for up to 450m.




The data captured within the mineralisation model was composited to a 3m downhole composite length. A statistical and geostatistical investigation was performed on the 3m composites to derive appropriate estimation parameters such as high-grade cuts, variogram model parameters and search ranges. The composite data consisted of predominantly chemical assay data with some factored radiometric data used where assay results were not yet available.




High-grade cuts were applied to the 3m composites prior to grade estimation. A high grade cut of 800 ppm U3O8 was applied to the zones within the classified resource.



A three dimensional block model was constructed for the purposes of grade estimation. A parent block size of 40m N by 10m E by 20m RL was selected as the appropriate block size based on the current average data spacing and the geostatistical investigations completed. The modelled zones were well defined by the existing drilling.




Ordinary Kriging was chosen as the appropriate method for estimating grade.




RESOURCE




Resource estimation and categorisation of the grade estimate was undertaken on the basis of the criteria laid out in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and the Canadian National Instrument 43-101 ('CNI43-101'). An Inferred Resource was defined for the bulk of the mineralisation using the criteria determined during the validation of the grade estimates, with detailed consideration of the CNI43-101 categorisation guidelines. A small amount at Garnet Valley had sufficient supporting data to allow it be considered an Indicated Resource.




Blocks were classified as Inferred based upon a combination of geological-grade continuity and within a nominal 80m by 40m to 80m by 80m drillhole spacing. To be classified as Indicated, the geological-grade continuity had to be better defined within a nominal 40m by 40m drillhole spacing.




An insitu bulk density value of 2.65t/m3 was used when reporting the resource.




The reported resource for the Garnet Valley, New Camp and Ida Central deposits reported above 100 ppm and 200 ppm U3O8 cut-offs are summarised below.




Lower Cut
Indicated
Inferred

Tonnes Above
U3O8
Contained U3O8
Tonnes Above
U3O8
Contained U3O8

Cutoff (Mt)
(ppm)
(M lb)
Cutoff (Mt)
(ppm)
(M lb)

Garnet Valley

100
0.6
246
0.31
43.5
224
21.39

200
0.5
259
0.26
25.6
263
14.77

New Camp

100



4
156
1.4

200



0.4
234
0.2

Ida Central

100



5.2
170
1.96

200



1.1
238
0.6

Total

100
0.6
246
0.31
52.7
213
24.8

200
0.5
259
0.26
27
261
15.6





* * ENDS * *





.





About 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 nearby the operating Navachab gold mine.




The Company also has a 90% 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 re-commencing mining operations in the short term.




Additionally, the Company holds a 39.11% interest in ASX listed Extract Resources Limited, which is focused on uranium exploration. Its key project is the Husab uranium project in Namibia where results from an ongoing drilling programme reinforce the Company's belief that the area has a strong potential to host an economic uranium deposit.




About Extract

Extract Resources is an Australian-based uranium exploration company whose primary focus is in the African nation of Namibia. The Company's principal asset is its 100%-owned Husab Uranium Project which contains three known uranium targets: Ida Dome; Hildenhof; and Rossing South. Rossing South represents the Company's first new discovery in this area with 'world class' potential. Extract is listed on the ASX and the TSX under the ticker symbol 'EXT'. For more information on Extract visit www.extractresources.com.


This information is provided by RNS
The company news service from the London Stock Exchange

END
cyril

Angela Balakrishnan
The Guardian,
Thursday July 31 2008

Bright future

Aim-listed mining exploration group Kalahari Minerals has a portfolio of copper and base metals in Namibia and a 39.1% interest in Extract Resources. An announcement by Extract said its preliminary exploration goal for its Rossing South project in Namibia is 126m to 198m pounds of uranium. Analysts say the quality of Kalahari's resources and the proximity to Rio Tinto's Rossing uranium mine make the company an attractive target. Fairfax says it is only a matter of time before Rio Tinto seeks to extend its reserves and will look at Kalahari's licence area. Shares rose 5.3% to 29.75p.

http://www.guardian.co.uk/business/2008/jul/31/marketforces

This imho has to be good news?
LONDON (Thomson Financial) - Kalahari Minerals Plc. said it has agreed to
buy Australia's Extract Resources Ltd.
Kalahari, which holds 39.1 percent of the Australian group, said it will pay
1.6 of its shares for each Extract share.
Kalahari said the offer values Extract shares at A$0.99, a 4.2 percent
premium to the volume weighted average price in the one month up to Tuesday.
The company said the deal constitutes a reverse takeover and the new company
will be dual listed on AIM and the Australian Securities Exchange
Cyril

I thought so too but the market seems to have missed the point !! (as if there was any chance of that!!) Good luck - I am staying with this one long term and currently expecting an improved SP when the price of metals etc improves to near normal.

Report from proactive on the deal.and Extract Resources agree to merge
by Ian Mclelland

Kalahari Minerals (AIM: KAH) and Extract Resources (ASX, TSX: EXT) announced this morning that the two companies had agreed to merge.

Kalahari Minerals already hold a 39.11% interest in Extract Resources, and both companies are focused on mineral exploration in Namibia. Both companies also share a number of directors, and considering the current tight environment for fundraising, both companies also share a commonality of having healthy cash balances considering neither is generating any revenues yet.

The announcement this morning stated that Kalahari would issue 1.6 shares for every Extract Resources share, and that the combined company would be listed on the ASX and AIM, implying that Extract would drop its listing on the TSX. The combined company will also start life with approximately 15 million in the kitty and is likely to have a market capitalisation north of 100 million.

So should investors be pleased about this update? In a nutshell, yes.

Both companies serve to benefit from this transaction, assuming it goes through unhindered. The two companies overlap geographically, and could save considerable amounts on the corporate and administrative front, not to mention pooling their combined expertise, manpower and cash resources into one company. There are many other benefits too.

While Extract Resources has witnessed nothing short of excellent drill results from the Rossing South Uranium Project in recent months, its sole focus on uranium has influenced the share price, as the price of uranium has pulled back considerably from its peak in 2007. Extract has defined a JORC compliant resource of 25.1 million pounds of U308 at Ida Dome, but recently stated that its preliminary exploration target at Rossing South is an impress 126 to 198 million pounds of U308, so the potential is enormous.

Meanwhile, Kalahari, which holds a number of quality assets, particularly copper interests, has arguably been suffering from an identity crisis, as its large investment in Extract Resources has dedicated its own share price movements. Kalaharis primary goal is to define 250,000 tonnes of copper metal at its Dordabis and Witvlei Projects.

Bring the two companies together, and you diversify away from being essentially a one commodity play, to a multi-commodity play, whose key project has the potential to be a world class uranium project. But while you expand your exposure to uranium, copper, lead, zinc and gold, the group as a whole retains a relatively tight geographical footprint in Namibia.

We believe that simplifying our corporate structure and combining the resources of both companies will deliver short, medium and longer term benefits to shareholders of both companies said Mark Hohnen, Executive Chairman of Kalahari.

Dropping the TSX listing probably makes sense too, as the management of the two companies are essentially Australian, but retaining an AIM listing can come in very handy indeed when serious amount of project development capital is required. Based on todays new release, the combined entity believes that Rossing South will be rapidly moved towards a Full Bankable Feasibility study, which precludes a mine development decision.

Critically, shareholders of both companies will retain their exposure to the Husab Uranium Project, particularly Rossing South, and Extract's shareholders will gain access to our portfolio of copper and base metal prospects in Namibia. As one of the largest uranium explorers by market capitalisation on AIM post the Restructure, we can look forward to developing all our projects with support and confidence the company added.

Under AIM Rules, the transaction is considered a reverse take-over for Kalahari, which means the companys AIM listing will be cancelled, and then the new entity will have to reapply to admission to AIM. Both Kalahari and Extract will also hold AGM or EGMs to seek shareholder approval for the deal.
Assuming it all goes smoothly; the combined company should be a stronger more determined company with the assets to deliver substantial value.

Kalahari Minerals plc, the AIM listed mining exploration group with a portfolio of copper, base metal and uranium interests in Namibia, was notified on 10 September 2008 that Rio Tinto International Holdings Australia Pty Ltd purchased 24,817,310 ordinary shares in the Company on 8 September 2008, representing approximately 14.9% of the Company's total voting rights.

In addition, Extract Resources Limited ('Extract') also announced today on the ASX that Rio Tinto International Holdings Australia Pty Ltd is now a substantial holder in Extract, with 23,162,192 ordinary shares, representing approximately 10.9% of Extract's total voting rights.

Kalahari Chairman Mark Hohnen said, 'Rio Tinto's major investment in Kalahari is great news for the Company and we welcome them to our shareholder base. The involvement of Rio Tinto, one of the world's leading mining and exploration companies, confirms the world class nature of our uranium investment in Namibia, particularly within the alaskite belt that hosts the world class Rossing Mine. Kalahari believes that Rio Tinto's investment will provide further confidence for shareholders in our decision to acquire the remaining 60.89% of Extract Resources.'

* * ENDS * *
cyril

From an aussie board (HC)

Mid-Week Alert - Extract Resources (EXT)

As a follow-up to our comments on Extract Resources in the Portfolio News section of this weeks Fat Aus Mining 141, we can today reveal the mystery buyer that snapped up almost 11% of the companys shares in an on-market raid earlier this week. The buyer is Rio Tinto.

Rio lodged a substantial shareholder notice this morning with the ASX, indicating that it now owns more than 23 million shares in Extract, representing 10.9% of its issued capital, having purchased these shares on Tuesday 9 September at prices ranging from as low as $0.975 to as high as $1.20. The biggest purchase was for a block of almost 22.8 million shares at a price of $1.20, which we presume would have been bought from distressed UK resource fund manager, RAB Capital.

Extracts share price leapt to a high of $1.345 on Thursday on the news of the Rio buy-in.

So what does the Rio purchase mean for Extract? Well it confirms Rios expressed commitment last year to develop its uranium business, with a specific focus on Namibia. And this has to be hugely positive for Extract.

As Members may recall in our initial Buy recommendation on Extract Resources in Fat Mining 97 back in October last year, Rio Tinto had just recently committed to a major expansion of its Rossing uranium mine (the worlds biggest open-pit uranium deposit), after earlier contemplating its closure. Rio had almost simultaneously put its large Kintyre uranium deposit in Western Australia up for sale.

We commented at the time that Rios actions spoke volumes about where it saw its uranium business heading over the coming decades. This is why we favoured Namibia as a uranium destination so much and hence our positive view on Extract Resources.

We should point out that it is extremely unusual for a company of Rios enormous size to take such a strategic stake in a company like Extract at such a relatively early stage in its development. What this therefore tells us is that Rio can obviously see the potential for a world-class development at Extracts Rossing South project area. Certainly, the huge widths and high uranium grades that we have been reporting to Members from the companys exploration drilling programme supports this.

For Extract to develop a stand-alone uranium mine on its ground is going to cost the company potentially in the vicinity of several hundred million dollars. In the current environment, fund raising for such a large undertaking is getting harder. Banks are under pressure and tightening their lending. The cost of project finance is going up.

Why is why the friendly tie-up with 39% shareholder, Kalahari Minerals, was proposed. Its all about battening down the hatches and belt-tightening in the current resource environment. Although its yet to be confirmed, Rio is also seemingly the party behind a London raid on the register of Kalahari Minerals early this week, which saw a 15% stake acquired by a mystery buyer.

Rio is motivated by the fact that it has an existing operation in Namibia and all of the skills necessary to expand and develop its regional uranium business. It also recognises that it probably has to be a little more nimble than usual in this instance, given the presence of other likely predators in the form of Niger Uranium, itself a relatively new 17.5% shareholder in Kalahari, Areva Energy and Paladin Energy, all of which are uranium companies that have grown through acquisition.

We do not know Rios immediate intentions, but it is clear in our view that the company will not want to remain a passive investor in Extract Resources with an 11% stake. Rio sees the obvious attraction of the companys Rossing South ground, which augurs well for Extracts future. It has the balance sheet strength to make the project happen, either in partnership with Extract or in its own right.

We will follow and report developments as they happen and we hope to talk to Extract management soon, but this episode once again highlights the clear value out there in the resource sector that is being ignored by the market. The share prices of many resource companies have fallen to ridiculous levels and the winners will be the resource predators that will seize upon this unprecedented buying opportunity.

Extract Resources will remain firmly held within the Fat Prophets Mining & Resources Portfolio. We will keep Members posted with respect to developments as they occur.
cyril

is this a buying oppertunity niceonecyril,all buys so far.

ateeq180, i've tucked my certificates (which i bought sub 30p) in my re-visit 5 years time folder. I believe the demand for uranium will just grow and outstrip
supply and with it a large premium to, todays levels?
aimho
cyril

Rio paid 38p for their shares so if there is a bid coming it is going to be in excess of that price.

Kalahari Minerals plc, the AIM listed mining exploration group with a portfolio of copper,
base metal and uranium interests in Namibia,
announces that Rio Tinto International Holdings Australia Pty Ltd ('Rio Tinto') has increased
its stake in ASX listed Extract Resources
Limited ('Extract') through the purchase of 4,684,033 ordinary shares on 18 September 2008.
This purchase increases Rio Tinto's substantial
holding to approximately 13.1% of Extract's total voting rights. This is following Kalahari
and Extract's announcement on 5 September 2008
regarding the proposed restructure by means of a merger of the two companies.

This purchase follows Rio Tinto's purchase of approximately 14.9% and 10.9% in Kalahari
and Extract respectively on 11 September 2008.

The restructure will consolidate ownership of the assets of each company into a single
corporate vehicle (the 'Enlarged Company'). It is
intended that the Enlarged Company will (subject to required approvals) be dual listed on AIM
and the ASX. Post restructure, Rio Tinto will
hold approximately 18.6% in the Enlarged Company.
Looks like RT are nibbling away?
cyril

Taken from another thread by fordtin.

Martin - posted the following on your hot copper '30% take-over' thread

Interesting to compare the significant holdings given on the website with the announced changes and last years website figures .
Would it be reasonable to assume that the Cenkos Channel Islands, account for the Niger holding and Euroclear are the new hiding place for the Blakeney LLP shares? HSBC Global Custody Nominee (UK) Limited holds exactly the same amount as City Natural Resources once held which would leave Geiger Counter and Henderson hiding in either Pershing or the Bank of New York.

166,559,130 * 3% = 4,996,774
any changes to a holding above this figure which cause it to cross a whole percentage point (up or down) must be reported "without delay"

Significant holdings reported since admission to AIM
(I have excluded any which have been superceded by a later change or reduced to below 3% via dilution)

10 September 2008 - Rio Tinto - 24,817,310 - 14.9%
08 September 2008 - Rab Capital - 5,227,747 - 3.14% (edit - this is reported as an indirect holding, is this something to do with their 16% of Niger? )
25 June 2008 - CQS - 11,716,667 - 7% [comprising (City Natural Resources - 6,716,667 - 4%),( Geiger Counter - 5,000,000 - 3% )]
17 April 2008 - Niger Uranium - 27,680,000 - 16.62%
15 April 2008 - Blakeney LLP - 17,840,000 - 10.71%
25 March 2008 - Henderson Global Investors Ltd - 6,400,000 3.84%

from company website

Key Shareholders as at 22 May 2007
RAB Special Situations (Master) Fund Ltd .....18,394,577
Coronet Resources Ltd ........................16,000,017
RAB Energy Fund Ltd .......................... 4,897,964
Willbro Nominees ............................. 4,027,215
Philip Richards .............................. 4,027,215
FMR Corporation .............................. 3,482,996
M.A. Hohnen ...................................3,047,622

Key Shareholders as at September 2008
Cenkos Channel Islands Nominee Company Limited ....... 27,780,000 ...16.679%
Rio Tinto International Holdings Australia Pty Ltd ... 24,817,310 ...14.900%
Euroclear Nominees Limited ........................... 18,106,200 ...10.871%
Coronet Resources Limited ............................ 16,000,000 ... 9.606%
Pershing Nominees Limited ............................ 10,915,900 ... 6.554%
The Bank of New York (Nominees) Limited ............... 8,366,000 ... 5.023%
HSBC Global Custody Nominee (UK) Limited .............. 6,716,667 ... 4.033%
The Bank of New York (Nominees) Limited ............... 5,968,701 ... 3.584%
Pershing Nominees Limited ............................. 5,835,300 ... 3.503%
BNY (OCS) Nominees .................................... 5,200,000 ... 3.122%
total = 73.961%

The EXT announcement dated 16th Dec 2005 suggests that Coronet are controlled by EXT directors, hopefully some of the long term holders here might be able to provide more detail.
http://www.asx.com.au/asxpdf/20051216/pdf/3ts7y8r9f1q0s.pdf


I think this is the rule Martin was referring to;

SECTION F. THE MANDATORY OFFER AND ITS TERMS
RULE 9
9.1 WHEN A MANDATORY OFFER IS REQUIRED AND WHO IS
PRIMARILY RESPONSIBLE FOR MAKING IT
Except with the consent of the Panel, when:
(a) any person acquires, whether by a series of transactions over a
period of time or not, an interest in shares which (taken together with
shares in which persons acting in concert with him are interested) carry
30% or more of the voting rights of a company; or
(b) any person, together with persons acting in concert with him, is
interested in shares which in the aggregate carry not less than 30% of
the voting rights of a company but does not hold shares carrying more
than 50% of such voting rights and such person, or any person acting
in concert with him, acquires an interest in any other shares which
increases the percentage of shares carrying voting rights in which he is
interested,
such person shall extend offers, on the basis set out in Rules 9.3, 9.4
and 9.5, to the holders of any class of equity share capital whether

http://www.thetakeoverpanel.org.uk/new/codesars/DATA/code.pdf
(page 110)

cyril