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URU hold 27.68 million shares(16.6%) in Kalahari Minerals(KAH) which hold a large stake in the Aussie company Extract(EXT) the holder of the licence to work the Rossing
South, which have turned out to be one of the largest uranium deposits in the world.
RIO who have the site are investing heavely in both companys and it seems will
make a take over bid in th not to distant future? A couple of posts which give an idea whats what,

Excerpts from the Hanson research note on Jan 29th 2009 relating to company valuation:


For the purpose of our valuation we have used the long term $80/lb price and the current $/� exchange rate of $1.40/�1.00. Other assumptions include:
� Cash � URU currently has �1.4m in cash (1.3p per share) and no debt. We believe that this is enough to fund the company�s activities until July/ Aug 2009

� Kalahari Minerals � The total market capitalisation of Kalahari Minerals is �77.83m. At the current share price of 43.5p, this makes Niger Uranium�s 27.68m shares worth �12.04m or 10.64p per share.

� Henkries project - Niger Uranium has an NPV15% for the project of US$150m before tax. Our own valuation based on the original 3.72Mlbs estimate is US$17.43m after tax. As no resource has been defined we apply a x0.6 discount to NPV, which equates to 4.89p per share for their 74% stake.

o If Niger Uranium can define an 11 Mlbs resource we calculate an NPV of $102.87m after tax or 28.83p per share again at a x0.6 discount for risk. Neither valuation includes any upside for the unsampled Henkries South.

� Niger project - We don�t believe that this is economic as a standalone project at this grade and tonnage. The grades are low but are typical for the region being similar to those at Imouraren and Arlit. However, with Niger Uranium continuing its exploration drilling with two rigs currently on site, the company could increase the tonnage significantly.

o With existing operations in the area including those of Areva and China Nuclear International Uranium Corp., we believe that the most likely scenario is that URU�s Niger project assets will be acquired by an existing producer. The Paladin (ASX:PDN) and Fusion Resources (ASX:FSN) deal in late December 2008 provided an indicated value to resources of US$1.97/resource lb. On this basis and factoring in assumed recoveries and a x0.5 discount due to the perceived risks in Niger, we arrive at a value of �2.35m or 2.1p per share for the Niger project.

� Argentina UrAmerica � This is more difficult to value as it is a private company. However, Niger paid $2.5m and 4,664,306 new shares for its interest which would value the stake at �2.3m or 2.06p per share.
Conclusion

Our total sum of parts value is 20.90p, which does not include any share holder dilution caused by any subsequent fund raisings. It also does not include any upside for Henkries North and South, the Niger exploration or expected upside in the value of the company�s Kalahari minerals stake when the full resource is announced by Extract Resources.

Given KAH's sp increase, the 27.68mln shares is currently worth 17.7p per share (at KAH = 72.5p), which would increase the valuation to 28.02p per share.

And - If they can get the 11 Mlbs resource from Hankries, then this would increase the sp to 51.96p per share.

So currently they are trading at a discount of 12p (or 75%) to the current mid price.


if RIO pay �5/lb of U based on the forsys/forrest deal then KAH holding in EXT would be worth around �300M. URU holding is worth around �45M at this price. by all accounts the grade at Rossing South is high grade and superior to the forsys/forrest U grade so a price equivalent to this deal is not pie in the sky in the slightest. In fact you could argue EXT should be asking more for its Rossing South asset


Right, here's what I reckon is going on.

EML is Dattels & Mellon's vehicle, aligned with URU (which they also have interests in).

There is a big battle on at EXT right now, to determine the Board composition. Whoever gains contol of EXT's Board will do the final negotiating with RIO (or a.n.other, e.g. Areva, Chinese, Russians - all may be interested, I understand) concerning either a sale or a JV to exploit Rossing South.

With over 40% of EXT's votes, KAH's votes are crucial in determining the outcome of that battle... so, whoever controls KAH effectively controls EXT. At present, IMV Dattels, Mellon & co control KAH via URU and EML. ISTM, from his statements and past actions, that Hohnen has aligned himself with them. When he said on Tuesday "Clearly certain Kalahari shareholders voiced the same concerns when they refused to endorse the potential merger between Extract and Kalahari over concerns that Rio Tinto could emerge with a controlling interest.", that's who the "certain shareholders" are. RIO are trying to dilute that control by buying KAH shares themselves. EML's move is a fightback to retain/strengthen Dattels, Mellon & co's position.

From RIO & Dattels' POV (and mine :0)) these shares are still cheap, so they don't mind paying up now to reinforce their positions for the endgame.

The last posts were c&p, from very capable investors.

A quick way to value URU's holdings in KAH is multiply its SP by 24.4%

http://www.freesharedata.com/eml


cyril

I'm just waiting for Cynic to come and say these aren't worth buying and then I shall pile in!! I like Uranium at the moment as the Chinese have reaffirmed there intentions as well as the Japanese of buying Uranium interests. Queue the big headed cynic!!

learn english then! .... "cue" is the word you are probably looking for ..... don't know URU at all

so you're right!

cynic their's plenty of info in the header to wet ones appetite,but what sticks out most is the share of KAH they hold. 27.68m at 70.5p while themselves having
113,160,000 at 16.5p, simple calcs will show their in credit without including such
things as cash and assets of their own.


cyril

There is new note on URU out from Hanson Westhouse this morning. Some key points:

"We have upgraded our target price for Niger Uranium from 21p to 31p per share on the back of a number of positive recent events. Primarily, Rio Tinto and Emerging Metals have increased their stakes in Kalahari Minerals. Kalahari Minerals holds 40.6% of Extract Resources; owner of the world class Rossing South U3O8 project in Namibia. This is good news for Niger Uranium which holds a 15.8% stake in Kalahari Minerals. Secondly, NorthWestern Uranium Corp. has withdrawn its EGM requisition regarding dilution due to a proposed private placement and changes to the composition of the Board"

Just came across this on another board, shows how the market is waking up to the potential .
cyril

Another is new note on URU out from Hanson Westhouse this morning. Some key points: Looks like a addition to the original?

Kalahari Minerals (AIM: KAH)
Based on the revised valuation for the 40.6% of Extract Resources which Kalahari Minerals owns plus Kalaharis 5.5m of cash but not including their base metal exploration assets, we have ascribed a target price of 88p per share for the company. With a 105Mlbs resource for Zone 2, this would increase to 154p per share."

"We have upgraded our target price for Niger Uranium from 21p to 31p per share on the back of a number of positive recent events. Primarily, Rio Tinto and Emerging Metals have increased their stakes in Kalahari Minerals. Kalahari Minerals holds 40.6% of Extract Resources; owner of the world class Rossing South U3O8 project in Namibia. This is good news for Niger Uranium which holds a 15.8% stake in Kalahari Minerals. Secondly, NorthWestern Uranium Corp. has withdrawn its EGM requisition regarding dilution due to a proposed private placement and changes to the composition of the Board"

"Extract Resources (ASX: EXT)
Extract Resources currently has a 25.1Mlbs resource at Ida Dome and 108.3Mlbs for Zone 1 at Rossing South. Combined with estimated cash of A$20m at the end of June 2009, these resources imply a valuation of A$4.02 per share. We are expecting a resource of at least 105Mlbs for Zone 2 at Rossing South, due in July 2009. This would imply a valuation of A$7.12 per share.

cyril

Missed the RNS, came out at 10.15am, explains the reason for the hike in the SP,
i was thinking it was down to KAH rising.
From the report.


Niger Uranium is pleased to announce that initial results from sonic core drilling at Henkries Central, part of the Henkries Project in South Africa, confirm the presence of uranium mineralisation at shallow depths.

- All boreholes drilled and analysed to date at Henkries Central have intersected uranium
mineralisation in soft sediments within 12.5 metres of surface.

- Highlights include:

HC12600N-150W: 2.52 metres @ 663 ppm U3O8 from a starting depth of 0.57 metres

HC14900-150W: 4.19 metres @ 345 ppm U3O8 from a starting depth of 8.2 metres

HC12600N-300W: 1.69 metres @ 676 ppm U3O8 from a starting depth of 0.43 metres

- Results support the lateral continuity and extent of the mineralised layer/s as originally defined by Anglo
Operations Limited ('AOL') in 1979. In order to validate AOL's historical work, the Company has
positioned validation boreholes along three lines varying between 800 and 1500 metres apart over the
Henkries Central deposit.

This realy is an exciting company now in its own right and my stock will be transferred to the bottom draw.
Its also a possible take over target due to the large holdings in KAH of 27.68m
worth over 22m and roughly 19p per share. So a very good company to hold?
aimho
cyril

I sold out today in KAH making a very handsome profit(worth remembering not long to the end of the tax year), using some of the proceeds to double my holdings in URU. I see this as being better value with URU at 17p with their holdings in KAH
alone worth well over 20p a share, 27,650,000shares held in KAH is worth 23.25m
against a M/Cap of18.67m this without their own asset at Henkies uranium project. Although issue of cash at present i can see little problem with that and if the worst came to boot they could sell some of their KAH stock?
aimho
cyril

I've just posted on KAH the following,

If from the above figure of $2.345billion we calc 40% = 0.938billion at .69p
we now have a total of 647million, 4.5 times the present SP. So were're
looking at a value of 3.64(647/178), very nice if you can get it?
As i just sold out to invest in a part owner URU, who own 16.6%(1/6th) of KAH and have a M/Cap of just 18.67m. One sixth of 647= 108m/18.67 = 95p.
Now 95/16.5 = 5.76 times, not saying one should follow my example, just explaining why i sold. KAH is still a great investment.
If values closed i may consider reversing my holdings?

It should be remembered that we have Henhries as well as cash and other
stakes in Nigor plus a share of Kah's own projects, Lead,Zinc and copper which
adds quite a few pence on the SP. So for me this represents a sound investment.
aimho
cyril

16 trades so far all buys, 18p now required to purchase thats against 21p
for KAH holdings alone.
cyril

From a proactiveinvestor author,

Why not do the calc in a simpler way, rather than trying to work out %'s & market caps for KAH?

URU own 27.7m KAH shares, so that's 24.9m with KAH @ 90p.... or 22p/URU share. Everything else is in for free.

While we're at it, I make KAH's EXT shares + cash worth 95p/KAH share, so buying URU, you're getting a "double whammy" of value: a cheap way of buying KAH shares, which at current EXT prices are themselves cheap!
-----------------------------------------------------------------------

This is one of the reasons i changed from KAH to URU, couple that with
KAH's assets and of course our own Henkries uranium project.
cyril

I'm expecting a tick up any minute, M/Cap 22m cash from KAH=28.5m
They also have 1.5m of their own +Henkries project, well undervalued.
From Mark of Proactive.


Any worries about URU's funding may be about to disappear. RIO have announced in the their annual report that they have transferred their Extract & Kalahari shares to Rossing Uranium and that Rossing Uranium will seek a JV with Extract.

That will flush other bidders out. There are rumours in Aus that an initial offer will be made @ A$5/EXT share next week. If there is an offer, I expect it will go for A$6-7. Looks like this will happen sooner rather than later.

When doing any calculations on this basis, bear in mind that URU may have tax to pay on a capital gain (not sure, though, with Virgin Islands registration).

cyril

Using exchange rate of Au$1 = 0.48121 and EXT's last trade of au$4.45
it spewed out the following

one URU share = 25.29p of EXT shares
one EML share = 4.94p of EXT shares
one KAH share = 103.38p of EXT shares

Using the above figures i make that to mulitply KAH's SP by 24.4% gives a quick and accurate value to URU so 101*24.4= 24.6p for its KAH's holdings alone.
cyril

An excellent day finishing up at 22.75p, KAH @ 106.5p is = to 26p,so still at discount? I feel we still have quite away to run on these yet?
aimho
cyril

NICEEEEEEEEEE


TORONTO, March 31 /CNW/ - NWT Uranium Corp. (TSXV: NWT; OTCBB: NWURF)
(the "Corporation") the single largest shareholder of Niger Uranium Limited
(AIM: URU) ("Niger") by its ownership of 34.06% of Niger, which in turn owns
15.06% of KALAHARI MINERALS PLC (KAH.L), ("Kalahari") noted today that it had
previously entered into discussions with Rio Tinto PLC ("Rio") under a
Confidentiality Agreement (CA) that was executed on February 9th, 2009
regarding its interest in Niger and Kalahari.
While not able to disclose the details of these negotiations with Rio
management, NWT terminated these discussions after concern with certain
questionable acts by Rio management which were not in keeping with the spirit
of the discussions.
NWT further noted today's Press Release by Kalahari and believes that it
is in the best interest of shareholders of Kalahari and Extract Resources
Limited (EXT.AX) (EXT.TO) ("Extract") that both companies be auctioned to the
highest bidder when the true potential of the Rossing South world class
uranium deposit located adjacent to the Rossing Mine in Namibia is
sufficiently defined.


cyril

why would one buy the daughter (URU) rather than the "mother" (KAH)?

2 bites of a cherry,their second mine Henkries is quite a worthy prospect.
cyril

2 bites of a cherry,their second mine Henkries is quite a worthy prospect.
cyril

i prefer the maturity of the mother - lol!

I fancy them both !.

are you the alter ego of alan clark?

At your age RF, you sure you could manage lol.

alan clark could, and as did casanova regularly, frequently leaving an unwanted parting gift of one kind or another!

cynic you speak for yourself!

actions speak louder than words!

At present this is trading at 25% its holding value alone in KAH, seems it tends to lag a little. Ideal opportunity?
My barra boy friend coming up trumps, up 10p to 195p this am.
cyril
ps the fundimentals of IRV are pretty impressive.

Take KAH's 123.5p SP * 27,680,000=34,184,800/113,160,000=30.2p and
trading at 23.5p.
Well i topped up as i feel we will play catch up?
aimho
cyril

Worth almost 31p for their stake in KAH alone.
cyril

Topped up again as this looks cheap against KAH, remembering that URU's asset
value of KAH is roughly 25%. OF 120p about 30p'ish + their own assets which include most promising Henkries, for which a reserve update is due in the very near future.
So 50%potential mark up from its stake as it stands.
aimho
cyril

Found this by a reliable source.

Attended Jim Mellon's talk at yesterday's Master Investor show. He said that he and Dattels were "at war" with Rio presently over Kalahari/Extract. He expected that they would realise value from their investment "sooner or later".

After the talk I managed to grab a couple of words with him. He still has a few shares in URU & is friendly with Ian Stalker. He described URU & EML operating as a "pincer movement" on Kalahari. ;0)

He does consider URU a good way to play the Kalahari/Extract story, as well as EML.

BTW, he publishes a newsletter here: http://www.wakeupnewsletter.com/ which might be worth following.

cyril

Niger Uranium is pleased to announce further encouraging drilling results at its Henkries Central deposit, with individual sample assays up to 5.14 kilograms per tonne U3O8 as well as indications of a new and deeper mineralised zone. The Company has also has received promising initial results from the Henkries North exploration target.

An additional 12 boreholes have been drilled at Henkries Central, with 11 of these containing significant mineralisation. Results for all 12 boreholes are listed in Table 1.
Just a matter of rasing some finance and we could see a serious rerating?
cyril

Back in at 19p and waiting cyril....:))

Hi,

Back from the AGM now.

This has to be one of the most productive AGMs Ive attended. If it werent for the fact that Rio Tinto sent one of their staff and that Stephen Dattels attended in person, one might take some of the statements made with a pinch of salt. Kalahari has now released their official AGM statement: http://fool.uk-wire.com/cgi-bin/articles/200905121302371099S.html . Ill not mess about and just highlight the key bullet points.

- In conversation with Glynn Tonge after the meeting, he believes that it now looks highly likely that Rossing South Zones 1 and 2 link up. He has just returned from a semi-annual visit to operations in Namibia. Intensive drilling is currently underway between the zones.

- He also said that the exploration rig was currently working around the Salem area but that Extract would not reveal results, even to him. He said that results of the explo drilling will be announced in August. [I am surprised that they would hold back any significant discovery].

- The helimag survey will start next week and should take 2-3 weeks

- Mark Hohnen stated in the formal meeting that he is now confident that the total zone 1 and zone 2 resource will be 500Mlb+ - yup, that isnt a typo :0))) (though obviously not by the time of the August zone 2 maiden resource declaration)

- In response to a question from Laurie Kennedy* of Rio, Mark Hohnen confirmed that, as a gesture of goodwill towards Rio, Kalahari had agreed that it did not intend to increase its stake in Extract beyond 40%

- In response to another question from Rio, it was confirmed that David de Jongh Weill was representing Niger Uranium on Kalaharis Board. In a chat with David after the meeting, he confirmed that whilst he has known Stephen Dattels for 7 years, his introduction to SD was through Mike Beck, who he knows much better. He also confirmed that Chiliogon has been acting in a corporate finance capacity on behalf of Niger (but not Kalahari).

- In the post-meeting chat, it was mentioned that Rossing South looked bigger & better than Rossing (4th largest U mine globally). LK did not disagree.

- I chatted briefly with LK who spoke about the current volatility of the U market. There was a big grin on his face when I pointed out that whatever the U price was, Rossing South would be one of the worlds most profitable U mines, due to its low cost.

- I also chatted with DdJW after the meeting. He confirmed that it would not be unreasonable for me to expect an announcement concerning URUs funding soon (dont forget, he is a barrister ;0)). Most importantly, he said that the Board intended to minimise the fund raising (just to meet short term needs) & dilution. Not much funding was required to progress the Henkries project at present.

- Speaking to Mark Hohnen & Glynn Tonge after the meeting, they emphasised that they were very keen for Extract to become a Namibian company and establish its HQ there (this makes sense to me). Zaamwani is keen to know Extracts intentions for moving the project forward. They were non-committal about working with Rio but re-emphasised that if the three companies were to work together, Rio would have to make a full and fair offer.

- Before the meeting I spoke to Stephen Dattels, who was quite friendly (but a bit irritated that the meeting got off to a late start, I think whilst waiting for certain shareholders to arrive). I mentioned that I was not invested in Polo as I found GCM a bit complicated. He confirmed that the negotiations around that were rather a headache. He seemed happy about prospects/progress at Caledon - but obviously cant say much about that.

* It would appear from this: http://www.theaustralian.news.com.au/story/0,20867,20706111-643,00.html that Laurie Kennedy is Rios Chief Counsel. ;0)

Those are the key points. I asked some questions on the accounts amongst the formal business:

- Most of the admin expense is accounted for by their base metals explo & study. This expense has not been capitalised.

- LK asked about the sketchiness of the directors remuneration report. I pointed out that it is not mandatory under AIM and referred him to note 4. [He needs to get up to speed on AIM rules!]

- I asked about the big jump in salaries shown in note 4. Duncan Craib stated that this was a timing difference, and that whilst the report showed just 9 employees last year and this, considerably more were employed whilst the base metal explo programme was more active.

There was no presentation this year but after the formal business I spoke to Glynn Tonge about the base metal projects. He confirmed that Indium was present in the samples from the Namib lead/zinc tailings and the mine itself. He wouldnt comment on concentration but indicated that this would be included in the resource report which should be published in the not too distant future. Base metal price volatility made it difficult to assess feasibility (suggests to me that the economics arent brilliant). MH said he expected theyd be able to bring the base metal projects on stream as the markets for those metals were in their next proper upswing.

Considering what appears to me to be a slackening of the pace on explo and studies of the base metal projects, my feeling is that theyre currently taking rather a backseat to developments at Extract.

I have added to my URU holding at 19.5p today (at their current SPs each URU share represents 28.9p of Kalahari or 28p of Extract) and stand ready to add to my (larger) Extract one, should the price dip.

Regards,

Mark

From a trusted poster (KAH's AGM)

cyril

I'm thinking these are a no brainer now as we approach july, the simple way into EXT for RIO. My buy of the week.

no stopping this one, near breakout on the chart as well. Bllinding investment this one, obvious what is going on to those that bother to research, work it out you lazy buggers ;-))

Kate seems that the rebels who operate in the region of Henkies have agreed
a peace plan? If so this will do wonders to for the sentiment of Niger.
cyril

yes looking good here.

Interesting rise today after 3 large sells earlier in the day?

Andy at KAH's SP of 134.5p URU's share(27.68m) equates to roughly 32p,so i suspect the SP is carching up?
cyril

Bought in first thing under 25p, just got back to see 2x 1.1m sells so seller not done yet?

Could they be a roll over, a slight difference in the SP suggest maybe?
cyril

Busy today, almost 2m traded.
cyril

The Company was notified yesterday that on 3 June 2009 Amber Petroleum Limited
purchased 12.2 million shares of Niger Uranium representing approximately 10.8%
of the issued share capital of the Company.

And of their stratagy.

"The strategy is to identify and acquire interests in high quality prospects with the potential for significant returns to shareholders."

cyril

SYDNEY (Dow Jones)--A struggle for control of one of the world's biggest undeveloped uranium reserves has emerged as one of the fiercest corporate skirmishes in recent times, and analysts expect more fireworks.

Extract Resources Ltd. (EXT.AU) has jumped eight-fold in value since December, as Rio Tinto Ltd. (RIO.AU) built a 15.6% stake, and rival investors began to campaign for a greater say in the future of its Rossing South venture in the southern African nation of Namibia.

Interest in uranium has been ignited by Asian countries outlining plans to install vast amounts of nuclear power capacity in the coming decades, and European countries such as Sweden and the U.K. ending lengthy bans on new reactors.

China alone will likely build as many as 90 reactors over the next 20 years, its top energy official said recently.

Namibia, with around 5% of the world's known recoverable reserves of uranium, is being courted by several heavyweight players in the nuclear industry.

Russian President Dmitry Medvedev will begin a state-visit to Namibia Wednesday, and diplomats say discussions will include energy ties.

Rossing South is six kilometers away from the massive Rossing uranium mine that's jointly owned by Rio Tinto Ltd. (RIO.AU) and the Namibian government, and which produced 8% of the world's uranium oxide in 2008.

Testing at Rossing South has turned up good results, indicating a potential resource that analysts say could exceed 250 million pounds of uranium oxide.

This has helped catapult Perth-based Extract's market capitalization to A$1.65 billion on the Australian Securities Exchange from A$200 million in December.

However, corporate activity has also driven the rally.

In the past year there has been an aborted takeover attempt for Extract; Rio Tinto and a company headed by London-based mining entrepreneur Stephen Dattels has turned up on Extract's share register; and two chairmen and now managing director Peter McIntyre, have left the Extract board.

Australia-based McIntyre's resignation last week came weeks after Extract's biggest shareholder, UK-based Kalahari Minerals PLC (KAH.LN), called a shareholder meeting to vote on his removal.

McIntyre said he left for personal reasons after five years in the job, but added: "There's been a lot going on with the company and, obviously, at the corporate level."

"I think the company is on a very good path, certainly with the development of our project over in Namibia."

Kalahari ousted Extract's former chairman Bob Buchan in February, also by calling a special shareholder meeting.

AIM-listed Kalahari tried to buy Extract outright last year, but its shareholders became concerned when Rio Tinto built stakes in Extract and Kalahari.

They called off the merger for fear Rio Tinto would take control of the fused group without having to pay a premium.



Predators Watching



Rio Tinto's investments, coming at a time when it was still seeking to bring down its debt burden, underscores its ambition to double its uranium output by 2013. It has a similar interest in Kalahari to its 15.6% stake in Extract.

"Rossing will work with Rio Tinto and Extract Resources to determine the benefits that might arise from a joint venture for development of Rossing South," Rio Tinto said in a report released on Rossing's Web site this month.

Rio Tinto is an obvious suitor for Extract due to its proximity to the Rossing mine, but other companies would likely be taking a look as well, said Brock Salier, a London-based analyst at Ambrian Capital.

"We think state interest will come from the Chinese, South Koreans and Indians, while private companies that must be looking closely include Cameco Corp. (CCJ)," he said.

Much will also depend on Dattels's vision for the company. He's been moving up Extract and Kalahari's share registers and holds 10.2% and 9.9% stakes in them, respectively, through companies like Polo Resources Ltd. (PRL.LN), which he chairs.

Dattels has an established track record in unlocking value from undeveloped uranium deposits. He founded UraMin Inc., which was sold to France's state-owned Areva SA for US$2.5 billion in 2007.

Another significant holder in Kalahari is AIM-listed Niger Uranium Ltd. (URU.LN) with a 15.6% stake. Its acting chief executive, Ian Stalker, was the former CEO of UraMin.

Extract said Thursday it has invited Dattels, Rio Tinto representative Chris McFadden and another Kalahari representative, most likely chairman Mark Hohnen, to join its board.

"Kalahari welcomes the invitation of Dattels and McFadden to the board and supports the involvement of Rio Tinto and Polo Resources in the development of Extract," Hohnen said in a statement Thursday.

Spokespeople for Polo Resources and Niger Uranium were unavailable for comment.

Paul Adams, a Melbourne-based analyst at DJ Carmichael, said Dattels and Kalahari are likely part of a team that wants either to develop Extract in their own right, or enjoy the spoils of a big takeover bid.

"When the Kalahari guys were unable to mount a successful takeover, the next best thing was to get somebody else in there to somehow get control of the company," Adams said.

Several companies, including Rio Tinto, Areva, Cameco or Chinese state interests will be eyeing Extract, he said.

Key updates for Rossing South are due in the coming weeks, with a possible "huge third-quarter positive newsflow looming", says Resource Capital Research analyst Tony Parry.

"The market is now starting to understand that Rossing South is shaping up to be one of the world's largest uranium deposits," says Parry, who has a Buy recommendation on Extract shares and A$7.50-A$8.00 price target versus their latest trade of A$6.81.

Extract has hired Rothschild Australia to do a strategic review of its business, which it said last week is "well advanced".



-By Ross Kelly, Dow Jones Newswires; 61-3-8272-4692; ross.kelly@dowjones.com
cyril

Hanson Westhouse recently reported :-

"Extract Resources is trading at an EV/lb of US$6.53 which we believe includes a premium for both the anticipated resource announcement for Zone 2 of Rossing South in August and current corporate interest. This is inline with the agreement between Mega Uranium Ltd (TSX: MGA), JAURD (the Japan Australia Uranium Resources Development Co. Ltd.) and ITOCHU Corporation (ITOCHU) for 35% of the 23.7Mlbs U3O8 (8.4Mlbs attributable) Lake Maitland project in Australia which has an EV/lb of US$5.9 per lb. We believe this is the M&A value of pre-development uranium in the ground. "

http://www.wametals.com.au/investors/research_pdfs/090713_hansonwesthouse.pdf




au$7.58 values the updated resource at us$4.84 per pound.

At us$5.9 per pound, EXT would have a share price of au$9.24

The value of Kalahari's EXT @ au$9.24 would be 2.14 per share


EXT @ au$9.24 gives a look-through value of :-
URU = 50.43p
EML = 11.89p
PRL = 4.07p
NWT = 15.90p (Canadian 28.74c)

cyril

Sum up of EXT's update.

MEDIA RELEASE

3rd August 2009

Preliminary cost estimates study confirms Rossing South's potential to be one of world's largest uranium mines

STUDY HIGHLIGHTS
Production rate 15.0 M tpa
Estimated head grade 487 ppm U3O8
Mill Recovery 92%
U3O8 production 14.8 M lbs / year (6.7 K tpa)
Project capital estimate US $704M
Production cost estimate US $23.60 /lb U3O8

Australian-based uranium mine development and exploration company, Extract Resources Limited (ASX/TSX: EXT) ("Extract or `the Company) today released the preliminary capital and operating cost estimates report which confirm the Rossing South project's potential to be one of the world's largest uranium mines. The report states that preliminary cost estimates on the granite hosted, uranium mineralisation at Rossing South in Namibia indicates that the project can support a viable open pit mining operation developed to feed a 15M tpa agitated tank sulphuric acid leach processing plant. Annual production has been estimated at 14.8M lbs U3O8 with capital costs estimated at US$704M and operating costs of US$23.60 per lb U3O8. Extract Resources Managing Director, Mr. Peter McIntyre, said "the preliminary cost estimates report indicates a conventional open pit mining operation with an agitated tank leach process plant is expected to support a profitable and sustainable mining operation for +20 years." "This report represents our base case study and we are continuing with our metallurgical testwork and engineering optimization that will consider other options including a heap-leaching component," he said. Namibia has outstanding infrastructure which would greatly assist the development of the Rossing South project. The project area is located about 55 kms east of the coastal town Swakopmund and north east of the deep water port of Walvis Bay. Equipment and materials for constructing and running the mine could be brought in through Walvis Bay. Mr McIntyre said "the availability of infrastructure combined with the confirmed resource and the outstanding exploration potential still to be tested on the Husab project, should ensure a long and successful mining operation centred on Rossing South."


nice tick up.
cyril

Amazed that this is stuck at 27.5, KAH up to 178.5p which gives a value of 42p
for URU's 27.58m shares.
cyril

This one does test your patience, keep the posts coming Cyril, its nice to know what your shares should be worth, thanks.

;ooks like our patience is being rewarded, 31.25p up over 7% to an all time high.
cyril

Yes, good to get to 30+, hope it doesn't drop back, KAH etc seem to all be going up so can only be good for URU.

2 x 65000 buys gone through, could go up a bit more today yet.

on the move again today, nothing's changed, it's just worth a lot more than this.

Yes motoring at last after testing ones patience,but fundinentals stood us in good stead. The recent hike as come on the back of EXT,up from A$8.13/9.73 a rise of
20%. Couple that with the discount against KAH,which in turn is discounted and as you stated a kot more to come..
With EXT due more resource figurs we could see A$10(9.9high) tested soon,
A$15 has been mentioned. Once URU's own projects and other interests come to
the fore,it'll be a question of how high?
aimho
cyril

Hopefully security issues with Niger's own projects have been resolved, and the EXT figures soon, this could double from here very soon.

20% up this week so far.

A great days trading.
For holders of the3 shares invovled, thats URU,KAH and EML i've added to the lheader post, a link to the relative values. Handy for quick refer.
cyril

EXT break A$10,on the news of a 3rd Zone which ahs given outstsanding resukts,http://www.freesharedata.com/eml
cyril

URU's relentless rise continues and it still trades at 8p discount to its KAH's holding,but a great whopping 17p to EXT.All this and so many other
assets including our own Uranium project,Henkries.
cyril

Testing the 40p barrier,this sjow but steady climb is most encouragibg.
cyril

URU trading over 30% discount to EXT,against 14% for KAH.Could brake into the 40's today?
http://www.freesharedata.com/eml
cyril

still holding, still reading the post's, thanks Cyril, certainly a lovely chart pattern.

EXT finished up A$10.71 an all time high. From sharedata we're discounted to over 27%and 38% for KAH/EXT respectively,looks a top up opportunity?
cyril

Results have iust been released?
cyril

Thursday, October 08, 2009

Niger Uranium calls off acquisition of Henkries project in South Africa

Niger Uranium Ltd (AIM: URU) said it has called off the deal to acquire private company URU Henkries Ltd after South Africas Minister of Mineral Resources did not clear the deal by the agreed deadline.

The company in September 2008 announced the share purchase agreement which would have given it a 74 percent interest in the Henkries uranium project located in the Northern Cape province of South Africa. It did not give a reason why the approval was not given.

The cash amount of US$1.75 million paid into an escrow account last year will be returned, and the 8.5 million Niger Uranium ordinary shares will be sold on the open market and the proceeds will go to Niger Uranium.

Following the termination of the Henkries acquisition, the company's substantial interests will continue to be its 13.2 percent stake in Kalahari Minerals PLC (AIM: KAH), its 20.89 percent holding in UrAmerica PLC in South America and its uranium prospecting licences in Niger.

Kalahari has a portfolio of uranium, copper and base metal interests in Namibia, and holds a 40 percent stake in Extract Resources Ltd (TSX, ASX: EXT) which controls the Husab project in Namibia and its Rossing South uranium deposit.

UrAmerica is a private junior uranium mining company engaged in the identification, acquisition and exploration of high-quality assets in Latin America, particularly Argentina, Paraguay and Colombia.

Niger Uranium holds eight prospecting licenses in Niger, covering a total area of 6,773 square kilometres.


Register here to be notified of future Niger Uranium articles.
found in proactive investor article -

above info is it a sell now short term? niceone cyril

EXT up and KAH too @ 205p, this makes URU @34.5p real cheap and is now at almost 40% discount to EXT,against KAH's 10%. I believe a good chance to top up as i did yesterday?
aimho
cyril

Cyril,
I was looking at this prior to your mention (in reply to my note) on the SKR board but as it had already moved up 9% from your price a/m (Friday close shows mid price increase of 3p to 37.5p) I thought that perhaps I had missed the boat so to speak..??
Do you consider this still has legs and why do you think it jumped following the news about failure of the Henkries acquisition mentioned by chaki above..??
Surely a failure of any planned acquisition would normally be seen as a negative piece of news..??
Clive

Clive, henkries seems to have had little effevt on the SP so $i.75m and the 8.5m URU which is part of the deal wull be returned to us.The 8.5m shares
are to be sold on the open markat so could effect the SP short term?
That said the madket reacted positively so maybe not,myself i will reduce until it pans out.
Long term i see this as still a great buy and with the company stating they intebd to reduce the discount to KAH (not sure how)of which we own 27.68m and that value is still there.
Also worth checking out is the latest KAH news regarding its copper assets,
which is seen by some as a means to clear the way for a take out of its
EXT holdings?
Hope i'm making sence as i have a stinker of a cold.
cyril

Clive in answer to your question,normally i would agree,however the management have seen fit to take the opportunity to get out.They must believe that Niger abd URA offer better prospects and will benifit to the tune of 3m or even 4m from doing so.
As regards to value and timing,we still own 27.68m KAH shares so that more than looks after the SP(check the lead post for sharedata which will give discounts), to which you can add 3m cash min + the 2 projects mentioned.
cyril

Clive in answer to your question,normally i would agree,however the management have seen fit to take the opportunity to get out.They must believe that Niger abd URA offer better prospects and will benifit to the tune of 3m or even 4m from doing so.
As regards to value and timing,we still own 27.68m KAH shares so that more than looks after the SP(check the lead post for sharedata which will give discounts), to which you can add 3m cash min + the 2 projects mentioned.
cyril

Cyril,
It all makes sense despite the stinker of the cold you mention - just one question.
How is the URU discount to the KAH holding calculated..??
Is the the current value of their KAH holding (at KAH's last price) somehow compared against the current URU share price..??
Clive

Clive,take the KAH#s SP times the 27.68m/by URU's shsres in issue
(a rule of thumb,KAH times 0.235,so 2 = 47p)117.5m. Also the discount
for KAH against EXT was(sligjtly higjer now) 40% of the M/Cap, again/
by the number of their shares.
I will check out EXT's SP on the ASX.COM.AU in the morning prior to market opening here, before making any decision?

Here is a post by a Proactiveinvestor.co.uk Author with indepth knowledge
of the mining industry, regarding the KAH story??

Russians
Chinese
Indians...

...Rio
Areva
BHP
Cameco

Take your pick. All keen to secure future U supplies. All would love to own Rossing South or a stake in it. A little healthy competition should work wonders for the eventual outcome.

Areva & the Russians are talking in Namibia this month: http://www.miningweekly.com/article/russian-uranium-miner-armz-eyes-projects-with-cameco-2009-10-01

"ARMZ plans this month to hold talks in Namibia with French state-controlled nuclear reactor maker Areva on uranium projects in Africa, the Russian company's general director, Vadim Zhivov, said last month."


"Rossing major" is now THE prize U asset of the last 20 years:

- Enormous scale
- Good grades
- Easy to mine, opencast
- Mining-friendly jurisdiction

What more could anyone after U ask for? :0)))))))

Looking forward to next week,

Mark

cyril

EXT Trading at A$10.15 up over 9% on high volume.
cyril

EXT has dropped from a high of A$10.2 back to 9.8 with heavy volume,still
over 5% up on the day when the ASX is down.
cyril

Cyril,
I also hold PRL (Polo) who have 21.4m EXT shares (not far short of the URU holding) so I am hoping this goes up today.
Thanks for explaining the discount calculation of URU's EXT holding which on my cal's amount to nearly 50p per URU share (KAH207p x 27.7m shares held = 57.3m / 117.5m URU shares). This being so it seems most odd to me that URU are only priced at 38p which apart from the discount seems to totally ignore the other aspects of the URU business..??
I see today a Polo RNS about thier EXT holding which you no doubt already know of but just in case I copy a part below:
Monday 12 October 2009




Polo Resources Limited

("Polo" or "the Company")

Extract Resources announces a new zone of mineralisation at Rossing South

Polo Resources (PRL), the AIM listed mining company with uranium and coal interests in Africa, Australia, Europe and Asia, is pleased to report that Extract Resources Limited ('Extract'), in which Polo holds 21.4 million shares (ASX:EXT A$9.29/share*), has announced confirmation of a new zone of uranium at Rossing South.

Highlights:

*
A new zone of uranium mineralisation has been discovered on the western limb of the Rossing South antiform.
*
Zones 1 and 2 - Infill drilling continues to return high grade intersections.

Significant mineralisation has been encountered in 2 adjacent RC holes drilled on the western side of the dome structure of Zone 2. It is interpreted to dip shallowly to the west. A diamond drill hole (RDD082) is being drilled to confirm this orientation.


The core recovered so far shows that the banding and boundaries are at low angles to the core axis consistent with a shallow westerly dip; further, the hole has already intersected alaskite containing uranium mineralisation.

The mineralisation discovered to date at Zones 1 and 2 lies predominantly on the eastern limb of the Rossing South antiform.

Chemical assay results not previously reported from recent drilling at Rossing South include:


Neil Herbert, Managing Director of Polo Resources, said:

"Infill drilling on Zone 1 continues as Extract seeks to progress the resource base into the measured and indicated category. We believe a total resource base of 500 mlbs is achievable from targets already defined.


"Meanwhile, the Rossing South exploration programme has further extended the known mineralisation at the project and Extract has now confirmed the discovery of a new high grade zone. These results are very exciting and should add significant further value to the project which is already expected to become one of the world's largest uranium mines."

Happy days,
Clive

Good morning Clive, yes i also own PRL and have posted this am of their thread.Concerning URU,it seems that these type(nursery)accoubts are at a discount,although this is excessive.
If KAH is primed for a buy out, then URU 27.7m shares make it a possible target as a cheap way in?
cyril

Hi Cyril,
I have been trying to but some URU shares but the online broker that I use (Computershare) are unable to provide a firm quote and I never feel comfortable in leaving an order on a queuing basis - I sometimes feel that their commission price of 20 is a bit steep but against that I find their site ivery user friendly and they do upto T20 trades..??
First thing this morning they were offering at a bid price just below that currently on offer (38.5p) - in your experience is this share sometimes hard to trade or is it just the broker I use..??
Off topic I have been checking out AGLD (for my isa) and noticed your Feb comment on that board which has been very quiet since - are you no longer following this and what do you have views on their takeover bid for Solomons.
Clive.

Clive i use 2 brokers, Selftrade for a nominee12.5 +37.5/yearly charge which inckides an ISA and Jarvis for certicated nd trading at 19.5 as they do a T25 which i find very handy.Don't get yo much trouble with either.
I lost interest in AGLD don't know why(proably to many positions)so i cann't comment,will say my gold stock Is CEY which is ISABLE.
cyril

I use the halifax..11.95/trade

hsbc invest direct is 6.95 irrecpective of size of trade provided there is a minimum of i think 3 or 4 trades in a quater if fullfiled then each trade is 6.95 .find it good so far .
at one time they did not buy at the limit price they caught up with the mistake and gave me aprox 400 .
never thad that happen with anyone else .genuinely good recommend them .till now i buy and sell minimum 3-4 trades a day .

Thanks Cyril, BB and Chakli for advice on brokers.
I managed at last to place my URU buy (39p) so just hope that it proves successful (win some, lose some but don't lose sleep is my motto). Best wishes.

Clive no loss of sleep needed,at present Rossing 1 & 2 +Ida have 292mlbs
of high grade U. This works out less than US$7/lb,it's not unreasonable to expect almost a doubling of this figure(CEO has stated 500mlbs),so cheap
as chips imho as the take out $/lb expected at $10 which "could" mean upto 150p value(via EXT)to URU.Come year end we should have a far better picture of the resouce,which is less than 3 months away.
cyril

Some may see my last post as a ramp,for me it's more projected figures which are possible? Lets compare some conservative projects to add balence.

1 At present their 235m EXT shares after the recent placings.
2 The SP is A$9.65 which gives us a M/Cap of A$2267.75m
3 Convert to US$ for ease of calcs times 0.9044 = US$2050.95m
4 $2050.95/292 =$7.02/lb
5 7.02*500m=US$3511m
6 3511*0.4088 (KAH's share) =$1435.67m
7 1435.67*0.6345 =910.93m M/Cap of KAH
8 910.93/209 =4/36p
9 4.37*27,68m =120.m
0 120.4/117.5 = 1.025p
So i make 1.025 the projected figure at the present rate.
A little long winded i know,but it's how i work.
cyril
ps. They also have URA and Niger projects for extra value.

Hi Cyril, still holding, lurking in the background, keep your very informative posts coming please, Thanks.

Clive, I've been with the Share Center since 2005 with no real problems. can't comment on T20's and T25's etc. but can say this is a very undervalued stock and your purchase at 39p looks very safe to me, good luck.

An interesting article,

12 October 2009
The West Australian
TWAU
First
33
English
(c) 2009, West Australian Newspapers Limited

Good staff are hard to find at the best of times.

Spare a thought for Extract Resources, which has been on the hunt for a Namibian-based chief executive and a Perth-based managing director since June, when a long-running squabble with its biggest shareholder, Kalahari Minerals, cost Peter McIntyre the top job. Extract is understood to have tapped someone for the Namibian role an appointment is expected as early as this week.

The question of who will take on the Perth-based role remains unanswered, a month after Mr McIntyre officially stepped down and nearly four months since he flagged his intention to do so.

The task facing incoming management is not an easy one.

Extract has become something of a market darling over the past year, since Rio Tinto swooped to pick up a cornerstone stake. The subsequent corporate wrangling may have overshadowed the groups success in Namibia but its flagship Rossing South deposit is widely regarded as one of the best uranium deposits in the world.

Those credentials were reinforced on Friday when the company said it had discovered a zone of mineralisation on the projects western limb (previous mineralisation discovered at zones one and two is predominantly on the eastern limb of Rossing South). Extract is talking about a 500 million pounds resource, which would support a 15 million pounds of uranium a year operation.

But getting a new mine up and running is one thing, dealing with corporate politics quite another.

Not only will the groups new boss have to juggle the interests of Rio, Kalahari and Stephen Dattels Polo Resources, which between them control 65 per cent of the company, but they will almost certainly be faced with a takeover bid within the next 12 to 18 months

Rio is widely expected to make a bid, given its Rossing mine borders Extracts Rossing South deposit, but there has also been speculation it could face an approach from a third party.

Interested bidders are likely to want to move sooner rather than later. Extract shares are up 606 per cent this year alone, valuing the group at $2.2 billion.

A S Dattels choice no doubt?
cyril

Should hopefully see some movement today,EXT uo at A$10.01 on good volume highest this week.
cyril

Good morning Cyril, I have been trying to fully understand the whole ext-kah-uru-eml financial situation and politics and although I feel that I basically understand what is going on I still have a few things that I am not clear on and wonder if with your greater knowledge you can enlighten me:
1. In you posting of 20 feb you mention that "URU hold 27.68 million shares (16.6%) in Kalahari Minerals(KAH)" but I note that on the freesharedata site link that you give that UHL now shows as holding 13.2% of KAH..??
2. I note that Dattels is co exc chmn of EML and also on the EXT board but how does effect his control of the URU stake in KAH (thus EXT) as you mention - he is not shown as a URU board member..??
3. Why does URU only have an acting ceo and no chairman..??
4. On the freesharedata link EML shows a larger discount (42.5%) to "effective EXT hldg" than both URU (35.8%) and KAH (18.3%) - is there any reason for this difference especially that to KAH which is well under half..??
Regards, Clive

Hi Clive,
Q1 KAH has rasied funds via placings,so their 190k to 209k,hence the 27.68 is a smaller percentage.
Q2 SD is a major Canadian miner investor part of a group of who have cleaverly worked around the rules. Each a part of a larger picture,the RNS stated SD interest was via PRL.
Q3 I think if my memory serves me correct,he bridged a gap?
Q4 NoT so easy to explain, KAH is rhe main player by it's 40.88% holding,
URU is a secobdary holding(nursery)and will always trail KAH in value while the present sitution exists,buT at the end game the discounts should disappear? Sentiment is one reason for the difference in calues and can
giVe a buying opportunity on times.
cyril
PS for more info on SD and thr other CEO;s try goggle and another
site i use to check on news(old and new) is investegate.co.uk (note the "e")
cyril

Hi Cyril,
Thanks for info/explanations and I have checked out the 'investegate.co.uk' site that you mention (very useful) and see the RNS for the PRL holding in EXT (that you mention in Q2 above) which it gives it at 9.06%
This PRL holding when added to the KAH holding of 40.88% amounts to 49.94% and as such then the EML holding of EXT at 0.17% is crucial as it takes the total over 50% (50.11%) - I must admit that I found the small EML holding hard to comprehend but if my calculations are correct then it could be pivotal..??
What do you think..??
Regards, Clive.

Clive sorry i'm late in getting back to you,my mother just passed away. Don't forget the RIO stake,which effectively takes control from EXT. Notice they were down on the ASX not that i'm surprised,they've made great gains this year and probably will tread water until we get a resource update etc? So patience is now the name of the game,the ground work has been done and unless URU's management is able to (in their words)reduce the discount and icrease shareholder value,we also can expect a little pause or even a slight pull back??
aimho
cyril
ps. CHL is looking cheap???

sorry to hear news cyril..

Also sorry to hear your news Cyril - my mum passed away many years ago whilst I was overseas and I still have regrets (even after so so long a period) that I wasn't there her at the time.
Keep you chin up - best wishes Clive.

From the Brisbane Times,

EYES ON EXTRACT

In light of the high quality of Extract Resources's Rossing South uranium project in Namibia - adjoining Rio Tinto's Rossing mine - there is obviously plenty of corporate interest in the $2.4 billion company.

However, Extract has made clear that while it is interested in strategic partnerships to help develop the $US704 million ($768 million) mine, which could produce 6800 tonnes of uranium a year, it is not looking to be taken over.

Extract has a very concentrated register. Kalahari Minerals of London, now in effect a holding company, owns a 40.9 per cent stake, Rio Tinto owns 15.1 per cent and Polo Resources of London owns 10 per cent.

There are suggestions that as part of the search for a strategic partner, led by Rothschild, the parties that have signed confidentiality agreements have also agreed to standstill arrangements preventing them from buying Extract shares.

Rio is believed to be among those interested in a partnership, because there are obvious cost savings available due to the proximity of Rossing South to the Rossing operation. The Rossing South ore has a higher grade than the material Rio is processing.

Extract will have plenty of uranium to sell once Rossing South enters production in 2013, so its primary concern in a joint venture is being able to place the material with customers rather than raising the funding for construction.

In recent months the uranium miners Uranium One and Denison Mines have partnered with a Japanese consortium and Korea Electric Power respectively for funding and offtake partnerships.

Extract's potential product is already said to have attracted interest from uranium buyers in China, India, South Korea and Japan, so miners may not be the only ones taking part in the search for a partner. Extract is targeting a resource of at least 227,000 tonnes, which would make it the second-largest uranium deposit in the world behind BHP Billiton's Olympic Dam.


Everything has a price? New CEO appointed for Nambibia Norman Green


Interview with Bloomberg,

Oct. 16 (Bloomberg) -- Extract Resources Ltd., a uranium explorer whose shares have surged almost eightfold in Australia this year, said it has been inundated with requests from companies proposing to join or take over its Namibian project.

Were looking at options to see whether one of the big players would want to come in on a strategic partnership level, Chairman Steve Galloway said in an Oct. 13 telephone interview from Namibia. Extract is being advised by Rothschild, the largest family owned bank, and may ask shareholders in November to consider proposals to bring its Rossing South mine to production, he said. He didnt name any potential partners.

Extract, 15 percent owned by Rio Tinto Group, has gained more this year than any other stock in Australias S&P/ASX 200 Energy Index as investors bet countries will turn increasingly to nuclear power, using fuel derived from uranium, in response to climate change. Drilling at Rossing South suggests it could become one of the worlds largest uranium mines, Galloway said.

Investors are jostling for a piece of the action, said Gavin Wendt, an independent resources analyst who has followed Extract for three years and met with executives from the explorer in the southwest African country about two months ago. A joint venture, possibly with Rio, may be the most likely scenario, he said, adding that the stocks remarkable ride has driven up the potential acquisition cost.

Extract Resources has told suitors were not for sale, Galloway said. Rio Tinto doesnt comment on market rumors or speculation, Tony Shaffer, a spokesman for the company, said by phone from Melbourne yesterday.

Fund Raising

The stock traded at A$10 at 11:10 a.m. in Sydney, valuing the company at almost A$2.4 billion ($2.2 billion), compared with about A$311 million at the end of last year.

The Perth-based explorer may sell more than $700 million in shares and debt in 2011 to bring the Rossing South mine into production, Galloway said. Thats in addition to A$91 million it raised this year by issuing equity.

The Australian company has appointed a chief executive to run its Swakop Uranium subsidiary and oversee development of the mine. Galloway declined to name the person before an announcement due today. Extract also expects to replace Managing Director Peter McIntyre, who stepped down in September, by early next year, he said.

Extract said Oct. 9 it found new high-grade mineralization at Rossing South and estimated the total uranium resource could reach 500 million pounds. The deposit is about 7 kilometers (4.4 miles) from Rio Tintos Rossing mine and approximately 30 kilometers from Paladin Energy Ltd.s Langer Heinrich project.

No Bad News

We keep finding better and better resources, said Galloway, a former mineral economist with the Namibian government. We havent seen bad news yet.

London-based Kalahari Minerals Plc, which owns about 41 percent of Extract, said Oct. 9 the project potentially could rival the worlds biggest known uranium deposit at BHP Billiton Ltd.s Olympic Dam. BHP wouldnt provide an estimate in pounds.

Even before the latest drilling results, Brock Salier, an analyst at Ambrian Partners Ltd. in London, said in research notes that he was confident Extracts resource could exceed 560 million pounds. In an e-mail yesterday, he wrote that the update from Extract showed not only some of the widest, but highest grades, weve seen to date.

Rossing South may be able to produce more than 15 million pounds of uranium oxide a year, a huge amount, Galloway said.

Profitable Business

A possible risk to profits is that a lot of other uranium comes on stream, curbing gains in the price of the nuclear fuel, he said. But I think, over the long run, uranium will be a very profitable business.

The uranium market will have a surplus next year for the first time in at least three years as producers increase output faster than demand rises, the London-based World Nuclear Association said in a Sept. 10 report. Secondary sources such as stockpiles will supply 18,711 metric tons in 2010 compared with 17,620 tons this year, the report showed.

Uranium prices, which peaked at $136 a pound in 2007, rose 5.7 percent in a week to $46 a pound on Oct. 12, Ux Consulting Co. said in an Oct. 13 report.

Extract expects favorable supply and demand conditions when Rossing South is projected to begin production in 2013, Galloway said. By 2013, 2014 there will be a space for new uranium on the market.

Some 440 commercial nuclear power reactors operate in 30 countries, with a further 30 under construction and another 90 planned, the World Nuclear Association said in a March report posted on its Web site.

Galloway said the company is at a crossroads as it explores partnership options and considers whether to expand beyond a single project in a single country. For now were trying to get on with developing the resource as fast as we can, he said.

To contact the reporter on this story: James Paton in Sydney jpaton4@bloomberg.net.

Cyril

Food for thought in this present market,

......Few interesting observations from the annual report shareholder distribution and top 20 shareholders tables.

1. The % of issued capital held by top shareholders (>100,000 shares) increased from 86.07% to 91.16% between September 2008 to September 2009. These results clearly show significant transfer of shares from weaker to stronger hands and demonstrate how tightly EXT shares are currently held.

2. The % of issued capital held by shareholders with shares in excess of 10,000 increased from 95.57% to 96.83%. However, the total number of shareholders reduced by 30% (i.e. from 773 to 541). These figures confirm that shares are being transferred into fewer hands.

3. The number of shareholders with less then 1,000 shares has about doubled to 1,149. These are likely to be late comers, traders and people who dont have strong financial capacity but still want to be part of the action. They hold 0.27% of total issued capital at an average of 530 shares/stockholder.

4. Majority of top 20 shareholders have not sold any shares and the % of shares held under nominees accounts keeps increasing. Once again this suggests progressive transfer of shares to the so called sophisticated investors. With the inflow and outflow of shares between nominees accounts being very similar it is very likely that shares are just being transferred from one account/fund to another.

In summary, in a tightly held shares company when the fair value has been reached, one would normally see increasing register of smaller shareholders who are picking up shares being offloaded by major players (i.e. distribution phase). This is still not the case with EXT (in fact its quite the opposite) which strengthens the notion that there is still significant potential for SP growth above current levels. Therefore, recent SP games are simply a continuation of the slow and painful process of accumulation or transfer of shares into strong hands by taking advantage of basic human vulnerabilities/weaknesses in particular greed and impatience.

I believe that recent 1 : 35 rights issue is unlikely to have changed the above results by much as most shareholders took up their entitlements.

Regards,
Drag

Taken from an aussie bb.
cyril

Niger Uranium announces that the Company proposes a conditional dividend in specie of substantially all of its stake in Kalahari Minerals.

The proposed Special Dividend constitutes a fundamental change of business for the Company which, under Rule 15 of the AIM Rules for Companies, requires Shareholder approval.

Following the Special Dividend (if approved), the Company will continue to hold 2,680,000 Kalahari Shares and its exploration licences in Niger together with its interests in South America and shall continue to operate its business in line with its stated strategy (as adopted at the time of Admission) as a uranium exploration and development company.

Not sure on how this works out,from reading around it seems 36p for the sale of KAH+ the 2m they hang onto+ cash 4?+ Niger and + URA,makes for a value into the mid 40p's. If we hit 42p then i will sell as it's above my understanding and look for another way in,maybe. PRL or even KAH which might fall with all this going on?
Its good news but a little complicated for me,so as i stated i will look for a exit point and wait and see.
A confused
cyril

Just as confused as you Cyril. I noticed an interesting comment on another site regarding how any gain would be taxed if one took the KAH shares - would it be at the higher rate on dividends as opposed to the standard CGT..?? Copy as follows:

"Is the special divi classed as a Dividend for tax ie 40% or whatever or does it act like you havent sold any or as CGT??
Im confused, but if its taxed as a proper divvi then id rather take the CGT gain by selling before the date, as i have plenty of losses still from last year!"

Do you have any thoughts as to how all this may play out on EML..??

Clive.

Clive;sorry can't help on those issue's. As far as EML is concerned, not taken enough interest to comment,more PRL who hold a large stake in EXT and will be looking to increase my holdings as its undervalued on known assets.Will be interesting to see what happens tomorrow although the markets are volitille at the moment?
cyril
ps might if i sell, top up CHL as i see it a no brainer?

Just found this,
Valuation
In our valuation, we have assumed that the 8.5m URU shares held in escrow will be cancelled and only 6,943,667 of the outstanding options will be excised. This results in 115,947,967 shares being eligible for the special dividend.
URU currently holds 27,680,000 Kalahari shares and plans to retain 2,680,000. This leaves 25,000,000 for distribution equivalent to 21.56 Kalahari shares per 100 URU shares. This is an increase on the 20.66 Kalahari shares previously announced due to fewer options being excised.
Our valuation of URU at the current Kalahari share price of 178.28p per share, is 45.28p per URU share. If we include the $4.28m valuation for URUs Niger assets and our 1.53 valuation for UrAmerica, this rises to 49.13p per share. However, post the special dividend, we do not believe any value will be given to these assets and we expect the post Special Dividend share price to be 6.5p.

Conclusion
The proposed Special Dividend still needs approval at shareholder meeting on 24 November 2009. However, we believe this is a great opportunity to release value to shareholders. Even attributing zero value to the companys other assets, the 45p target price pre-Special Dividend (6.5p post) represents a significant premium to the current share price and hence we maintain our BUY recommendation.

Still holding and will continue to do so for 42p+,easy 10% from where we are,not to be sneezed at.
aimho
cyril

Sold out this am,not sure of tax issues? Looks like a speight of selling to opt for EML Considering doing so myself but at 7p or less,otherwise PRL who have increased their holdings in EXT?
cyril

Cyril - Likewise sold out a couple of days ago (at just under break-even) as the tax situation seemed complex. I already have EML and was considering exiting but will probably hang on for a little longer to see if anything happens - the discount to 'effective Extract holding' is very high at around 40%..??
Clive.

Looks like NWT are trying force a bid sitiation for EXT,this in turn will have a effect on KAH,ENL and PRL,so interesting times ahead?

The Company announces that NWT Uranium Corp. has confirmed to the Company today that it has a direct and indirect interest in aggregate of 39,768,339 ordinary shares in the capital of the Company ("Ordinary Shares") representing 35.13 per cent. of the Company's issued share capital.

The Company has received a requisition (the "Requisition") to convene an Extraordinary General Meeting ("EGM") under Section 82 of the BVI Companies Act, 2004, as amended (the "Act") and the memorandum and articles of association of the Company from NWT Uranium Corp. (the "Requisitionist") which states that it is the holder of not less than thirty (30) per cent. of the outstanding shares of the Company.
cyril

some serious buying going on here today.

Watch URU metals presenting at the recent Minesite Conference.

Video Link

might have acloser look at this one...might be worth getting into at these levels

I'm in as of this morning... anyone a holder of URU?

I am but inherited from some take over. Can't remember which. So know very little about them as very small holding. You think there might be movement here?

Listen to URU

URU Metals - 2013 Annual Report and Financial Results

CLICK HERE

Great Rns here today gone un-noticed,now have an oil aspect to this !

Possible multibagger here IMVHO



TIDMURU

RNS Number : 4850P

URU Metals Limited

02 October 2013

2nd October, 2013

URU Metals Limited

("URU" or "the Company")

First Analytical Results from Närke Uranium-Oil Project and

Appoints SGS Lakefield

The Director's of URU Metals Limited, (AIM:URU), the base metals and uranium explorer and development Company, are pleased to announce the first analytical results of Source Rock Analysis/Rock Eval Pyrolysis Tests, Fischer Assay tests, and metals geochemistry from the Närke Oil-Uranium Project, located in Central Sweden.

Highlights

-- Exceptionally high total organic content in the samples in the form of kerogen, ranging from 16.6 - 21.1 wt% TOC

-- Confirmed that the form of kerogen is Type II, favorable for oil extraction

-- Between 66.2 and 106.9 mg of hydrocarbons per gram of rock was extracted from cracking of kerogen, at a relatively low Tmax average temperature of around 420degC.

-- The samples from the K1 pit area returned the best S2 results, averaging 93.52 mg of hydrocarbons extracted per gram of rock.

Commenting upon the results, URU CEO Roger Lemaitre said, "URU is pleased with the first phase analytical results from our first samples collected at the Närke Project. The hydrocarbon testing indicates that we may be able to extract much more oil than we previously thought possible, and suggests that the potential exists to produce gas hydrocarbons as well.

"Although we are still at an early stage of our exploration, initial results indicate that the Närke Project is likely to become an oil project with uranium as a by-product. We are looking forward to the results of our Preliminary Metallurgical Test program which will provide us with more clarity on whether the fundamentals of the project and whether it is economically viable."

Nine rock samples were collected from three abandoned small open pit quarries, two of which were located on the Kvarntorp #5 exploration license, and one from the Latorp #1 license. One blank sample was inserted into the batch for quality control/quality assurance purposes. The Kvarntorp pits were excavated as part of the oil shale mining project conducted by the Swedish government from the 1940's to 1960's.

The Source Rock Analysis and RockEval pyrolysis tests showed that there is an exceptionally high total organic content in the samples in the form of kerogen, ranging from 16.6 - 21.1 wt% TOC and confirmed that the form of kerogen is Type II, considered favorable for oil generation. The Alum Shales at the Närke Project are very immature, meaning that most of the hydrocarbons that could have be generated from these rocks currently remains trapped within the rocks, as only a minor amount of potential hydrocarbon has been released over time through natural geological processes.

Most encouraging from the laboratory testing were the large amounts of hydrocarbons released during the second stage of the Rock-Eval pyrolysis test (S2 on the Rock-Eval table). S2 measures the amount of hydrocarbons (both oil and gas) produced through the cracking of kerogen at temperatures between 300-600degC. Between 66.2 and 106.9 mg of hydrocarbons per gram of rock were extracted from the cracking, at a relatively low Tmax average temperature of around 420degC. The samples from the K1 pit area returned the best S2 results, averaging 93.5 mg of hydrocarbons extracted per gram of rock.

The three samples from the K1 pit on the Kvarntorp #5 license averaged a moisture-corrected Fischer Assay Method oil yield of 4.2 wt%, 123 ppm uranium (equivalent to 145 ppm U(3) O(8) ), 440 ppm vanadium, and 172 ppm molybdenum.

The three samples from the K2 pit on the Kvarntorp #5 license averaged a moisture-corrected Fischer Assay Method oil yield of 2.44 wt%, 52 ppm uranium (equivalent to 61 ppm U(3) O(8) ), 406 ppm vanadium, and 178 ppm molybdenum.

The three samples from the L1 quarry located on the Latorp #1 license averaged a moisture-corrected Fischer Assay Method oil yield of 4.2 wt%, 55.7 ppm uranium (equivalent to 65.7 ppm U(3) O(8) ), 464 ppm vanadium, and 171 ppm molybdenum.

Details from the individual samples can be observed in the attached tables.

Table 1 - Results of the Fischer Assay Tests - Närke Project


Location Sample Number As Received Moisture Corrected
------------- --------------- ------------------------ ------------------------
Oil Received Oil Yield
------------- --------------- ------------------------ ------------------------
wt% l/t gal/ton wt% l/t gal/ton
------------- --------------- ------ ------ -------- ------ ------ --------
Kvarntorp
#5 Licence
K1 Pit SSOAB-K1-1 4.89 50.03 11.99 4.94 50.47 12.10
------------- --------------- ------ ------ -------- ------ ------ --------
SSOAB-K1-2 3.02 30.51 7.31 3.05 30.80 7.38
----------------------------- ------ ------ -------- ------ ------ --------
SSOAB-K1-3 4.67 47.27 11.33 4.71 47.70 11.43
----------------------------- ------ ------ -------- ------ ------ --------
AVERAGE 4.19 42.60 10.21 4.23 42.99 10.30
----------------------------- ------ ------ -------- ------ ------ --------
Kvarntorp
#5 Licence
K2 Pit SSOAB-K2-1 3.17 32.27 7.73 3.20 32.62 7.82
------------- --------------- ------ ------ -------- ------ ------ --------
SSOAB-K2-2 1.82 18.40 4.41 1.83 18.58 4.45
----------------------------- ------ ------ -------- ------ ------ --------
SSOAB-K2-3 2.27 23.14 5.54 2.29 23.38 5.60
----------------------------- ------ ------ -------- ------ ------ --------
AVERAGE 2.42 24.60 5.90 2.44 24.86 5.96
----------------------------- ------ ------ -------- ------ ------ --------
Latorp
#1 SSOAB-L1-1 3.82 38.49 9.23 3.85 38.83 9.31
------------- --------------- ------ ------ -------- ------ ------ --------
Licence
L1 SSOAB-L1-2 3.77 38.15 9.14 3.81 38.55 9.24
------------- --------------- ------ ------ -------- ------ ------ --------
Pit SSOAB-L1-3 3.19 32.04 7.68 3.22 32.35 7.75
------------- --------------- ------ ------ -------- ------ ------ --------
AVERAGE 3.59 36.23 8.68 3.63 36.58 8.77
----------------------------- ------ ------ -------- ------ ------ --------
Blank SSOAB-L2-1 -0.43 0.00 0.00 -0.43 0.00 0.00
------------- --------------- ------ ------ -------- ------ ------ --------


Table 2 - Results of the Rock-Eval Tests - Närke Project


Location Sample Number Carbonate Leco Rock-Eval
------------- --------------- ---------- --------- ---------------------------------------------------------
TOC S1 S2 S3 Tmax Production Index
------------- --------------- ---------- --------- ------- ---------- -------- ------- -----------------
(wt%) (wt% HC) (mg (mg HC/g) (mg (degC) (S1/(S1+S2)
HC/g) CO2/g)
------------- --------------- ---------- --------- ------- ---------- -------- ------- -----------------
Kvarntorp
#5 Licence
K1 Pit SSOAB-K1-1 8.8 19.1 1.86 106.94 1.33 419 0.017
------------- --------------- ---------- --------- ------- ---------- -------- ------- -----------------
SSOAB-K1-2 13.6 16.8 1.55 81.04 1.47 419 0.019
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
SSOAB-K1-3 13.0 18.0 1.71 92.57 1.57 417 0.018
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
AVERAGE 11.8 18.0 1.71 93.52 1.46 418.3 0.018
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
Kvarntorp
#5 Licence
K2 Pit 1 SSOAB-K2-1 7.1 17.5 1.66 76.2 2.49 417 0.021
------------- --------------- ---------- --------- ------- ---------- -------- ------- -----------------
SSOAB-K2-2 9.1 16.6 1.49 66.22 2.19 420 0.022
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
SSOAB-K2-3 9.8 17.0 1.61 68.55 2.35 420 0.023
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
AVERAGE 8.6 17.0 1.59 70.32 2.34 419.0 0.022
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
Latorp #1
Licence L1
Pit SSOABL-L1-1 2.4 18.1 1.85 79.27 2.42 421 0.023
------------- --------------- ---------- --------- ------- ---------- -------- ------- -----------------
SSOABL-L1-2 4.3 21.1 1.9 91.94 2.37 422 0.020
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
SSOABL-L1-3 2.7 20.8 2.09 94.29 2.31 421 0.022
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
AVERAGE 3.1 20.0 1.95 88.50 2.37 421.3 0.022
----------------------------- ---------- --------- ------- ---------- -------- ------- -----------------
Blank SSOAB-L2-1 28.9 0.12 0.03 0.19 0.25 0 0.136
------------- --------------- ---------- --------- ------- ---------- -------- ------- -----------------


Where


S1 is the milligrams per gram of sample of
hydrocarbons (not kerogen) present in
the rock, liberated by heating up to 300
degC
----------- ---------------------------------------------
S2 is the milligrams per gram of sample of
hydrocarbons derived from kerogen during
pyrolysis heating between 300-600 degC
----------- ---------------------------------------------
S3 is the milligrams per gram of sample of
carbon dioxide derived from kerogen during
pyrolysis heating between 300-600 degC
----------- ---------------------------------------------
Tmax is the temperature at which the maximum
amount of hydrocarbons derived from kerogen
is released
----------- ---------------------------------------------
Production is the percentage of generated hydrocarbons
Index removed from the rock during its geological
history relative to the maximum amount
of hydrocarbons the rock can generate
----------- ---------------------------------------------


Table 3 - Results of the Geochemical Analysis - Närke Project


Sample Number V Mo U
------------- ----------------- ------ ------- ------
Location Detection Limit 2 0.05 0.05
------------- ----------------- ------ ------- ------
Units ppm V ppm Mo ppm U
------------- ----------------- ------ ------- ------
Kvantorp
#5 Licence
K1 Pit SSOAB-K1-1 444 178 154
------------- ----------------- ------ ------- ------
SSOAB-K1-2 452 174 104
------------------------------- ------ ------- ------
SSOAB-K1-3 425 164 111
------------------------------- ------ ------- ------
AVERAGE 440.3 172.0 123.0
------------------------------- ------ ------- ------
Kvantorp
#5 Licence
K2 Pit SSOAB-K2-1 427 168 52.2
------------- ----------------- ------ ------- ------
SSOAB-K2-2 395 184 52.1
------------------------------- ------ ------- ------
SSOAB-K2-3 395 183 51.9
------------------------------- ------ ------- ------
AVERAGE 405.7 178.3 52.1
------------------------------- ------ ------- ------
Latorp #1
Licence
L1
Pit SSOAB-L1-1 389 147 53.9
------------- ----------------- ------ ------- ------
SSOAB-L1-2 505 185 57.8
------------------------------- ------ ------- ------
SSOAB-L1-3 499 182 55.4
------------------------------- ------ ------- ------
AVERAGE 464.3 171.3 55.7
------------------------------- ------ ------- ------
Blank SSOAB-L2-1 46 1.23 2.85
------------- ----------------- ------ ------- ------


Appointment of SGS Lakefield

URU's 100% subsidiary, Svenska Skifferoljeaktiebolaget, has signed a contract with SGS Laboratories to conduct early-stage metallurgical and oil recovery tests on approximately 200 kg of rock that will be collected from the Närke project in the next few weeks. Oil recovery testing will be conducted at SGS's Burnaby lab and the metallurgical work completed at SGS Mineral Services, Lakefield.

The purpose of this Preliminary Metallurgical Test ("PMT") program is to determine whether there are technical and economic methods to extract oil, uranium, vanadium and molybdenum from the Alum Shales present on the property. Further investment will be dependent on these results.

URU is currently in the process of acquiring the necessary approvals to collect these samples from the same historic open pits as the first samples were obtained. Sample collection is planned for early October with results likely to be received in early March, 2014.

URU has also signed an agreement with Golder Associates UK, to provide a preliminary operating and capital costs estimates based on the laboratory results to assist the Company in making a decision whether or not to proceed to the resource definition stage after the PMT.

Non-Core Niger Operations Closed

Over the past year, URU has been rebalancing its portfolio of assets. With the addition of the Närke Oil-U Project in Sweden, the Nueltin Gold-Uranium Project in Canada, and our continued involvement in the SAN Nickel Joint Venture in South Africa, the Company has three significant projects that are poised to increase shareholder value as we continue to invest in their development.

URU believes that all of our current resources should be steered towards the development of these three projects. For the past year, URU has been actively searching for a partner to share the risk of exploration on our Niger uranium assets, and have even contemplated an outright sale of our Niger subsidiary to several parties. Unfortunately, since this extensive search has failed to yield any potential partners or purchasers, the Company has decided to close its Niger operations effective immediately, and our existing exploration licenses will be returned back to the Niger Ministry of Mines as soon as possible.

Background information on Närke Project

Sweden is one of the world's most favourable mining jurisdictions. Between 1941 through 1966, a Swedish government-owned company produced 62 tonnes of uranium (134,500 lbs) and established an oil-recovery plant on the Närke Project, which recovered approximately 159,100 m(3) of petroleum (1 million barrels) and 418,400 m(3) of fuel oil (2.6 million barrels) from approximately 50 million tonnes of mined rock.

The Alum shale is world renown as being one of the world's largest repositories of metals, particularly uranium. Perceived uranium resources within the Alum Shales are generally believed to be larger than most of the combined uranium resources from the producing global uranium districts. Although an economic recovery of uranium from the Alum Shale has not yet been developed at today's uranium prices, technological advances in oil and uranium recovery the last decade make this project potentially viable.

URU's focus will be on reducing risk by proving that a co-recovery extraction process can be developed using existing technologies before incurring significant investment into proving up uranium and oil mineral resources and reserves.

Historic drill holes testing the Alum Shale on the existing licenses were completed by previous explorers, indicating that good thickness of uranium and oil-bearing Alum Shale are present across all the mineral licenses being acquired by URU.

About the various analytical techniques

The Fischer assay is a standardized laboratory test for determining the oil yield from oil shale to be expected during conventional shale oil extraction. A 100 gram oil shale sample crushed to <2.38 mm is heated in a small aluminum retort to 500 degC (930 degF) at a rate of 12degC/min (22degF/min), and held at that temperature for 40 minutes. The distilled vapors of oil, gas, and water are passed through a condenser and cooled with ice water into a graduated centrifuge tube, and subsequently analyzed.

Source Rock Analysisinvolves multiple tests to measure the total organic carbon (TOC), percent carbonate and RockEval pyrolysis which provides a measurement of free hydrocarbons (S1), kerogen content (S2), carbon dioxide associated with organic matter (S3) and temperature of maximum S2 peak (Tmax). From these data a range of kerogen quality and oil yield indexes can be calculated.

Geochemical Analysis was completed using SGS Mineral Services, Lakefield's GE ICM40B - Multi-Acid (4-Acid) Digestion technique, under which samples are first weight upon receipt and crushed using SGS's CRU22 process, under which the entire sample is crushed until 75% of the material passes a 2 mm screen. Following crushing, a 250 g split is taken from the larger sample and pulverized until 85% of the material passes 75 microns. The resulting sample is digested using a combination of HCl (hydrochloric acid), HNO3 (nitric acid), HF (hydrofluoric acid) and HClO4 (perchloric acid). A combination of ICP-AES AND ICP-MS Package (49 Elements) was used to determine the concentrations of Mo (1-10,000ppm), U (0.05-10,000ppm), V (2-10,000ppm), Ni (2-10,000ppm).

ICP-AES is a technique under which the digested sample is ionized with inductively coupled plasma. Nitrogen or dry compressed air is used to 'cut' the plasma at a specific spot. One or two transfer lenses are then used to focus the emitted light on a diffraction grating where it is separated into its component wavelengths in the photodetectors in an optical spectrometer which measures the intensity specific wavelength(s) attributable to each particular atomic element involved on an array of semiconductor photodetectors. The intensities each wavelength can be used to determine the concentration of a particular element.

Additional information regarding the Närke Project can be found on the Company's website at www.urumetals.com.

-Ends -

Contact details:


URU Metals Limited
Roger Lemaitre, CEO + 1 416 892 2870
--------------------------------- ---------------------
WH Ireland Limited
(Nominated Adviser and Broker)
Adrian Hadden
James Bavister + 44 207 220 1666
--------------------------------- ---------------------
Ribeiro Communications
Ana Ribeiro +44 (0) 7980 321 505
--------------------------------- ---------------------


This information is provided by RNS

The company news service from the London Stock Exchange

END

LISTEN: URU Metals - Enters into agreement to acquire 100% in SAN

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WATCH: URU Metals - The 96th Minesite forum

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LISTEN: Roger Lemaitre, CEO of URU Metals, discusses the end of arbitration at the Zebediela NIckel Project in South Africa

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LISTEN: URU Metals (URU) - Zebediela project update

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