Kalahari Minerals Plc : Extract Resources Limited Responds to Press Speculation

Kalahari Minerals plc / Ticker: KAH / Index: AIM / Sector: Mining & Exploration
29 November 2011

Kalahari Minerals plc ('Kalahari' or 'the Company') Extract Resources Limited Responds to Press Speculation

Kalahari Minerals plc, the AIM listed resource company, notes that Extract Resources
Ltd ('Extract'), in which Kalahari's subsidiary, Kalahari Uranium Limited, holds a
42.76% interest, has announced that it is aware of discussions between CGNPC Uranium Resources Co., Ltd. ('CGNPC-URC') and Epangelo Mining Company (Pty) Ltd ('Epangelo'), the Republic of Namibia's state-owned mining company. Kalahari and CGNPC-URC are currently in discussions relating to a possible offer for the entire issued share capital of the Company, however there can be no certainty that an offer will be made.
Extract states that it is aware of discussions between CGNPC-URC and Epangelo relating to the possible acquisition by Epangelo of a 10% interest in the Husab Uranium Project in Namibia ('Husab'), which is wholly owned by Extract. However a binding agreement regarding the acquisition of this minority stake would be conditional on CGNPC-URC acquiring a controlling interest in Husab.
Furthermore, Extract asserts that discussions between Extract and Epangelo in relation to the possible acquisition of a 10% interest in Husab on commercial terms by Epangelo are well advanced. Extract states that the possible acquisition is irrespective of any potential transaction between Epangelo and CGNPC-URC.

Extract Announcement Response to press speculation November 29, 2011: Further to recent media speculation, Extract Resources Ltd (ASX/TSX/NSX: EXT) ("Extract") confirms that it is aware that discussions have taken place between CGNPC Uranium Resources Co., Ltd. ("CGNPC-URC") and Epangelo Mining Company (Pty) Ltd ("Epangelo"), a wholly state owned Namibian enterprise, in relation to a possible acquisition by Epangelo of a 10% interest in the Husab Uranium Project. However, Extract notes that any agreement between CGNPC-URC and Epangelo would need to be conditional on CGNPC-URC having acquired a controlling interest in Extract's 100%-owned Husab Project.

Separately, discussions between Extract and Epangelo are well advanced around the possible acquisition on commercial terms by Epangelo of a 10% interest in the Husab Project, irrespective of whether or not any transaction involving CGNPC-URC occurs.

About Extract Resources

Extract Resources Ltd is an international uranium exploration and development company whose primary focus is in Namibia. The company's principal asset is its 100% owned Husab Uranium Project which contains the fourth-largest uranium-only deposit in the world. Extensive exploration potential also exists for new uranium discoveries in the region. Extract Resources is listed on the Australian (ASX), Toronto (TSX) and Namibian (NSX) Stock Exchanges.

For further information, please visit www.extractresources.comor contact:

Extract Resources: London Office Jonathan Leslie, CEO	Tel: [phone]
Extract Resources: Perth Office Siobhan Lancaster, Company Secretary/Corporate Affairs	Tel: [phone] [e-mail]
Extract Resources: Namibia Tom Ferreira Nomvula Kambinda	Tel: [phone] [e-mail] Tel: [phone] [e-mail]
Australian Media Enquiries: MAGNUS Investor Relations/Corporate Communication (Australia) John Gardner and Dudley White	Tel: [phone] Mob: [phone] Mob: [phone]
UK Media Enquiries: Brunswick Group (UK) Carole Cable / Pip Green	Tel: [phone]

**ENDS**

For further information please visit www.kalahari-minerals.com or contact:

Mark Hohnen	Kalahari Minerals plc	Tel: [phone]
Simon Raggett	Strand Hanson Limited	Tel: [phone]
Rory Murphy	Strand Hanson Limited	Tel: [phone]
Samantha Harrison	Ambrian Partners Ltd	Tel: [phone]
Geoff Rasmussen	Azure Capital Limited	Tel: [phone]
Rory Scott	Mirabaud Securities LLP	Tel: [phone]
Hugo de Salis	St Brides Media & Finance Ltd	Tel: [phone]
Susie Geliher	St Brides Media & Finance Ltd	Tel: [phone]