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I too, am fluctuating on this. Having held since early 2006 it's still a good win, but to me it ain't fair value.


I really like the third last paragraph on page 31 of the Target statement and all of page 32 of the same.


"If these thresholds are met, Taurus will have up to one month after the end of the offer period within which to give compulsory acquisition notices to Extract Shareholders who have not accepted the Taurus Offer. Extract Shreholders have statutory rights to challenge the compulsory acquisition, but a successful challenge will require the relevant Extract shareholders to establish to the satisfaction of a court that the terms of the Taurus Offer to not represent "fair value" ".


Assuming Taurus get the required 47.26% of the remaining EXT shares to trigger compulsory acqusition, we could conceivably hold out and initiate the challenge. By then the drilling results will have been released? and we would see the true value.


However, the timing may also coincide with the impending European collapse which would be disastrous - short/med term - for the SP.


I'm certainly leaving it to the last minute and keeping a very suspicious eye on what RIO and Itochu do..


Thanks to everyone for their brilliant posts.


I wish I had Simrose's passion, but alas, I should just be happy with my return.


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Pricks aren't even allowing me to effect the sale of my shares in the next financial year. Damn.


I was one of the sorry sods that was involved in the whole Compass Resources debacle. Although I'm lucky to leave EXT with a profit, this latest smash and grab only enforces my belief that the sharemarket is, for the most part, no place for small time shareholders with long term holds.


Oh, and there ought to be a law that prohibits the use of the phrase "we're working hard for shareholders". My @ss. The swine that look us in the eye and lie without flinching only ever work for themselves.


Case in point...

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I hope some of you people took notice of a share that I told you about last night, while talking to you on the phone,


they are still going up, the story is good, please read their announcements and DYOR. The asx code is JIN. also have


a look at CHZ Chessor resources, their drilling results for gold are quite outstanding.







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Want to get mad ?

Want to feel your being ripped off ?


My good friend, also an extract holder with some large number of shares found this tonight.



Now read and cry,

and ask, are are Directors acting in OUR best interests ?





North River Resources & Extract start drilling at Uis uranium project

9:56 am by Jamie Ashcroft http://www.proactiveinvestors.co.uk/genera//img/companies/news/north_river_namibia_4f509aaecb633.pngUis is located to the north of Extract's Husab/Rossing South Rossing and Rio's Rossing mine.


North River Resources (LON:NRRP) revealed that a drill programme has now begun on the Uis uranium venture in Namibia.


The 2,000 metre programme will test two uranium targets that were identified via horizontal loop electromagnetic (HLEM) surveys conducted last year.


Uis is being explored by Brandberg Energy, a 50:50 venture between North River and Extract Resources (ASX:EXT) - an Australian explorer / mine developer with a proven track record in Namibia.


North River acquired its stake in Brandberg last month through a US$800,000 deal with Extract.




"I am delighted to announce the commencement of drilling, following receipt of highly encouraging HLEM results last year," said managing director David Steinepreis.




"The HLEM surveys identified two significant targets for follow up work, one, the Orawab target, which is interpreted as a palaeochannel at least 14 kilometres long, between 100-1,000 metres wide and up to 50 metres deep.


"The second, the Ringo target, is interpreted to be a 7 kilometres long palaeochannel, 50-500 metres wide and 30 metres deep.


"This 2,000 metre drill programme should provide us with further insight into the resource potential of these nuclear fuel properties which are located in a highly prospective uranium district."


Extract is currently developing the world-class Husab uranium mine in Namibia.


The mine, located south of Rio Tinto's Rossing mine, is expected to become one of the world's largest uranium mines, producing 15 million pounds of uranium a year.


Fairfax Securities analyst John Meyer today points out that uranium in palaeochannels is similar to the style of uranium rich mineralisation that Extract found at Husab's Rossing-South deposit, and is present at Rio's Rossing mine.


"These structures host potential for uranium concentration in an area which is thought to offer potential for uranium concentration within this type of structure," Meyer said in a note to clients.


"Investors should note that uranium exploration is a high risk business which offers substantial reward if a company is lucky enough to drill into economic grades of uranium mineralisation."


He adds: "The Fukushima disaster changed the supply / demand balance outlook for nuclear fuels.


"The effect is to delay the impact of new demand within the uranium market. New reactors are still expected to require new uranium supply from new mines ensuring ongoing interest in the acquisition of production from new discoveries."




Last year Kalahari Minerals was acquired by a state-backed Chinese firm, called CGNPC-URC, in a deal worth ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚£630 million. Kalahari was an indirect stakeholder in the Husab project as it owned a 42.5 per cent stake in Extract.


Kalahari also owned a 38.03 per cent stake in North River following an asset swap in late 2009.


YES ! You read,


" a palaeochannel at least 14 kilometres long, between 100-1,000 metres wide and up to 50 metres deep."


"The second, the Ringo target, is interpreted to be a 7 kilometres long palaeochannel, 50-500 metres wide and 30 metres deep."



"Fairfax Securities analyst John Meyer today points out that uranium in palaeochannels is similar to the style of uranium rich mineralisation that Extract found at Husab's Rossing-South deposit, and is present at Rio's Rossing mine."



guess what the suckers, the share holders of extract are paying 50% of the costs of the drilling !


BUT THERE IS NO ALLOWANCE for this lease from the chinese offer !

Feel ripped off, I do, do you ?


Kind regards


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Firstly I got in contact with the person from the ASX, he was the person that replied my complaint, and he

reiterated what the other person advised me, and said that, from my complaint and what I was insinuating, that it was


out of their hands, it comes under the Corporations Act, He said we would look at it within 21 Days and then make a


decision on whether to forward it to ASIC.


So off to ASIC I went and produced all the dates that the company updated there rsources, and also explained my concerns


of Mr Leslie and the so called Independent Directors, they have taken it on board and said they will be in touch.


But that is not going to happen I will be down their again on monday putting pressure on them, but to be honest with you


all I do not think anything will transpire, they really only care about the big boys not us liitle fish.


I will keep you all informed.





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You're right UB, I feel sick at this whole thing. I first bought in at 0.032 cents back in late 2004. I've watched and I remember when they spun off the UIS leases to NRR and I remember when KAH got 40% of EXT in exchange for 49% of Husab (or something like that). It feels like a series of incredibly poor deals have been made and this last one that they're recommending is icing on the cake!


I say again, if we assume that Ext haven't been not been effectively looking for another buyer as they have what appears to be a mutual pocket lining exercise going on, if that were the case, is it not still possible (indeed more probalble than normal) that another major 'something' (Areva, BHP, Cameco) come out of the woods to break up this little party? Some competitive 'spoiling move' available to other miners, builders, producers to say "not so fast buddy!"?


Is that not more likely if indeed this was all a pre-arranged charade?


One final question, other than opportunity cost, why wouldn't we just hold until forced to sell (if that eventuates)?


I'm so disappointed. I feel your mix of anger, injustice, righteousness (in terms of let's not let this injustice stand on principle and fix it for those that follow us), and apathy (we can't change the world, it is what it is). Our history and what we enjoy has been fought for by people that don't give up and stand against bullies and corruption. Historically corruption and injustice, at least in our society, has been diminishing. It's not a destination, it's a constant vigilance. Yes we've all probably profited and yes perhaps that's enough. But fark me, it shiots no end to experience this as I have in a way that affects me and my wife and kids futures. I too feel extremely let down and offended.


Just another note, on the releasing of the drill results, I too would like them released. Having said that though, all those in the know (us, other miners, etc) would really know that this project is HUGE and the potential for additional economic finds almost certain. The UIS leases will yield more results as will other areas of Extracts current leases. I find it hard to believe that these big boys wouldn't anticipate these outcomes in their equations or whether to engage in the bidding. Perhaps the structures are prohibitive, but still, make your competition hurt some, even if you fail to secure ownership right?


I can't believe it. The uranium price is certainly going to go up in the next few years. Selling out at the bottom of the market at this juncture in EXT history has got to be a bad strategy. I want to hold even if the share price halves because I believe it will inexorably rise beyond these levels with the multiplier of the market price of uranium oxide and further discoveries.


Any reason I shouldn't hold to the death? Hold until forced to sell?

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