6 November 2009
Windhoek — Kalahari Minerals plc, the AIM listed mining exploration and evaluation group with a portfolio of uranium, gold and base metal interests in Namibia has began trading on the Namibian Stock Exchange.
This dual listing is in line with the company's commitment to Namibia and its strategy to increase its exposure in the country, in order to attract further interest in its stock amongst Namibian nationals and to develop in the countries activities and presence.
Kalahari Chairman, Mark Hohnen said the listing is a hugely important step in the development, and one which underlines our ongoing commitment to the country and the development of its huge resource potential.
Hohnen said Kalahari has a serious and vested long-term interest in Namibia, having operated in the country since 2005.
"Our group has invested circa N$500 million to date across our portfolio of uranium, gold and base metals assets, and in particular we have supported the development of Extract Resources, including the Nambianisation of its board and corporate structure," he said.
He said the progress made by Extract, in which the company have a circa 40% shareholding, has been exceptional.
"The world-class Rossing South uranium project, on which a Feasibility Study is currently being conducted on Zones 1 and 2 by Extract, consistently delivers outstanding results, and Kalahari will be continuing to work closely with Extract over the coming years to rapidly develop it into production.
As reported by Extract, preliminary cost estimates indicate that Rossing South could support a profitable, long life, low cost, low technical risk uranium mine producing 14.8 million pounds of uranium oxide per year, making it one of the world's largest uranium mines, which is obviously outstanding news for Extract, and, of course, for Kalahari and its shareholders, as well as for Namibia itself."
In addition to its uranium interests, the company has also retained our interest in gold and base metal projects in Namibia through our relationship with North River Resources.
"These assets, on which we have spent approximately £8 million on to date, will be jointly developed by Kalahari and North River, effectively pooling together the commercial and management expertise and financial support required to develop the assets towards production. Initial development will be
focussed on the appraisal of the heap leach copper projects and the Namib Lead/Zinc mine, with a view to production in the medium term," he said.
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