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Extract Resources Ltd

Tuesday, January 29th, 2008

Extract Resources is pleased to announce an update on the resource drilling program at Garnet Valley on their wholly owned Husab Uranium Project in Namibia.
– 3/4 Diamond drill hole GDD012 intersected 125 metres grading 1,344 ppm U3O8
– 3/4 Includes very high-grade zone of 31 metres grading 4,477 ppm U3O8
– 3/4 Which also includes a bonanza grade zone of 3 metres grading 44,601 ppm (4.46%) U3O8
Chemical assays have been returned from diamond drill hole GDD012, drilled within the Garnet Valley section of the 5 kilometre long Ida Trend. Results from this hole include an outstanding intersection of 125 metres grading 1,344 ppm U3O8 (1.344 kg/t, or 0.1344% U3O8). Within this, a very high grade zone of 3 metres grading 44,601 ppm (4.46%) U3O8 is unusual for “Rossing style” alaskite hosted primary uranium mineralization. This zone was characterized by a silicified, hydrothermal breccia that contained abundant smokey quartz.
The GDD012 intersect is unusually high for the Garnet Valley area and it should be noted that its influence on the resource model will be limited until closer spaced drilling around this hole can be completed. Furthermore, the significance of the very high grade (4.46% U3O8) zone will need to be investigated in much more detail, with a more intensive drilling pattern required to determine its extent.
21 deep core holes have now been completed at Garnet Valley for 6,900 metres of drilling. Chemical assay results have only been received from 8 of these holes with spectral measurements carried out on the drill core, with a hand held spectrometer, indicating that uranium mineralization continues to be intersected. This (diamond) drilling has only tested 1.2 kilometres of the Garnet Valley strike extent that RC drilling has indicated is still open over at least 2.2 kilometres. One diamond drill rig continues to drill the northern extension of Garnet Valley, with another rig to be allocated to completing deeper holes further south.
Overall assay results continue to indicate that uranium grades are being maintained or enhanced at depth, with intersection widths showing a tendency to increase substantially with increasing depth. Drilling intersections for these holes are regarded as being approximately true width.
The outstanding results from GDD012 are in addition to the previously reported high grade RC results (ASX release 23/01/2008) which included: 50 metres grading 494 ppm U3O8; 37 metres grading 459 ppm U3O8; and 32 metres grading 331 ppm U3O8. Hole GDD012 was collared 560 metres south of the previous best diamond core result reported (ASX release 27 Nov 2007) from hole GDD004 (86m @ 350 ppm or 0.350 kg/t) and continues to extend the mineralized zone along strike to the south.
Resource Modelling
Extract commenced a 12 month, 60,000 metre, resource definition program on the seven Ida Dome prospects in June 2007. At the end of December 2007, approximately 22,000 metres of drilling had been completed. Most of this drilling has been concentrated on Garnet Valley. All seven targets were identified in the Scoping Study release (19 October 2007), and were projected to 100 metres depth.
The Company was intending to generate a resource statement for Garnet Valley next week, based on drilling and assays completed up to mid-December 2007. However, given the significance of these recent holes, the resource model will be extended to incorporate this drill hole data which will delay completion of this maiden resource estimate. Additional assay results are also pending for Garnet Valley, and the drilling program continues.
It is expected that the original resource target of 15 m.lbs for Garnet Valley (upper range) will be exceeded after all results have been received, due to the much deeper extensions evident from the program to date.
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