Reuters quoted Extract Resources as saying that its Husab uranium project in Namibia is the world's fourth largest deposit after the resource estimate was revised upwards.

Zones 1-2 of the project are estimated to contain 358 million pounds of uranium oxide on a measured and indicated basis up 39% since last August while less certain inferred resources for zones 1-5 were estimated at 130 million pounds.

An updated reserve estimate, based on the new resource figures, is scheduled for the second half and is expected to show a significant increase in mine life.

Kalahari Minerals which holds 43% stake in Extract, is being eyed by state-owned China Guangdong Nuclear Power.

The Chinese group withdrew its informal bid for Kalahari in May after the UK's Takeover Panel said it would not allow CGNPC to cut its USD 1.2 billion offer but later said it is considering whether to come back with a fresh bid.

(Sourced from Reuters)