Companies: KAH   

Namibia-focused Kalahari Minerals says assay results confirm a ‘major new uranium discovery’ at the country’s Rossing South.

The AIM-quoted company, which has a portfolio of copper and base metal prospects in Namibia, also owns 36.2 per cent of Extract Resources, which is exploring Rossing South. Drilling results from this prospect, which is only 7 km south of Rio Tinto’s long-standing Rossing uranium mine, show 40 metres with 240 parts per million of uranium, including 8 metres with 998 parts per million from one hole (RBA001), and 100 metres with 265 parts per million, including 69 metres with 321 parts per million from another hole (RBA002).

Kalahari, which is also interested in the Ida Dome uranium project 20 km from Rossing South, says it might undertake feasibility work on both projects if drilling continues to return results like these. Kalahari shares, recommended by Growth Company Investor when they were floated in 2006 at 15p and again last week at 26.25p, have now hit 43.5p, valuing the company at £48 million.

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