The Uis Project consists of EPLs 3327 and 3328, which are held by Brandberg Energy (Proprietary) Ltd, a company held 50/50 by Extract Resources Ltd and North River Resources plc; see ASX Announcement 21 September 2010.
The three conditions precedents to the joint venture agreement between Extract Resources Limited and North River Resources plc, as set out in the announcement of 21 September 2010, have now either been satisfied or waived see North River Resources Announcement dated 18 January 2012.
The principal assets of Brandberg Energy (Proprietary) Ltd are EPLs 3327 and EPL 3328, pursuant to which Brandberg Energy (Proprietary) Ltd has the rights to explore for Nuclear Fuel Minerals.
Located west and north respectively of the historic tin mining centre of Uis in western Namibia, previous exploration activity, undertaken by Extract has shown that these licenses have the potential to host secondary uranium deposits associated with palaeodrainages of the Orawab and Ugab ephemeral river systems. The Subscription Funds will be used by Extract Namibia to expedite further uranium exploration on these licenses.
