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09:07GMT 02Jul2009-Kalahari higher on Rossing South upgrade
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Shares in Kalahari Minerals (LSE: KAH.L - news) rise as much as 6.5 percent following a positive resource upgrade from the Rossing South uranium project in Namibia.
Extract Resources, in which Kalahari has a 40 percent stake, says the Zone 1 resource estimate for its Rossing South project grew to 145 million pounds of uranium oxide from 108 million pounds. The grades were also increased to 449 parts per million (ppm) U3O8 from 430 ppm.
'This resource estimate exceeds even our most optimistic expectations. We forecast Zone 1 to increase to 130 mln lbs with no increase in grade,' said Brock Salier, analyst at Ambrian Capital (LSE: AMBR.L - news) . 'We are now confident that this resource will comfortably exceed 350 mln lbs.'
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