Extract Directors To Mull Alternatives To Possible Chinese Bid

Australian uranium miner Extract Resources Ltd. (EXT.AU) said Friday its independent directors will review the terms of a proposed bid that would be triggered by a successful takeover of its largest shareholder, Kalahari Minerals PLC (KAH.LN), by Chinese nuclear fuel supplier CGNPC Uranium Resources Co. Ltd. and a Chinese Africa-focused investment fund.

Extract in a statement to the Australian securities exchange said its directors would consider all available alternatives to the possible Chinese bid before making any recommendation to shareholders.

Kalahari's main asset is an almost 43% stake in Extract, which is developing a rich uranium deposit in Namibia that neighbors Rio Tinto PLC's (RIO) Rossing uranium mine.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

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