Namibia-focused Kalahari Minerals reports high-grade uranium assays from its 39 per cent-owned Rossing South project.

According to London-based and AIM-listed Kalahari, recent drilling results from Rossing South have yielded chemical assays ranging from 43 metres at 304 parts per million of U3O8 to 22 metres at 1,789 parts per million and 14 metres at 4,019 parts per million. The company’s entrepreneurial chairman, Mark Hohnen, proclaims ‘another set of particularly high grades returned from the drilling programme at Rossing South’ and says Kalahari expects a resource definition by January.

Rossing South is near mining giant Rio Tinto’s long-standing uranium mine at Rossing itself, and Kalahari is involved in Rossing South through its 39.11 per cent stake in Aussie-listed Extract Resources, which has 100 per cent of the project. Rio has 14.9 per cent of Kalahari and 13 per cent of Extract, and the plan is for Kalahari and Extract to merge imminently.

Kalahari shares, which nearly trebled to 46p between 2006 and last February, now stand at 36p. Their prospects hinge on further progress at Rossing South and the company’s other projects as well as the terms of the proposed Extract merger.

Growth Company Investor subscribers have full access to all our AIM and small-cap share recommendations. To subscribe today with a half-price offer, and gain immediate access to all the recommendations, click here.

Kalahari Minerals	AIM	£78.72m	44.00p	0.00p
Click here for interactive charting
Other company articles:
Kalahari cancels Extract deal			19/11/2008
Rossing glow for Kalahari			11/11/2008
Exploration Insights by Robert Tyerman			06/10/2008
Rio buys into Kalahari			11/09/2008
Kalahari in Namibia merger plan			05/09/2008