09 Dec 2011

Clayton Utz advising Extract on potential downstream acquisition

Perth, 9 December 2011: Clayton Utz is advising ASX/TSX/NSX listed Extract Resources Limited in connection with the £632 million recommended conditional cash offer made overnight by Taurus Mineral Limited, an entity owned by CGNPC Uranium Resources Co and the China-Africa Development Fund, for AIM listed Kalahari Minerals plc. Kalahari has a 42.74% shareholding in Extract.

The offer for Kalahari includes a proposal to make a downstream cash offer for Extract, which would value the company at approximately A$2.2 billion. The Extract offer is subject to Taurus gaining control of Kalahari.

Clayton Utz Perth Corporate partner Mark Paganin is leading the firm's team advising Extract.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.