Extract Resources Limited

Extract Resources Limited

December 27, 2007 16:31 ET

Extract Resources Completes Sale of Burnakura Gold Project to ATW Venture Corp.

SOUTH PERTH, WESTERN AUSTRALIA--(Marketwire - Dec. 27, 2007) - Extract Resources (TSX:EXT)(ASX:EXT) is pleased to advise that the divestment of the Company's interests in the Burnakura Gold Project is now complete.

Extract will maintain a passive interest in the project through its shareholding in ATW Venture Corp. and remains keen to see it developed to its full potential. Extract's share of settlement proceeds from the divestment was A$2.2M in cash, 2.75M ATW shares and 2.75M ATW warrants (C$0.79 exercise price, expiring 24 December 2010).

This divestment largely completes Extract's strategy of becoming a solely uranium focused exploration company with all efforts now able to be directed towards the further development of its core assets.

(ABN 61 057 337 952)

Contact Information