ITOCHU to acquire 15% of Kalahari Minerals plc

March 26, 2010

ITOCHU Corporation (“ITOCHU”) has agreed to acquire a 15% share of Kalahari Minerals plc (“Kalahari”) through Nippon Uranium Resources (Australia) Pty Ltd, a wholly-owned Australian subsidiary. ITOCHU becomes the largest shareholder of Kalahari, and will be involved in its management.

Kalahari, holding an approximately 40% stake, is the biggest shareholder of Extract Resources Limited (“Extract”), which owns 100% of the Rossing South uranium deposit in Namibia. Rossing South is positioned to become one of the leading uranium mines in the world, and is currently under a feasibility study for first production in 2013.

Uranium demand is expected to increase due to the necessity of greenhouse gas emission reduction and the expansion of global nuclear power generation. ITOCHU, delivering approximately 4,000 tU of uranium per year (as of 2009), will remain committed to an aggressive approach in its uranium business as a leading uranium trader in the world. ITOCHU envisions contributing greatly to the stable supply of uranium to Japan.

This project is one of the largest uranium projects in the world, and is expected to receive full support from the Japanese government [Agency for Natural Resources and Energy / Japan Oil, Gas and Metals National Corporation (JOGMEC)].

Kalahari Minerals plc

Director Mark Hohnen, Executive Chairman
Address London, United Kingdom
Market London Stock Exchange, AIM、Namibian Stock Exchange
URL[Open in a new window]

Extract Resources Limited

Director Stephen Galloway, Non-Executive Chairman
Address Perth, Western Australia

Australian Stock Exchange, Toronto Stock Exchange,

Namibian Stock Exchange

URL[Open in a new window]

Rossing South (Source: Extract)

Address Midwest of Republic of Namibia
Interests Extract 100%
Recourses 267 MMlbs (Approximately 102,700tU)
Production 14.8 MMlbs/year (Approximately 5,700tU/year)
Capital Estimate US$704MM