Shares in Extract Resources Limited (ASX:EXT) jumped yesterday after the explorer revealed a 37 per cent increase in reserves as its Husab uranium project in Namibia.
The company says the increase is reserves is due to the identification of new resources and the upgrading of resources previously classified as inferred.
Total ore tonnes within the reserve now stand at 280 million tonnes, equating to a mine life of more than 20 years.
The total estimate of contained uranium has also been upgraded by 42 per cent, to 319.9 million pounds of uranium oxide.
Yesterday shares in Extract Resources jumped 7.3 per cent to close at $7.20.
In the six months to the 31 December 2010, Extract Resources booked a net loss of $33.6 million.
