27th Jan 2010 14:50
For immediate release
27 January 2010
Niger Uranium Limited
("Niger Uranium" or the "Company")
Corporate Update
As previously announced on 20 January 2010, the Company received a requisition from NWT Uranium Corp to convene an Extraordinary General Meeting including a proposed resolution to the effect that the Board should in turn requisition a general meeting of Kalahari Minerals Plc ("Kalahari"), with a view to Kalahari's members passing a resolution to affect a distribution in specie of not less than ninety per cent. of the shares that Kalahari owns in Extract Resources Limited ("Extract") to the shareholders of Kalahari (the "NWT Resolution").
The Board is unanimous in its support of Kalahari and is confident that Kalahari is best placed to further develop the value of its strategic 41 per cent. interest in Extract. The Board does not support a distribution by Kalahari of the Extract shares and would regard any such distribution at this time as value destructive.
The Board is fully committed to pursuing the highest standards of corporate governance and focusing on maximising the value of its investments on behalf of all the Company's shareholders and will continue to consider the strategic alternatives for so doing.
Enquiries:
Niger Uranium Limited
David Weill, Chairman
Tel: +44 (0) 7775 654 154
Nominated Adviser, Beaumont Cornish Limited
Tel: +44 (0) 207 628 3396
Michael Cornish
ENDS
Related Shares:
Uru Metals