NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

RECOMMENDED CASH OFFER FOR KALAHARI MINERALS PLC ("Kalahari") BY TAURUS MINERAL LIMITED ("Taurus") (A COMPANY FORMED AT THE DIRECTION OF CGNPC URANIUM RESOURCES CO., LTD ("CGNPC-URC") AND THE CHINA-AFRICA DEVELOPMENT FUND ("CADFund"))

Offer update

On 8 December 2011 CGNPC-URC announced that the boards of Kalahari and CGNPC-URC had reached agreement on the terms of a recommended cash offer for the entire issued and to be issued share capital of Kalahari (the "Offer"), the full terms and conditions to which were set out in the offer document issued by Taurus on 5 January 2012 (the "Offer Document").

As set out in the Offer Document, the Offer is conditional upon, inter alia, the Namibian Competition Commission deciding, without imposing any terms or conditions which would have a material adverse effect on the economic value of the Husab Uranium Project in the context of the Wider Kalahari Group, that it consents to the proposed acquisition by the Wider CGNPC-URC Group (which for these purposes shall include the Wider Kalahari Group (excluding Extract)) of control of Extract which will occur once the Offer and the Extract Offer have each become wholly unconditional in accordance with their terms.

On 10 January 2012 Taurus received confirmation from the Namibian Competition Commission that it has approved the proposed merger of Taurus and Extract Resources Limited without conditions. Accordingly condition 1.1(d), as set out in Part A of Appendix I to the Offer Document has been satisfied.

The Offer, which remains subject to the terms set out in the Offer Document, will remain open for acceptances until 1.00 p.m. (London time) on 2 February 2012.

Terms and expressions used in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the Offer Document.