Crossland-Centram JV expands uranium search to west Africa
Posted: 17 May 2007
Newly-listed Australian company, Crossland Uranium Mines Limited, has expanded its uranium search to west Africa in a move announced today with its Canadian-based partner, Centram Exploration Limited.
The Crossland–Centram joint venture – which is already targeting key Australian uranium prospects in South Australia and the Northern Territory - said it was set to acquire nearly 5,000 square kilometres of highly prospective uranium tenements in Burkina Faso, west Africa.
The companies – through their private Canadian-based joint venture entity, Crosscontinental Uranium Limited - said they had already lodged applications for eight exploration permits for uranium in Burkina Faso, covering an area of 1,376 square kilometres.
Crosscontinental has also secured option agreements on an additional 15 uranium exploration permit applications held by local citizens, covering 3,131 square kilometres, and one granted permit covering 250 square kilometres.
If all permits are granted, this would bring Crosscontinental’s total exploration area in Burkina Faso to 4,757 square kilometres.
Burkina Faso is a west African republic slightly larger in area than the State of Victoria and is bounded by Mali, Niger, Benin, Togo, Ghana and the Ivory Coast.
The foray into Burkina Faso is the first offshore venture by Crosscontinental, in which Crossland and Centram have equal shares. Crossland announced ahead of its ASX listing that the joint venture partners would invest $2 million each in the search for uranium outside Australia.
“Crosscontinental will shortly commence exploring the first granted permit and looks forward to gaining access to the other 23 permits areas,” Crossland Chairman, Mr Bob Cleary, said today.
Mr Cleary – a former Chief Executive of Energy Resources of Australia (ERA) and operations manager of the Ranger uranium mine in the Northern Territory – said Burkina Faso had a positive attitude to foreign investment and a burgeoning mining industry.
“We look forward to accelerating our exploration effort in the region,” he said.
“Significantly, the areas secured by Crosscontinental cover a significant proportion of zones that rated well for uranium prospectivity in a 2003 study of the mineral potential of Burkina Faso funded by the European Development Fund.”
In Australia, Crossland is currently finalising plans to start exploring its Kalabity project in South Australia’s Curnamona Province, which hosts several advanced uranium projects, and the Charley Creek project in the Arunta region of central Australia.
Crossland’s other targets include the Chilling project in the uranium-rich Pine Creek Orogen in the north of the Territory.
As previously announced by Crossland, Centram, which is listed on the Toronto Stock Exchange, has agreed to spend up to $8 million exploring for uranium on Crossland’s NT and SA tenements under a joint venture.
Posted by Richard Price, Editor, EnergyME.com
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