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ASX ANNOUNCEMENT
Monday 14 May 2007
• UXA JOINT VENTURES WITH NEWCREST IN SOUTH AUSTRALIA
• NEWCREST TO SPEND $3 MILLION IN 4 YEARS TO EARN 75% INTEREST
• UXA RETAINS RIGHTS TO URANIUM-ONLY MINERALISATION
• EXPLORATION FOCUS WILL BE IRON OXIDE–COPPER–GOLD–URANIUM (IOCGU) OLYMPIC DAM STYLE MINERALISATION
Uranium Exploration Australia Limited (UXA) is pleased to announce it has entered into a joint venture agreement (JV) with Melbourne-based Newcrest Operations Limited (Newcrest).
This JV is specific to Exploration Licence (EL) 3494 - Oak Dam Northeast, one of UXA’s numerous exploration tenements on the highly-prospective Stuart Shelf in the Gawler Craton in South Australia. The JV will be known as the Oak Dam NE JV.
Under the terms of this agreement, Newcrest has the right to earn 75% interest in EL 3494 by spending a minimum of $3 million in four years.
EL 3494 is located on the Stuart Shelf only 6 kilometres east of BHPB’s Oak Dam U-Cu-Fe satellite deposit, 15 kilometres north of the recently discovered Carrapateena Project and approximately 50 kilometres southeast of BHPB’s world-class Olympic Dam Mine. The Stuart Shelf is considered highly prospective for copper and gold as well as for base metals and uranium.
Newcrest’s initial exploration efforts will involve a two-stage gravity survey of EL 3494. The first stage will complete existing survey coverage across the entire tenement and the second stage will involve more detailed surveys in areas of interest to identify drilling targets.
Under this agreement, UXA retains its full interests and rights to explore for uranium only, as well as to develop a mine and market uranium from any discovery containing uranium only mineralisation, regardless of whether the discovery was made by Newcrest or UXA.
The Oak Dam NE JV is an excellent example of UXA’s ability to add value for Shareholders by attracting investment from a “major” to advance exploration while also sharing exploration risk.
UXA Managing Director Mr Patrick Mutz said “This agreement provides UXA with an opportunity to take advantage of the broad knowledge, resource base and expertise of a very experienced and successful exploration and mining company such as Newcrest, while retaining UXA’s core rights to utilise its own expertise and resources to explore for and exploit uranium deposits”.
For further information, contact:
Patrick Mutz
Managing Director
URANIUM EXPLORATION AUSTRALIA LIMITED
Tel: +61 8 8363 7970
Email: [email protected]
Website: www.uxa.com.au
Media: Farrington +612 9332 4448