canadian miners look to australia uranium

September 11, 2009 - 10:49AM
Two large Canadian resources companies are separately looking to Australia for local uranium projects.

Uranium explorer Toro Energy Ltd on Friday said it planned to team up with Cameco Australia Ltd to explore and develop a project in Western Australia.

The proposed joint venture will focus on the Birrindudu project in the Tanami region near the WA border with the Northern Territory.

Toro will have to drill at least four test holes in a two year period and spend a minimum $1 million to acquire a 50.1 per cent stake in Birrindudu.

Cameco Australia is the local arm of the Canadian giant Cameco, which accounts for 15 per cent of the world's uranium output from its mines in North America.

Toro managing director Greg Hall welcomed the deal and said Birrindudu was an "ideal fit" for the company's exploration assets.

Meanwhile Teck Australia, owned by Canadian resources giant Teck Resources Ltd, has joined with three local companies including Marmota Energy Ltd, PlatSearch NL and Eaglehawk Geological Consulting Pty Ltd to explore for uranium deposits in South Australia.

That project will focus on Junction Dam, which is 10 kilometres east of the Honeymoon uranium mine and 50 kilometres west of Broken Hill.

Under the terms of joint venture, Marmota Energy can earn a 51 per cent stake in the uranium rights on the tenement by spending a total of $600,000 in staged increments.

"The project's proximity to the major regional centre of Broken Hill and good access to road and rail infrastructure makes this a strategically significant project for Marmota Energy," Marmota said in a statement.

At 1100 AEST shares in Platsearch NL were up 0.2 cents, to 7.7 cents, while shares in Marmota Energy were up 0.6 cents at 9.9 cents.

Shares in Toro Energy went into a trading halt ahead of the announcement but last traded at 23.5 cents.