Glowing prospectsWeeks after the Federal Government said the...

Glowing prospects

Weeks after the Federal Government said the Northern Territory was "open for business" for uranium exploration, explorers in the Rum Jungle region have been infected by yellow-cake fever.


The Commonwealth's Rum Jungle mine was shut in 1971 and simply abandoned, with no clean-up. Even the Government admits it became one of Australia's "most notorious pollution problems" after acid leaked into the East Finniss River and it had to spend millions rehabilitating the area decades later.

But with no end in sight to the uranium boom, juniors Crescent Gold and Korab Resources reckon the area surrounding the old mine is ripe for exploration.

Korab, which floated last week, will begin exploring the area within three weeks, and Crescent announced a $550,000 uranium exploration program that includes three NT sites.

Crescent was careful to reassure investors the expansion would not detract from its primary focus of developing its gold interests at Laverton in WA just because uranium was currently a hot commodity.

Like just about every other junior gold explorer these days, the company noted "the environment is right" to move into uranium after the opening of the NT.

source:http://www.smh.com.au/news/xchange/tabcorp-and-pbl-still-long-shots/2005/09/07/1125772585897.html