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Segue acquires 50% of controverial NT uranium tenements
6-February-07 by Edited announcement
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West Perth-based minerals explorer Segue Resources Ltd has confirmed its acquisition of a 50 per cent interest in two Northern Territory uranium tenements from McCleary Investments for $220,000 and a share issue.

The acquisition, which will see Segue issue McCleary with 2.3 million shares within seven business days and 7.5 million shares and 7.5 million options by August 31 2009, is contingent on the results of a NT Supreme Court case and shareholder approval.

McCleary, controlled by industry identity Norm McCleary, pegged the tenements when the NT government relinquished a group of mining reserves in December 2006.

According to an announcement from Segue, the mining ban over the tenements, located 25km south of Alice Springs, was lifted with effect from midnight on 6 December 2006.

McCleary consequently marked out relevant parts of the land and submitted applications for mineral claims shortly after midnight, which the NT Government alleges was done without the consent of the Mining Warden - thus invalidating McCleary's claim.

McCleary Investments contends that the Warden's decision to refuse consent is of no effect and is seeking a NT Supreme Court ruling setting aside the refusal, prompting a re-consideration of the matter from the Warden, and restraining any competing interest in the meantime.

In an announcement, Segue said the proceedings were complicated and it could not predict their outcome.

The proceedings are scheduled for February 9 with an outcome possible by February 12.

Segue executive director John Arbuckle said the board had decided the legal risks of the case were outweighed by the upside potential for company shareholders.

"If the court case is successful, Segue and its shareholders will have gained a 50% interest in one of Australia's largest uranium deposits," he said.

As part of the consideration of the deal, McCleary will act as agents for Segue for the next two years to introduce Australian-based mining projects to the company.

Segue will have the first right of refusal in relation to any projects introduced by McCleary or McCleary Investments.

Segue shares rose 53 per cent to close at $1.10.