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Adelaide Resources and Southern Uranium announce uranium JV

MELBOURNE, Sept 10 AAP - Minerals explorer Adelaide Resources
Ltd has teamed up with Southern Uranium Ltd to explore for uranium
in South Australia.
Adelaide Resources said it would take an initial 60 per cent
stake in the joint venture, but Southern Uranium would have the
chance to increase its equity to 60 per cent by spending $250,000
over two years.
The companies will explore areas on the eastern part of the Eyre
Peninsula for uranium and other mineral deposits.
Previous work in the area has revealed a large number of uranium
anomalies, Adelaide Resources said.
Adelaide Resources chief Chris Drown said the joint venture was
in line with the company's policy of focussing its resources on
looking for gold and copper, while seeking third party funding to
look for uranium.
Southern Uranium managing director John Anderson said the Eyre
Peninsula was emerging as a new exploration destination, with
uranium discoveries at Mullaquana and Wilcherry.
Shares in Adelaide Resources rose sharply after the
announcement.
At 1057 AEST Adelaide Resources was trading up 2.5 cents or
14.71 per cent at 19.5 cents.
Southern Uranium was untraded at 10 cents.
AAP xlc/lk