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
SNU Price at posting:
9.7¢ Sentiment: Buy Disclosure: Not Held
