Friday, 13 April, 2007

Brisbane Times

Shares in Crossland Uranium Mines Ltd have more than doubled on debut as investors embrace the latest uranium offering while the uranium price surges over $US100 per pound.

Crossland shares opened at 59 cents, 136 per cent higher than its initial public offering price of 25 cents, before closing at 61 cents.

Crossland is the new corporate vehicle for three members of the team that discovered and developed the Ranger uranium mine in the Northern Territory - Bob Cleary, Geoff Eupene and Bob Richardson.

The company has teamed up with Canadian outfit Centram Exploration to search for uranium in South Australia and the NT.

Under the agreement, Centram can acquire a 50 per cent stake in Crossland's three uranium projects by spending $8 million over four years.

"Crossland considers that this very substantial expenditure at a high rate will assist the company to fast-track its exploration and enhance the likelihood of discoveries," Crossland said.

"Another key element of the Crossland-Centram joint venture will be the establishment of a joint venture company, in which each partner will initially invest $2 million and hold equal shares, to acquire uranium properties outside of Australia."

Centram director David Mosher led the exploration team that discovered Jabiluka, Australia's largest known uranium orebody.

The three key projects being targeted by the joint venture are Chilling, near Pine Creek, and Charley Creek, near Alice Springs in the NT, and Kalabity in the Curnamona area of SA.

Crossland raised $5.6 million through its IPO.

The uranium spot price jumped over the $US100 per pound mark on Monday, hitting its highest point since the 1960s of $US113 per pound.