Wednesday, 4 April, 2007

Business News

The boss of nickel miner Sally Malay Mining Ltd, Peter Harold, is spearheading a move to explore for uranium in the Northern Territory.

Mr Harold has taken up a position as chairman of junior explorer Territory Uranium, which is looking to raise $4 million through a public issue of shares and list on the Australian stock exchange.

Territory Uranium's key yellowcake projects are Alligator River, Rum Jungle and Pine Creek, which are located in known uranium mineral regions.

The new entity is looking to list this month.

The full text of a company announcement is pasted below

Junior explorer Territory Uranium is on track to list on the ASX in April with strong interest being shown in the Company's upcoming IPO to raise $4million. The Company is focused on uranium and base metal exploration in the Northern Territory and has secured a very prospective package of exploration tenements which it intends to explore aggressively over the next few years.

Territory Uranium currently has 20 granted exploration licences with another 20 in the pipeline awaiting approval, covering over 28,500 square kilometres. The priority uranium projects are the Alligator River, Rum Jungle and Pine Creek projects, which are all located in known uranium mineral fields. The company has planned an intensive exploration programme to rapidly develop drill ready targets.

The board of Territory includes Peter Harold (Non-Executive Chairman), Ron Stanley (Executive Director), and Non-Executive Directors Peter Stanley and Michael Britton. Commenting on Territory, Chairman Peter Harold said

'I saw this as a great opportunity to get involved in a company with some excellent ground in the NT that is very prospective for uranium and base metals. From what I can see the acreage Territory Uranium has acquired is some of the best in the NT.'

But it's not only the quality of tenement that ensures success according to Mr Harold.

'Its one thing having the patch of earth but of equal importance is the quality of the board and management. It is very important to surround yourself with passionate, loyal and enthusiastic people and the directors and management at Territory are just that.'

Peter Harold is currently Managing Director of Sally Malay Mining, a major WA based nickel producer. He is a process engineer by training and has 17 years experience in the metals industry.

Territory Uranium is focusing its exploration efforts on uranium, base metals (predominantly nickel) and gold and is planning to list on the ASX in late April.