Tuesday, 6 February, 2007

ABC NT Local News

A Perth-based mining company has bought a 50 per cent stake in a claim over multi-billion dollar uranium deposits in Central Australia.

Permission to explore the Angela and Pamela deposits is being disputed in the Northern Territory Supreme Court.

Norm McCleary was among six people who pegged a midnight claim on the Angela and Pamela Deposits last December.

He believes he beat dozens of multinational mining companies who waited until business hours to lodge exploration applications.

He is claiming tenure over the land and the case goes before the Supreme Court this week.

But Segue Resources is so confident Mr McCleary will win the case that it has paid $220,000 and millions of company shares for a 50 per cent stake in any rights granted over the deposits.

In a statement to the stock exchange, Segue says its board judged the upside potential for the company's shareholders outweighed the legal risks of the case.