Cameco Corp has entered into a joint-venture agreement with Australian uranium mining company Paladin Energy Ltd. to explore for the mineral in Australia's Northern Territory.

The Saskatoon-based company learned late Tuesday that Cameco and Paladin's exploration proposal was accepted by the country's government -- beating out 34 other applications.

The search for U308 will centre around two deposit sites, Angela and Pamela, that were explored in the past for uranium, which shut down in the 1970s due to the low price of uranium, said Cameco spokesman Lyle Krahn.

The companies plan to spend a total of $4.65 million to $5.58 million Cdn over the next two years exploring the area which is south of Alice Springs.