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Market:	ASX
Sector:	General Mining
EPIC:	CUX
Latest Price:	0.08 (2.63% )
52-week High:	0.24
52-week Low:	0.08
Market Cap:	10.69M

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Crossland Uranium Mines

Crossland Uranium Mines (ASX: CUX) is exploring for rare earth elements and uranium in the Northern Territory and South Australia.

Crossland Uranium Mines ups ante on NT uranium projects

Tuesday, March 09, 2010

Crossland Uranium Mines (ASX: CUX) and its joint venture partner, Pancontinental Uranium Corp (TSX: PUC) have agreed on a record exploration budget for the current calendar year.

Crossland Director and CEO, Mr Geoff Eupene, said today the partners had budgeted for a total spend of A$3.3 million on their joint venture projects during 2010.

“This is our highest annual exploration budget since the Crossland-Pancontinental JV was established
in 2007,” Mr Eupene said.

“Of this new budget, A$2.76million, or 82%, will be spent on projects in Australia’s Northern Territory, with Crossland’s flagship projects - Chilling (NT Top End) and Charley Creek (north-west of Alice Springs) - receiving the bulk of this expenditure.

“During 2010, the increased exploration budget will see Pancontinental achieve its required spending of $8 million to earn a 50% interest in the Joint Venture Projects. After that, Crossland and Pancon will share funding of joint venture projects on a 50-50 basis,” Mr Eupene said.

The company is progressing the processing of Crosscontinental’s uranium exploration permit applications in Burkina Faso, and the Company is examining other opportunities elsewhere in Africa and in Europe.

It is likely that additions will be made to the Crosscontinental project portfolio during 2010.

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