Sinosteel Corporation and PepinNini Minerals have finalised their joint venture to manage and operate development of the Crocker Well and Mt Victoria uranium deposits in the Curnamona Province of South Australia.

A completion ceremony attended by representatives from both companies and South Australian Government officials in Adelaide on June 6 saw Sinosteel present a cheque for $28.5 million, less payments of $3.5 million already received, to PepinNini for a 60% stake in the Curnamona Province project. In addition Sinosteel will contribute Aus$11 million exploration expenditure over the next two years for uranium and other commodities within the project tenements.

The joint venture will be based in Adelaide where an office is being established and will undertake further exploration with the objective of preparing a Bankable Feasibility Study for the development of the Crocker Well Uranium Deposit.

A Heritage Clearance Survey has been completed to facilitate commencement of a proposed drilling program. It is the intention of the Joint Venture to get into production as soon as possible to take advantage of the current uranium market.