China West International Holdings Limited (ASX:CWH) Became A Substantial Shareholder In Uranium Exploration Australia Limited (ASX:UXA)
Sydney, Oct 29, 2010 AEST (ABN Newswire) - China West International Holdings Limited (ASX:CWH), a listing company in ASX has become the largest shareholder of Uranium Exploration Australia Limited (ASX:UXA) on 26 Oct 2010.
Uranium Exploration Australia Limited is a publicly listed active uranium explorer in Australia and owner of the independently managed borehole logging company, Geoscience Associates Australia Pty Ltd, owner of the unique Prompt Fission Neutron device, a sophisticated tool for directly measuring uranium in boreholes.
UXA was established to explore for, locate and develop commercial grade uranium mineralisation and any associated base or precious metal mineralisation. The Company has to date focused on exploring on its significant ground holdings in two of Australia's world class uranium provinces in South Australia and Northern Territory.
In Northern Territory,the Company is now actively exploring for uranium at Ngalia Thrust/Crystal Creek and Yambla/Harts Range,and also holds eight exploration licence applications in Northern Territory. Of these, four are part of the Joint Venture with RILARIL Australia Pty Ltd (RILA), a subsidiary of Reliance Industries Limited (BOM:500325), the largest private sector company in India, who are entitled to hold a 49% interest in the tenements .
In South Australia the Company holds sixteen granted exploration licences totalling 6,218 km2 of prospective ground. Three of the granted exploration licences are part of the joint venture with RIL Australia Pty Ltd.
In Western Australia the Company has an agreement with Rey Resources Ltd (ASX:REY). concerning the uranium rights on two granted exploration licences covering part of the Myroodah uranium project in the Canning Basin, 120km South East of Derby and only 40km from a sealed highway.
UXA has recently signed a number of uranium exploration agreements in the Northern territory and Western Australia as part of a new pipeline of drill ready exploration projects.
More information about UXA can be found on http://www.uxa.com.au
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