In June 2008, Crosscontinental signed a Joint Venture Agreement with with Southern Cross Exploration NL (“Southern Cross”) and Longreach Oil Limited (“Longreach Oil”) on the Oursi uranium project in Burkina Faso, West Africa. The Oursi project consists of two permits granted for uranium exploration in northeastern Burkina Faso held by Southern Cross (and Longreach Oil indirectly), namely “Tin Dioulaf” and “Agalsa”. Crosscontinental will be the manager and operator of the Joint Venture.

Essential terms of the Agreement are summarized as follows:

- Crosscontinental can earn up to a 35% interest in the Permits by spending AUD$150,000 which includes reimbursement of some acquisition costs and the completion of a detailed airborne geophysical survey within the first nine months of the Agreement. These are the minimum commitment requirements before Crosscontinental can withdraw from the Joint Venture. If Crosscontinental does not meet the minimum commitment requirements, then it will have no interest in the Permits.

• - Crosscontinental can increase its interest to 50% upon the completion of spending a further AUD$400,000 within the first three years of the Agreement.

• - If Crosscontinental increases its interest to 50%, Southern Cross and Longreach Oil can elect separately to participate in further expenditures with their respective 37.5% and 12.5% interests (“Participating Interest”). Crosscontinental’s interest can increase to 80% if Southern Cross and Longreach Oil elect separately to reduce their respective interests to 15% and 5% (“Non-participating Interest”). Each scenario is free carried to the definition of a JORC-compliant Resource, completion of a favourable bankable feasibility study and a Decision to Mine.

• - At the Decision to Mine, Southern Cross and Longreach Oil can elect separately to either participate in further expenditure in proportion to its Participating or Non-participating Interest or convert its interest to an NSR (1.5% for Southern Cross and 0.5% for Longreach Oil).

The Oursi project tenements cover a combined area of 500 square kilometres and include a 50 kilometre strike length of an unconformity structure that is considered to be prospective for uranium deposits. A known uranium mineralization occurrence is located 50 kilometres along strike and west of the Oursi tenements. It is intended that the project will be operated by Crosscontinental Burkina Sarl, a wholly-owned subsidiary of Crosscontinental. Initial aerial inspection of the title has been completed. There is no existing detailed airborne radiometric survey coverage over the area and Crosscontinental is currently seeking a contractor to undertake a survey covering the tenements. This survey is expected to commence as soon as a suitable contractor has been engaged, necessary approvals are in place and weather permits.