Burkina Faso

In order to expand worldwide uranium exploration and developement efforts beyond Australia, Pancon and Crossland Uranium Mines, formed Crosscontinental Uranium Limited ("Crosscontinental"), a private Canadian company owned and funded by Pancon and Crossland on a 50:50 basis. Pancon and Crossland are each required to contribute Australian $2 million to initially fund Crosscontinental's activities. 

Crosscontinental has applied for a number of uranium exploration permits in Burkina Faso, West Africa. The applications include a significant land package covering extensive portions of land that rated well for uranium prospectivity in a 2003 study of the mineral potential of Burkina Faso funded by the European Development Fund. Burkina Faso borders Niger, Africa’s leading uranium producing nation. Pancon and Crossland plan to formulate an exploration program for Burkina Faso.

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.