The Isa Uranium Joint Venture (IUJV) covers ground containing the Valhalla Project and Skal Project, which are located some 40km north of the city of Mount Isa in the State of Queensland. Participants in the Joint Venture are Summit Resources (Aust) Pty Ltd (SRA) and Mount Isa Uranium Pty Ltd (MIU), each holding a 50% interest, with SRA acting as manager.
MIU is a wholly owned subsidiary of Valhalla, a formerly listed public company and now a wholly-owned subsidiary of the Company. Following the Company’s successful takeover of Valhalla in 2006 and the Company’s acquisition of 81.9% of the issued capital in Summit in 2007, the Company’s effective participating interest in the IUJV is now 90.95%.
Ground subject to the IUJV covers 17km² at the Valhalla Project and 10km² at the Skal Project. These two areas lie within a much larger holding of contiguous tenements of 1,978km² and is held 100% and managed by SRA and Paladin.