Southern Cross Exploration N L was incorporated in 1970 and listed on the Sydney Stock Exchange in that year. The Company now has only one category of shares on issue - fully paid ordinary shares (ASX code SXX) - after a final call of two cents was made on the partly paid shares. It has about 900 shareholders and is about 98% Australian-owned. There are now 123,000,000 shares on issue.

Exploration for oil and gas, gold, uranium and other metals and minerals has been its principal activity during those years. The Company also invested in property, loans, shares and other securities. In recent years, the Company has sought to obtain overseas exploration projects with early development potential.

The Company's interest in the Bigrlyi Uranium Joint Venture is one of its major assets, in joint venture with two multi-billion dollar companies, CGNPC - via Energy Metals Ltd (EME) - and Paladin Energy Ltd (PDN).

After a partial takeover, China Guangdong Nuclear Power Holding Co Ltd (CGNPC) - one of China's largest nuclear power companies, which operates five nuclear power stations located throughout China, with more currently under construction - became the controlling shareholder of the Operator, EME.

Significantly for shareholders of Southern Cross, the EME takeover provided a meaningful valuation of the Company’s interest in the Bigrlyi Uranium Joint Venture. On a comparative basis of that and other sales, the 5% interest of Southern Cross may be said to be worth in the region of $15,000,000.

A Preliminary Feasibility Study (PFS) is in progress. The Operator reports that regardless of the results of the PFS, further exploration and development will continue.

It is expected that the value of this project will continue to increase. However, if the Company were to receive a reasonable offer for its interest, it may decide to sell its investment and concentrate on its gold projects and the Tanzanian project.

The Company will also continue to seek opportunities to acquire exploration and/or mining projects in Australia and overseas, which could be joint ventured with larger entities. Other investments with potential for sound returns will also remain on the agenda.