Perth-based gold explorer Crescent Gold Ltd is set to spin off its copper-uranium assets in South Australia and the Northern Territory into a separately listed vehicle.
In an announcement today, Crescent said the move would realise unrecognised value in the assets, which were held in a 100 per cent-owned subsidiary Uranium West Pty Ltd.
Under the proposal, Crescent would become a pure gold play and distribute Uranium West shares to Crescent shareholders on a pro-rata basis.
Crescent director and acting chairman Roland Hill will be Uranium West's managing director.
Crescent's managing director Andrew Haythorpe has resigned from the board to work on Uranium West on an "arm's length" and independent basis.
Preliminary investigations into the planned listing of Uranium West will be completed before the end of 2007.
Crescent is in the final stages of completing the commissioning of its core asset, the Laverton gold project in Western Australia.
Shares in Crescent were four cents, or 10 per cent, higher to 44 cents at 1445 AEST