Queensland Mining Corporation said that the world financial crisis may virtually shut down some small explorers.

Mr Howard Renshaw MD of Queensland Mining said that the global turmoil is having serious ramifications for smaller resource companies that do not have a cash flow.

He said that "Well it's going to be extremely difficult, you have got to cut back your whole work force built up and educated to be involved in your company and you come back to a bare bone. Some people will just close down and do nothing. It costs about USD 300,000 to USD 500,000 to run these companies in a year, and that's just to do nothing an exploration company."