UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): ~~May~~July 3113, 2006 (~~May~~July 2910, 2006)

CRESTED CORP.

(Exact Name of Company as Specified in its Charter)

Colorado	0-8773	84-0608126
(State or other jurisdiction of	(Commission File No.)	(I.R.S. Employer
incorporation or organization)		Identification No.)

Glen L. Larsen Building
877 North 8^th West Riverton, WY		82501
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (307) 856-9271

Not Applicable Former Name, Former Address or Former Fiscal Year,, If Changed From Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

o Written communications pursuant to Rule 425 under the Securities Act

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Section 8 Other Event

Item 8.01. Other Event

~~Sutter~~On ~~Gold~~ July 10, ~~Mining~~2006, ~~Inc~~Crested Corp. (~~TSX-VX: SGM~~“Crested) ~~successfully~~and ~~closed~~U.S. aEnergy $3Corp. ~~million~~ (~~Cdn~~“USEG”) ~~private~~, d/b/a the ~~placement~~ USECC toJoint ~~fund~~Venture a(“USECC”) ~~combined~~signed ~~underground~~an ~~and~~Exclusivity ~~surface~~Agreement ~~diamond~~with ~~drill~~sxr ~~program~~Uranium ~~and feasibility~~ One ~~study~~Inc. on(“Uranium ~~its~~One” ~~Sutter~~or ~~Gold~~“SXR”), ~~Mine~~ which is anheadquartered ~~advanced~~in ~~stage~~Toronto, ~~gold~~Canada ~~project~~ with offices in ~~the~~South ~~historic~~Africa ~~Mother~~and ~~Lode~~Australia ~~located~~(TSE ~~about~~and 50JSE ~~miles~~“SXR”). ~~southeast~~Upon ofsigning the ~~Sacramento~~ Exclusivity Agreement, ~~CA.~~the ~~The~~Term ~~18,000~~Sheet ~~foot~~(signed ~~drill~~by ~~program~~Uranium isOne, ~~scheduled~~and toby ~~start~~USEG and Crested ~~this~~on June~~. Sutter~~ ~~Gold~~22, ~~Mining~~2006) ~~Inc~~became effective. isThe aTerm ~~majority-owned~~Sheet ~~subsidiary~~sets offorth ~~U.S.~~the indicative ~~Energy~~terms ~~Corp., and~~ of a ~~minority-owned~~proposed ~~subsidiary~~sale of the majority of the USEG and Crested’s uranium ~~Corp~~assets to Uranium One.

~~The~~Under ~~private~~ the terms ~~placement~~of ~~consisted~~the ofExclusivity 12Agreement,~~062,000~~ ~~units~~Uranium ~~offered~~One atwill pay to USECC US $~~0.25~~750,000 cash (~~Cdn)~~nonrefundable, ~~per~~except for material breach of the Exclusivity Agreement) ~~unit. Each~~ for ~~unit~~the ~~comprises~~exclusive ~~one~~right ~~common~~to ~~share~~purchase ~~and~~the ~~one~~USECC ~~24-month~~uranium ~~warrant.~~assets, ~~The~~including ~~warrants~~the ~~may~~ Shootaring Canyon uranium mill in southeast Utah (and all geological libraries be and ~~exercised~~other intellectual property related to ~~purchase~~the ~~one~~acquired ~~common~~assets ~~share~~and atthe mill), for a ~~price~~period of ~~$0.35~~up ~~(Cdn)~~to ~~per~~270 ~~share. IBK~~days ~~Capital~~(an ~~Corp.~~initial ofsix ~~Toronto~~month period, ~~Ontario~~plus ~~acted~~an asoptional three ~~the~~month ~~placement~~extension). ~~agent~~During ~~for~~this time, the ~~Company.~~ ~~The~~parties ~~private~~will ~~placement~~prepare ~~offering~~definitive acquisition isagreements. ~~subject~~Subject to ~~TSX~~satisfactory ~~Venture~~results ~~Exchange approval~~on ~~and~~Uranium aOne’s ~~four-month~~due diligence ~~hold~~review ~~period~~and ~~from~~obtaining ~~the~~all ~~date~~required ofapprovals ~~issuance.~~associated ~~The~~with ~~units~~the ~~were~~ sale ~~not~~ and ~~offered~~purchase ~~to,~~of ~~and~~the ~~none~~assets, ~~were~~the ~~purchased~~definitive ~~by,~~agreements ~~persons~~would ~~resident~~be insigned and the ~~United~~ ~~States~~ sale closed as soon as possible.

~~The~~In ~~2006 drill~~ addition, ~~program~~USECC ~~will~~anticipates bethat ~~divided~~it ~~between~~will ~~underground~~continue exploratory and ~~surface~~other ~~holes. The 24~~work ~~hole~~ on ~~underground~~ some ~~step-out~~or ~~and~~all ~~infill~~of ~~drill program will further define areas with significant mineralized material in six vein structures at~~ the ~~southern end of the Comet zone~~assets. The ~~underground~~Exclusivity ~~drill~~Agreement ~~stations~~provides ~~will~~that bewhen ~~located at~~ the ~~end of~~ ~~the existing~~ assets ~~2,850~~acquisition ~~foot decline. The 9 to 12 hole surface drill program~~ is ~~to grid test an area containing what may be another significant mineralized zone in the K5 Vein~~closed, ~~historically~~Uranium ~~mined~~One onwill ~~Sutter's~~reimburse ~~property~~USECC atfor ~~the South Spring Hill Mine.~~those ~~Historical~~ expenses ~~records~~which ~~from~~have ~~this~~been ~~area~~pre-approved ofby ~~the~~Uranium ~~K5 Vein reported that portions of the vein were mined with widths ranging from 8 to 70 feet from the mine's drifts and crosscuts~~One.

~~The~~Under ~~funds~~ the ~~will~~ Term beSheet, ~~used~~Uranium ~~for~~One ~~further~~has ~~exploration of~~ the ~~Sutter~~right ~~Gold~~to ~~Mine~~purchase inthe ~~California and for~~assets ~~general~~under ~~working~~the ~~capital.~~ following terms:

· US $49,250,000 in Uranium One common stock at a set price at closing (the set price is the volume weighted average price of Uranium One stock for the 10 days prior to signing the Exclusivity Agreement, which is US $7.45 per share or Cdn $8.32). This represents the $50 million portion, less the cash paid for the Exclusivity Agreement.

· US $20 million in cash upon the start of commercial operation of the Shootaring Canyon uranium mill.

· US $7.5 million in cash upon the first delivery of mineralized material to a commercial uranium mill from any of the purchased properties that are subject to the Agreement.

· A cash royalty equivalent to 5% of the revenues derived from the sales value of any commodity produced from the Shootaring Canyon uranium mill, to a maximum royalty payment of US $12.5 million.

USECC holds a 4% net profits interest on Rio Tinto’s Jackpot uranium property located on Green Mountain in Wyoming. This interest will not be included in the agreement to sell uranium assets to SXR. SXR has announced that it may acquire the Sweetwater mill and the Green Mountain properties from Rio Tinto, separate from the proposed transaction with USECC.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CRESTED CORP.
Dated: May 31, 2006	By:	/s/ Harold F. Herron
Dated: July 13, 2006	By:	/s/ Harold F. Herron
		Harold F. Herron, President

Filing Compare · CRESTED CORP