NASA announced on Monday that the Mini-SAR instrument mounted on India's Chandrayaan-1 lunar orbiter discovered some 40 craters of various sizes from 1 mile up to 9 miles in diameter have water ice in them near the lunar north pole.
Water ice is of course important when it comes to colonizing the moon. It would be a source of oxygen and water for the base as well as a source for rocket fuel to be manufactured there on the surface.
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Ref. Space.com, March 1, 2010. "Tons of Water Ice Found on the Moon's North Pole" by Tariq Malik (http://www.space.com/scienceastronomy/water-moon-north-pole-100301.html).