Metal Tiger plc
("Metal Tiger" or the "Company")
Prospective Gold Thailand Properties - Joint Venture Update
In line with the Company's Memorandum of Understanding ("MOU") announced on 31 July 2014, Metal Tiger is pleased to report that it is nearing the end of the process relating to the 90-day exclusive period to complete due diligence and formalise a Joint Venture Agreement ("JVA") with South East Asia Exploration & Mining Co., Ltd. ("SEAM"), a Thailand-based mining and exploration company.
The board of Metal Tiger anticipates it will be in a position to sign a JVA with SEAM, being the next step in the transaction contemplated by the MOU, within the previously announced timeframe.
The completed JVA will provide Metal Tiger the opportunity to acquire interests in exploration applications for sites in the Nakon Sawan, Lopburi and Chanthaburi provinces of Thailand and, subject to achievement of milestones satisfactory to Metal Tiger, ultimately see Metal Tiger hold a 75% joint venture stake in the gold prospective properties.
Details of Areas
Following successful completion of initial due diligence, the sites that have been deemed suitable for inclusion in the JVA are as follows:
2 SPLAs ("Special Prospecting Licence Applications") relate to projects in the Nakon Sawan and Lopburi provinces, a total area of 31km2 within the Loei-Phetchabun part of what is locally referred to as the 'Copper-Gold Belt'. The sites the subject of the two respective SPLAs are currently anticipated to obtain exploration approval by the end of 2015.
In the Chanthaburi area, the JVA will apply for special prospecting licences for a total area of 208 hectares to cover historical applications held by SEAM. The properties are located in the area locally known as the 'Gold-Antimony Belt' extending from Chiang Rai to Lampang through to Tak. The anticipated timing of obtaining special prospecting licence approval is late 2015.
Access to personnel
Metal Tiger has access to a network of locally-based professional service providers and the Company intends in due course to engage a specialist licensing/permitting consultant, as well as a Thailand-based consulting geologist, to assist with the licensing process and exploration planning.
Metal Tiger CEO, Cameron Parry, commented:
"Metal Tiger is nearing the end of its 90-day due diligence period under its MOU and it's pleasing to report to shareholders that Metal Tiger has determined its most suitable areas to progress licensing and is on track to complete the JVA on time."
For further information on the Company, visit: www.metaltigerplc.comor contact:
Tel: +44 (0)207 099 0738
Tel: +44 (0)7766 465 617
Allenby Capital Limited
(Nominated Adviser and Joint Broker)
Tel: +44 (0) 20 3328 5656
Peterhouse Corporate Finance
Tel: +44 (0) 20 7469 0935
This information is provided by RNS