METAL TIGER PLC
12 February 2015
Metal Tiger plc
("Metal Tiger" or the "Company")
Progress Update - Thailand
Metal Tiger Plc (LON: MTR) is pleased to update shareholders with regard to the Company's progression of its interests in Thailand.
As announced on 28 October 2014, Metal Tiger entered into a Joint Venture Agreement ("JVA") with Thailand-based South East Asia Exploration and Mining Company Limited ("SEAM") and Southeast Asia Mining Corp., the parent company of SEAM, (together "Thai JV Partners"). Further, on 12 December 2014, Metal Tiger announced that an exploration licence had been granted by the Thai government for one of the properties that form the JVA, and that Metal Tiger is to commence as a 10% equity holder in each of the two new Thai companies incorporated for the purpose of the JVA (the "Thai JV Companies").
Metal Tiger can confirm the staged payment of US$50,000 was paid to its Thai JV Partners on 29 January 2015 in line with the terms of the JVA and the Company has arranged payment of a further US$20,000 for the Thai JV Companies, which are now incorporated and named: Tiger Minerals Ltd and Tiger Resources Ltd respectively.
Metal Tiger's CEO, Cameron Parry, commented: "Having recently returned from Thailand, I'm pleased to report that Metal Tiger's program there is tracking according to plan. The two JV companies, Tiger Minerals and Tiger Resources, have been incorporated and are ready to move to first ranking status with their respective applications for prospecting the JV properties. Further, Metal Tiger is progressing with an exploration program for the property that has received its prospecting licence. Further updates will be provided in due course."
For further information on the Company, visit: www.metaltigerplc.com:
Tel: +44 (0)207 099 0738
Tel: +44 (0)7766 465 617
Spark Advisory Partners Limited
Tel: +44 (0) 2033 683 555
SI Capital Limited
Tel: +44 (0) 1483 413 500
This information is provided by RNS