Metal Tiger PLC Thailand Progress Update (6859O)
February 10 2016 - 9:36AM
UK Regulatory
TIDMMTR
RNS Number : 6859O
Metal Tiger PLC
10 February 2016
Metal Tiger Plc
10 February 2016
Metal Tiger Plc
("Metal Tiger" or the "Company")
Thailand Progress Update
Metal Tiger plc (LON:MTR) the London Stock Exchange AIM listed
investor in strategic natural resource opportunities is pleased to
provide a progress update in respect of the Company's investing
activities in Thailand.
Highlights:
- Thailand teams fully established and operations are proceeding
well on original Joint Venture interests;
- Due diligence on the acquisition of additional Thailand
interests from SEAM progressing well and now in final stages;
- The ThaiStar geological team have conducted extensive review
of further new opportunities and identified specific targets which
have undergone desktop assessment and field review. Final
conclusions will be made based on pending lab results;
- Our Thai JV partners have undertaken preliminary appraisal of
a number of lithium exploration opportunities.
Paul Johnson, Chief Executive Officer of Metal Tiger plc
commented: "We are very pleased with the progress being made in
Thailand, with the bedding down of our original investment and with
the due diligence progress that has been made on the option to
acquire 90% of the remainder of our original Joint Venture
partner's interests in Thailand.
Thailand is proving to be a very prospective and geologically
exciting country. We are working with an exceptional team in
Bangkok and Metal Tiger is grateful for their diligence and
commitment. Alongside the highly attractive existing interests in
Thailand, the team have taken a fresh look at Thai geological
opportunities and a number of clear targets are emerging.
We will update the market with further developments from a
corporate perspective, and in respect of operations on the ground,
in the near future."
Thailand General Update
In the company's announcement to market on 24 November 2015 we
outlined a plan to materially accelerate and expand the Company's
exploration and development interests in Thailand.
The first stage of this expansion was the acquisition of a 90%
interest (100% acquired with immediate disposal of 10% interest to
a local Thai operating company) in the Company's original Joint
Venture with South East Asia Mining ("SEAM") which was originally
announced to market on 28 October 2014.
The second stage was the subsequent plan to acquire a 90%
interest (100% acquired with immediate disposal of 10% interest to
a local Thai operating company) in the remainder of SEAM interests
in Thailand. The substance of this transaction was detailed in our
announcement of 24 November 2015 and provided an option period
ending 15 February 2016 for due diligence and determination by
Metal Tiger as to whether to proceed.
We are now nearing the completion of due diligence on this
additional acquisition and expect to update the market shortly in
this regard. Whilst our due diligence work to date has proven to be
highly positive, until the option to acquire all SEAM assets has
been exercised there can be no assurance that this transaction will
be undertaken.
Concurrently with our due diligence work, the Thai geological
team have been undertaking an extensive review of new opportunities
in-country and are currently preparing a detailed update on a
number of new areas demonstrating significant mineralisation
potential. We intend to update the market when licence applications
are lodged as a result of their research. When the licences are
granted we plan to commence a targeted exploration programe.
Whilst the majority of our work to date has focused on Antimony,
Copper and Gold, our recent work has identified a number of
additional opportunities including lithium exploration targets that
we are currently evaluating.
Mr Nick O'Reilly (MSc, DIC, MAusIMM, FGS), is a qualified
geologist who meets the criteria of a qualified person under the
AIM Rules - Note for Mining and Oil & Gas Companies, he has
visited the Project Area, overseen the drilling and sampling and
reviewed the technical information contained within this
announcement. Mr O'Reilly is a consultant working for Mining
Analyst Consulting Ltd which has been retained by Metal Tiger PLC
to review the work undertaken on the Logrosán Exploration
Project.
For further information on the Company, visit:
www.metaltigerplc.com:
Paul Johnson Tel: +44 (0)7766
(Chief Executive 465 617
Officer)
Terry Grammer Tel: +44 (0)207
(Non- Executive 099 0738
Chairman)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0) 2033
Neil Baldwin Limited 683 555
Nick Emerson (Nominated Adviser) www.sparkadvisorypartners.com
Andy Thacker SI Capital Tel: +44 (0) 1483
(Sole Broker) 413 500
Notes to Editors:
Metal Tiger plc is a natural resources focused investing company
quoted on the London Stock Exchange AIM Market ("AIM") with the
trading code MTR and two investment divisions, Direct Projects and
Direct Equities.
The Direct Projects division invests in mineral exploration
projects operated by trusted partners on the ground. Projects are
selected for their strategic significance in terms of commodity,
location and commerciality factors. Key strategic investments to
date include Spanish Gold & Tungsten, Thai Gold, Copper &
Antimony, and Botswanan Copper & Silver.
The Direct Equities division invests in quoted natural resource
explorers and developers, with a combination of shares and warrants
and seeks generate trading profits for reinvestment into the Direct
Projects division.
Metal Tiger's target is to deliver a very high return for
shareholders by investing in significantly undervalued and/or high
potential opportunities in the mineral exploration and development
sector timed to coincide where possible, with a cyclical recovery
in the exploration and mining markets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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