31 Jul 2014 09:34
Metal Tiger plc
("Metal Tiger" or the "Company")
Memorandum of Understanding for Prospective Gold Properties
In line with the Company's investing policy and strategic update announced on 24 July 2014, Metal Tiger is pleased to announce that yesterday it signed a Memorandum of Understanding ("MOU") with South East Asia Exploration & Mining Company Ltd. ("SEAM"), a Thailand-based mining and exploration company, which creates a path for Metal Tiger to take an equity interest in prospective gold properties with applications for exploration and mining in Thailand.
The MOU formalises an arrangement with SEAM that Metal Tiger considers provides strategic benefit for the Company in the region, as well as an opportunity where Metal Tiger can add drive and direction to achieve licensing and subsequent exploration objectives.
Memorandum of Understanding
The MOU represents the first expenditure by Metal Tiger on prospective investments since the completion of the refinancing by the Company in June 2014. Under the MOU Metal Tiger is paying US$10,000 in cash upfront to SEAM to provide an exclusive 90-day window for Metal Tiger to complete due diligence and finalise a joint venture agreement ("JVA") with SEAM. The purpose of the JVA is for Metal Tiger to obtain interests in exploration applications in the Nakon Sawan, Lopburi and Chanthaburi Provinces of Thailand, for a total consideration of US$150,000 to SEAM over two years with a concurrent investment of US$150,000 to be applied to permitting and exploration planning costs over the same timeframe. The purpose of the JVA is ultimately, subject to milestones being achieved, to see Metal Tiger hold a 75% joint venture stake in the gold prospective properties.
Metal Tiger has entered into the MOU with SEAM- which is the operating company of Southeast Asia Mining Corp. - a Canadian exploration and mining company with assets in Thailand. This opportunity has arisen as a result of Metal Tiger's CEO, Cameron Parry, and Black Star Gold Pty Ltd ("BlackStar"), developing a relationship with SEAM over the past two years.
About South East Asia Exploration and Mining Co., Ltd.
SEAM was incorporated in Thailand in 2006 and is a junior exploration and mining company focused on the Kanchanaburi province of Thailand where the company is looking to restore production at two historically operating silver-lead-zinc mines. The company's website is www.seasiamining.com
Metal Tiger CEO, Cameron Parry, commented:
"Metal Tiger is pleased to take this first step in undertaking activities as outlined in the Company's strategic update of 24 July and represents the Company's first investment since its refinancing. Having come to know the team at SEAM over the past couple of years whilst working within BlackStar, it is pleasing to formalise an agreement that achieves both pragmatic and strategic benefits for Metal Tiger's activities in the region and fast tracks the early stages of identifying and making applications for prospective gold properties in Thailand."
For further information on the Company, visit: www.metaltigerplc.com or contact:
Cameron Parry (CEO)
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| Tel: +44 (0)207 099 0738 |
Paul Johnson (Non-Executive Director)
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| Tel: +44 (0)7766 465 617 |
Nick Athanas Michael McNeilly
| Allenby Capital Limited (Nominated Adviser and Joint Broker) | Tel: +44 (0) 20 3328 5656 |
Lucy Williams | Peterhouse Corporate Finance (Joint Broker) | Tel: +44 (0) 20 7469 0935 |