10 Feb 2016 14:36
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 (Chief Executive Officer) | Tel: +44 (0)7766 465 617 | |
Terry Grammer (Non- Executive Chairman) | Tel: +44 (0)207 099 0738 | |
Sean Wyndham-Quin Neil Baldwin Nick Emerson Andy Thacker | Spark Advisory Partners Limited (Nominated Adviser) SI Capital (Sole Broker)
| Tel: +44 (0) 2033 683 555 www.sparkadvisorypartners.com Tel: +44 (0) 1483 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.