The Mission Group Regulatory News (TMG)

19 Jun 2006 14:30

Thistle Mining Inc.19 June 2006 THISTLE MINING INC. Toronto, June 19, 2006. Appointment of an international investment bank toexplore strategic alternatives for Philippine Gold Ltd. Thistle Mining Inc. (the "Company") (AIM:TMG) wishes to announce that its boardof directors has decided to begin a process to explore strategic alternativesfor the Company's Masbate gold project located on the island of Masbate in thePhilippines ("Masbate Project") with a view to enhancing shareholder value.These alternatives include but are not limited to the combination or merger ofthe Company's 100% wholly owned subsidiary, Philippine Gold Ltd ("PGO"), withanother gold mining entity. PGO holds the Company's Philippine assets includingthe Masbate Project. The Company has engaged an international investment bank toact as its exclusive financial advisor in this process. There can be noassurance that the exploration of strategic alternatives will result in atransaction. PGO is incorporated in the United Kingdom and together with theCompany has a 64% beneficial interest in Filminera Resource Company("Filminera") and a 100% interest in Philippine Gold Processing and RefiningCorporation, both of which are incorporated in the Philippines. Filminera holdsthe license to explore and mine for gold, silver and other minerals within thecontract area that covers an area of approximately 83.36 sq km pursuant to aMineral Production Sharing Agreement for 25 years commencing in July 1997.Filminera also has an 18% beneficial interest in the Runruno gold-molybdenumdeposit located in the Nueva Viscaya Province of the Philippines and currentlybeing explored by Metals Exploration Plc (AIM : MTL). Additional information relating to the mineral and resource estimates andfeasibility study for the Masbate Project, can be found in the technical reporttitled "Masbate Gold Project, Masbate Island, Philippines Form NI-43 101F1Technical Report" dated April 30, 2006, which was prepared by Mr. Andrew JamesVigar of Mining Associates and Mr. Stewart Charles Lewis of IMC Consultants PtyLtd, who are independent qualified persons for the purposes of NI 43-101, and isavailable to the public at www.sedar.com . For further information, contact: Andy Graetz, Chief Financial Officer + 27 57 391 9118 or email to agraetz@disselgroup.com This information is provided by RNS The company news service from the London Stock Exchange