The Mission Group Regulatory News (TMG)

26 Jul 2007 14:30

Thistle Mining Inc.26 July 2007 THISTLE MINING INC. Thistle Announces its Application to the Yukon Supreme Court to Extend Date for Annual Shareholders Meeting Toronto, July 26, 2007: Thistle Mining Inc ("Thistle" or the "Company") (AIM:TMG) announced today that it has submitted an application to the Yukon SupremeCourt (the "Court") requesting a four-month extension (the "Extension") to thetime in which its next annual shareholders' meeting is required to be heldpursuant to the Business Corporations Act (Yukon). If the Extension is approvedby the Court, Thistle plans to hold its annual shareholders' meeting in December2007. The Application shall be heard by the Court on July 31, 2007. TheCompany is requesting the Extension so that the annual shareholders' meeting canbe conducted together with the meeting to vote on agreements relating to thefuture of their remaining principal operating asset, President Steyn Gold Mines(Free State) (Pty) Ltd. ("PSGM"), thereby eliminating the unnecessary legal,printing and mailings costs of two separate shareholder meetings. As announced previously, the Board has decided to embark on a process toconsider the future of PSGM. This could lead to the divestiture of PSGM. Thehigh risk nature of operating a single gold mine on a stand-alone basis andinability at present of PSGM to self-fund all the capital expenditure needed toupgrade infrastructure, create more operational flexibility, develop the GoldenTriangle and explore the Eldorado reefs indicates that it could be appropriateto integrate PSGM into a diversified South African gold mining company. TheCompany is currently in early stage discussions with an interested third party.The Company hopes to conclude agreements relating to the future of PSGM bySeptember 2007. These agreements would however be subject to shareholderapproval. PSGM Update The Company wishes to announce a downgrade to the forecast gold sales at PSGMfor 2007 from the previous forecast made in June of 137,200 oz to 134,400 oz.The adjustment follows a fire at No. 2 shaft affecting the shaft pillar areawhich has been sealed and contained and is now extinguished and a seismic eventaffecting the 32 level haulage at No. 1 shaft which has been rehabilitated.Commensurate with the reduction in the forecast sales, cash and total costs for2007 are now forecast to be between $625 and $635 per ounce and $665 and $675per ounce respectively, assuming an average exchange rate of 7.06 ZAR:US $ for2007. Cash cost per ounce sold is not a recognized measure under Canadian GAAP. For further information, contact: • Anton Kakavelakis, Chief Financial Officer at + 27 57 391 9026 or email to info@disselgroup.com; or • Gerry Beaney, Grant Thornton Corporate Finance at +44 (0) 207 383 5100. Forward Looking Information: This press release may contain or refer toforward-looking information based on current expectations. Forward-lookingstatements are subject to significant risks and uncertainties, and other factorsthat could cause actual results to differ materially from expected results.These forward-looking statements are made as of the date hereof and Thistleassumes no responsibility to update or revise them to reflect new events orcircumstances. This information is provided by RNS The company news service from the London Stock Exchange