The Mission Group Regulatory News (TMG)

16 Nov 2007 12:30

Thistle Mining Inc.16 November 2007 Notice of Meeting and Management Information Circular in respect of Annual andSpecial Meeting of Shareholders to approve the sale of the President Steyn Gold Mine Toronto, November 16, 2007: Thistle Mining Inc. ("Thistle" or the "Company")(AIM: TMG) announced today that the Company has posted a notice of meeting andmanagement information circular (the "Circular") to shareholders of the Company.The annual and special meeting of shareholders (the "Meeting") will be held at10:00 a.m. (Toronto time) on Thursday, December 13, 2007, at the offices ofHeenan Blaikie LLP, Suite 2600, 200 Bay Street, South Tower, Royal Bank Plaza,Toronto, Ontario, Canada. The shareholders of the Company will be asked to, among other things, approve aspecial resolution ("Sale Resolution") in respect of the sale by Thistle of 100%of Thistle's direct and/or indirect interests in President Steyn Gold Mines(Free State) (Proprietary) Limited to Pamodzi Gold Limited ("Sale Transaction").Details of the sale transaction were announced by the Company on November 1,2007. Copies of the Circular are available to the public, free of charge, atwww.sedar.com or on the Company's website at www.thistlemining.com. Proposed Investment Strategy At the Meeting, Shareholders will also be asked, if the Sale Resolution isapproved, to consider and approve Thistle's investment strategy as set out inthe Circular to be implemented post completion of the Sale Transaction. As the Sale Transaction will divest Thistle of all or substantially all of itsactive business activities, under the AIM Rules, Thistle will, upon completionof the Sale Transaction, be treated as an "investing company". The ThistleBoard has resolved that, of the options available to Thistle moving forward,Thistle should not be delisted from AIM, wound down or become a passive investorand instead should be used to develop business opportunities that may beavailable to it, including any that are introduced to it by its two majorshareholders, Casten Holdings Limited and MC Resources Limited. It is proposed that the primary business sectors for Thistle's investments willbe oil and gas, mining, real estate, telecoms and/or finance. Thistle intendsto focus on investments in public and/or private companies mainly in theemerging markets of the CIS, Eastern Europe and Middle East, but will not limititself from developing other opportunities in Western Europe, the United States,Canada or elsewhere. Thistle proposes to obtain a controlling interest in themajority of its investments or certain control rights over key decisions takenin relation to its investments. The Thistle Board expects that expertise will be required to assist with theevaluation of its proposed investments. It also expects that expertise will berequired in the area of general business in the emerging markets of the CIS,Eastern Europe and the Middle East. The Thistle Board proposes that due diligence of prospective investments beperformed by persons appointed by the Thistle Board with specific expertiserelating to the investment under review, as required. Consequently the ThistleBoard intends to appoint management in line with the business opportunitiesidentified. Following the completion of the Sale Transaction, it is theintention of Thistle to focus on recruiting persons having skills aligned withnew opportunities and on reconstituting the Thistle Board in line with thestrategic aims referred to above and in order to conserve costs pending theconclusion of any new investments to be made by it. For further information, contact: Anton Kakavelakis, Group Financial Controller + 27 57 391 9026 or email toinfo@disselgroup.com Gerry Beaney, Maureen Tai or Troy MacDonald 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 the Companyassumes 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