8 Aug 2012 07:00
8 August 2012
Tri-Star Resources plc
("Tri-Star" or the "Company")
Antimony Technical Collaboration in Myanmar
Tri-Star (AIM: TSTR), the integrated antimony exploration and development company, has entered into an agreement with RDP Singapore Limited ("RDPS") (the "Collaboration Agreement") under which, Tri-Star will provide technical collaboration and advice to RDPS in relation to its Myanmar antimony projects, which include exploration rights surrounding two existing producing deposits and any additional antimony projects identified in Myanmar by either Tri-Star or RDPS (the "Antimony Projects"). RDPS is a subsidiary of Resource Development Partners Limited ("RDP"), the London based mining finance house specializing in natural resource investments.
The first stage of the Collaboration Agreement will involve Tri-Star providing technical expertise to RDPS and performing a series of geological and metallurgical assessments at the Antimony Projects. Following the completion of the initial assessment work, the board of directors of Tri-Star (the "Board") will make a decision regarding any further collaboration with RDPS. The Board expects this initial work to be completed within 6 to 12 months and subject to the results of the assessments the Board will consider further investment in the Antimony Projects and seek to negotiate an exclusive off-take arrangement with RDPS.
RDPS is a private holding company incorporated in Singapore, which invests in the Myanmar mining industry, in addition to other sectors. The principals, James Hyndes and Christian West, have regional investment and mining experience, and are supported by a strong board with members based both in South East Asia and Myanmar. RDPS has identified two operating antimony mines in Myanmar and will focus on expanding the surrounding prospective areas over which it owns the exploration rights. RDPS is engaged in seeking other projects of merit and its strategy is to develop strong local relationships in key commodity sectors.
Commenting on the Collaboration Agreement, Emin Eyi, Managing Director of Tri-Star Resources, said:
"The experience RDPS has, together with the strength of its relationships locally, means the company is very well positioned to develop opportunities in Myanmar and we look forward to utilising our geological and metallurgical skills in assisting them, and in turn the Myanmar resource industry, to improve standards and enhance exploration and production potential. Importantly, we are encouraged by the possible sourcing of raw materials which can potentially be processed at Tri-Star's proposed UAE roaster facilities in the future."
Myanmar opportunity
Myanmar has a very rich mineral record but is relatively underexplored. The geology of the region has the potential to host world class metal deposits. Located between the Cathy (Asian) and Indian plates the large continental sutures and faults such as the Shan Boundary Fault control a large number of mineral formations. Metal deposits in Myanmar include antimony, tin, lead, zinc, copper, precious metals and industrial minerals. There are over 30 known antimony occurrences recorded in the Country. Many of the antimony deposits are associated with tungsten and gold.
Myanmar is estimated to have produced over 14,000 tonnes of antimony in ore form in 2011, sold almost entirely overseas. It is one of the largest single country sources of antimony raw material for Chinese facilities.
Enquiries:
Tri-Star Resources plc Emin Eyi, Managing Director Brian Spratley, Technical Director
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Tel: +44 (0) 20 3463 2270 Tel:+44 (0) 12 3362 9351 |
Strand Hanson Limited (Nomad) James Harris / Paul Cocker
| Tel: +44 (0) 20 7409 3494
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Gable Communications Justine James / John Bick | Tel : +44 (0) 20 7193 7463 Tel : +44 (0) 7525 324431 |
About RDP & RDPS
RDP is a London based mining finance house specialising in early stage investments in the natural resource sector. RDP provides support services, seed financing and direct investment to a number of companies, including companies exploring and or producing in the Philippines, Guinea, Kazakhstan and, via RDPS, in Myanmar.
RDPS is a special purpose Singaporean company established by RDP and its Singaporean director James Hyndes, specifically to invest in Myanmar based opportunities. RDPS has signed letters of intent and joint venture contracts in relation to projects in the mining and natural resources sectors, as well as manufacturing and property sectors. It has offices in Singapore and is in the process of staffing and establishing a Yangon based office.
About Tri-Star Resources
Tri-Star Resources is a focused antimony company whose management has many years experience in trading and mining this critical mineral. The Company objective is to become the leading integrated antimony metal and products manufacturer to western economy consumers utilizing a new technical and environmentally advanced 20,000 tonnes per annum name plate capacity metal and tri-oxide production facility in the UAE, with raw material supplied from its upstream resource projects in Turkey & Canada and from third party producers.
Further information is available at www.tri-starresources.com