10th Feb 2016 14:51
LONDON (Alliance News) - Metal Tiger PLC said Wednesday it is nearing completion of due diligence on its acquisition of the remainder of South East Asia Mining Corp's interests in Thailand, but cautioned there can be no assurance this deal will be undertaken.
Last November, the company outlined a plan to speed up and expand its exploration and development interests in Thailand, starting with an acquisition of a 90% interest in its original joint venture with South East Asia Mining. It then planned to go on to buy a 90% stake in the remainder of South East Asia Mining's interests in Thailand.
The company said it also has been looking at new opportunities in Thailand and will update the market when it has lodged licence applications. Whilst it has mostly focused on antimony, copper and gold to date, its recent work has identified a number of additional opportunities, including lithium exploration targets.
"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," said Chief Executive Officer Paul Johnson in a statement.
Shares in Metal Tiger were down 1.1% at 0.890 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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