10th Oct 2014 08:02
LONDON (Alliance News) - Metal Tiger PLC Friday said its joint venture agreement with Thailand-based mining company South East Asia Exploration & Mining Co Ltd is nearing completion following the previously announced memorandum of understanding between the two companies.
Metal Tiger shares were untraded at 0.950 pence per share Friday morning.
Metal Tiger expects to sign the joint venture agreement on schedule with South East Asia Exploration as part of the next step of the memorandum.
The joint venture, once completed, will provide Metal Tiger the opportunity to acquire interests in exploration applications for sites in the Nakon Sawan, Lopburi and Chanthaburi provinces of Thailand and, subject to achievement of milestones satisfactory to Metal Tiger, ultimately see the company hold a 75% joint venture stake in the gold prospective properties, it said in a statement.
The joint venture will follow two license applications in the Nakon Sawan and Lopburi provinces, targeting copper and gold, for which South East Asia Exploration has already applied, with approval due by the end of 2015. In the Chanthaburi area, the joint venture will apply for licenses for a 208 hectare area, also expected to be approved in 2015, it added.
"Metal Tiger has determined its most suitable areas to progress licensing and is on track to complete the joint venture agreement on time," said Chief Executive Cameron Parry.
By Joshua Warner; [email protected]; @JoshAlliance
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