6th Aug 2007 17:21
Thistle Mining Inc.06 August 2007 THISTLE MINING INC. Thistle Announces Extension of Time for Holding Annual Shareholders' Meeting Toronto, August 6, 2007: Thistle Mining Inc. ("Thistle" or the "Company") (AIM:TMG) announced today that it received an order (the "Order") from the SupremeCourt of the Yukon Territory extending the time for holding its annualshareholders' meeting until December 16, 2007. The Order provided that itsterms may be varied on application by any interested shareholder. Pursuant to Yukon corporate law, Thistle was required to hold its annualshareholders' meeting no later than August 16, 2007. The Company, however,requested an extension of this deadline to eliminate duplication of legal,printing and mailing costs associated with holding a second shareholders'meeting, which may be required in connection with a sale of Thistle's remainingoperating asset, if such a sale occurs. As announced previously, the Board has decided to embark on a process toconsider the future of President Steyn Gold Mines (Free State) (Pty) Ltd ("PSGM"). This could lead to the divestiture of PSGM. The high risk nature ofoperating a single gold mine on a stand-alone basis and inability at present ofPSGM to self-fund all the capital expenditure needed to upgrade infrastructure,create more operational flexibility, develop the Golden Triangle and explore theEldorado reefs indicates that it could be appropriate to integrate PSGM into adiversified South African gold mining company. The Company is currently in earlystage discussions with an interested third party. The Company hopes to concludeagreements relating to the future of PSGM by September 2007. These agreementswould however be subject to shareholder approval. A copy of the Order and the petition related thereto are available on SEDAR atwww.sedar.com. For further information, contact: • Anton Kakavelakis, Chief Financial Officer at + 27 57 391 9026 or email to [email protected]; 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 ExchangeRelated Shares:
The Mission Group