Metal Tiger PLC has received more time to finalise securing an interest in the Boh Yai and Song Toh silver-lead mines in Kanchanaburi province of Thailand.
Metal Tiger paid US$80,000 in cash plus US$50,000 in shares to the owners for three months in order to perform due diligence on the mines and work out a formal joint venture agreement. All parties have now agreed to extend that period to August 20, 2016.
South East Asia Exploration and Mining (SEAM) is the group’s 90% owned joint venture partner in Thailand and Metal Tiger is buying out SEAM’s Thai interests.
A Metal Tiger spokesperson said, “Our work with the existing owners has been highly productive and the parties have agreed a workable approach across all material elements of the proposed commercial agreement.
“We have been impressed with the professionalism and diligence of the mine owners to secure a fair and reasonable commercial agreement.
“We look forward to finalisation of the corporate structure in the near term and reporting on the pathway to recommence production.”