METAL Tiger has exercised its option to take 90% control of an exploration joint venture in Thailand focused on gold, antimony and copper. The UK-based company has now acquired outright its joint venture with Southeast Asia Mining (SEAM) for total consideration of US$50,000.
In addition, following a review of SEAM’s wider Thailand operations, including the work undertaken during the Board’s country visit in October, Metal Tiger has now negotiated an additional option to acquire the Thai interests of SEAM’s Canadian parent entity, Southeast Asia Mining Corp (SEA).
This includes SEAM and two other SEA subsidiaries, eight Special Prospecting Licence Applications surrounding the historic Boh Yai and Song Toh zinc-silver-lead mines in Kanchanaburi province of western Thailand, and two mining lease applications overlaying historical mining lease applications in the area, plus the exploration and mining database compiled by SEAM during its operations in Thailand since its incorporation in 2006.
SEA has completed an NI 43-101 compliant preliminary economic assessment on the mines based on 22 years of operational records. They have a compliant resource of 4.9 million tonnes, excluding a 195,000 tonne historical resource, and have only been mined to 150 metre depth with significant down dip potential. The mines have been on care and maintenance since 2002 when low metals prices dictated operations to shut down, although they did successfully run 60,000 tonnes of ore through the mill in 2008.
Metal Tiger has paid a non-refundable fee of $30,000 to secure the SEA option which will be forfeited and expire, if not exercised on or before February 15, 2016. Should Metal Tiger elect to exercise the option the initial consideration totals US$500,000.
Metal Tiger’s CEO Cameron Parry said, “Metal Tiger was founded with one of its key objectives to build substantial precious and strategic metals interests in South East Asia. This new option comes after five years of extensive work in Thailand and developing a working relationship with SEAM over the past three and a half years.
“The Metal Tiger Board is of the view that Thailand offers unique and substantial exploration and development opportunities for companies with a good understanding of the operating environment in the natural resources sector and how to conduct operations on the ground. Metal Tiger has established a team in-country that is already highly active in the enhancement of our existing interests and in the proactive search for new opportunities.”