LONDON (Alliance News) - Metal Tiger PLC on Tuesday has agreed a joint venture agreement with South East Asia Exploration & Mining Co Ltd, part of South East Asia Mining Corp, for the exploration of Thailand gold prospects.
The company said the deal formalises its plans to progress, and potentially take control of, gold exploration assets in Thailand.
Under the terms, Metal Tiger will have the option to acquire a 75% joint venture stake in the prospects, dependent on South East Asia Mining triggering certain staged milestones over the coming 20 months. It will pay USD150,000 for the stake.
"Having formalised the [joint venture agreement], it is exciting to start implementing our plans for these sites located in the 'Copper-Gold Belt' and 'Gold-Antimony Belt' regions of Thailand," said Metal Tiger Chief Executive Officer Cameron Perry.
"We believe these targets have good commercial potential, and the joint venture agreement represents a significant step for Metal Tiger in developing its presence in Southeast Asia," Perry said.
Metal Tiger shares were up on the news, rising 5.9% to 0.900 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.