TORONTO, Aug. 6 /CNW/ - Thistle Mining Inc. ("Thistle" or the "Company")
(AIM:TMG) announced today that it received an order (the "Order") from the
Supreme Court of the Yukon Territory extending the time for holding its annual
shareholders' meeting until December 16, 2007. The Order provided that its
terms may be varied on application by any interested shareholder.
Pursuant to Yukon corporate law, Thistle was required to hold its annual
shareholders' 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
remaining operating asset, if such a sale occurs.
As announced previously, the Board has decided to embark on a process to
consider the future of President Steyn Gold Mines (Free State) (Pty) Ltd
("PSGM"). This could lead to the divestiture of PSGM. The high risk nature of
operating a single gold mine on a stand-alone basis and inability at present
of PSGM to self-fund all the capital expenditure needed to upgrade
infrastructure, create more operational flexibility, develop the Golden
Triangle and explore the Eldorado reefs indicates that it could be appropriate
to integrate PSGM into a diversified South African gold mining company. The
Company is currently in early stage discussions with an interested third
party. The Company hopes to conclude agreements relating to the future of PSGM
by September 2007. These agreements would however be subject to shareholder
A copy of the Order and the petition related thereto are available on
SEDAR at www.sedar.com.
Forward Looking Information: This press release may contain or refer to
forward-looking information based on current expectations. Forward-looking
statements are subject to significant risks and uncertainties, and other
factors that could cause actual results to differ materially from expected
results. These forward-looking statements are made as of the date hereof and
Thistle assumes no responsibility to update or revise them to reflect new
events or circumstances.
For further information:
For further information: Anton Kakavelakis, Chief Financial Officer at +
27 57 391 9026 or email to email@example.com; or Gerry Beaney, Grant
Thornton, Corporate Finance at +44 (0) 207 383 5100