The Asia Miner

OCT-DEC 2017

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

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30 | ASIA Miner | Volume 14 • Issue 4 | 2017 Thailand METAL Tiger has delayed the planned listing of KEMCO, which will hold its silver-lead-zinc mines in Thailand, until the first quarter of 2018. The reason for the delay is uncertainty as to how the new Thai Minerals Act will impact the joint venture's in-country opera- tions. Metal Tiger says it is uncertain how the Thai National Management Policy Committee will make decisions regarding special mining zones and economic plans. According to Proactive Investors, the company says it has had strong support for the IPO from family offices and a leading com- modities trading house but the feedback has been that more time is needed for assessment of the country's new mining regime. Metal Tiger will write to pre-IPO investors requesting that they ex- tend the conversion of their warrants beyond the agreed October 13 date. The company has also recently appointed Bangkok-based Par- agon Partners as its advisor with regard to the consideration and execution of attracting local project financing for its JV in relation to the Boh Yai and Song Toh silver-lead-zinc mines in Kanchanaburi province. In a statement, Metal Tiger said, "The engagement would be no- vated to the proposed listco KEMCO PLC should an IPO of Metal Tiger's Thai JV be realised." It said the appointment would enable the project to be known to the financial community in Thailand and provide strategic advice on the best approach for local project financing. Paragon has provided solutions to more than 60 clients over a 20 year period, including many international clients and clients in the mining sector, with a combined transaction value of over US$3.0 billion. Metal Tiger has interests in two potentially near-production stage silver/lead/zinc mines as well as licences, applications and critical historical data covering antimony, copper, gold, silver, lead and zinc opportunities. The Boh Yai and Song Toh mines and processing plant are in the silver-lead-zinc belt of western Thailand. The mines, which are 14km apart, have had a successful operating history and closed due to poor metal prices. Metal Tiger has been given a bullish assessment of the projects by Five Corners Consulting, which stated that the direct benefit to Thailand would be US$287.4 million. This reflects the economic benefit for the projected mine life of 13 years. PAN Asia Metals is undertaking a drill pro- gram at the Reung Kiet Lithium Project and Khao Soon Tungsten Project. The program is being carried out in preparation for an Ini- tial Public Offering of the company in quarter two of 2018. The company is also raising US$1.5 mil- lion to advance the two projects ahead of the IPO. Pan Asia has a preference for opportuni- ties which will allow it to participate in down- stream activities such as metals processing and value adding, and believes the two projects offer this. The company is also in- terested in metals exploration and develop- ment opportunities which are considerate to the local environment, add to development of the host country and contribute to tech- nologies which help create a better world. Reung Kiet is about 50km northeast of Phuket. The area of investigation was a ma- jor tin mining district up until the 1980s. The target mineral is lepidolite, one of several lithium containing micas. This was identified at Pan Asia's prospects in the late 1960s, during a joint Thai/British geological survey during which they identified lepidolite in peg- matites then being mined for tin. Pan Asia started orientation and recon- naissance soil and rock chip sampling, and mapping programs in early 2016, which de- livered consistently strong results. The com- bined strike based on pits, exposures and rock chips, is about 2.5km, and average rock chip grades of 1.55% Li2O. The project is well positioned to take ad- vantage of downstream development op- portunities and Pan Asia aims to be posi- tioned to build lithium carbonate and lithium hydroxide manufacturing capacity. Khao Soon is about 600km south of Bangkok and about 100km east of Phuket. The area of investigation was a major tung- sten mine for about 10 years to 1980 and it is estimated that approximately 500,000 tonnes was mined at an average head grade of 2.2%. The target mineral is ferberite, a subset of wolframite, which is preferred for process- ing as it generally has higher recoveries and processing can be achieved using simple gravity and magnetic techniques. Pan Asia started orientation and recon- naissance soil and rock chip sampling, and mapping programs in early 2015 with investigations delivering consistently strong results. Metal Tiger delays KEMCO IPO Pan Asia Metals two projects are in the Southern Thai part of the South East Asian granite belt. Pan Asia starts pre-IPO drilling

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