Monday, Dec. 31 2007
Thorium Power Signs New Agreement With Russia's Kurchatov Institute
Market Wire
Comtex
foxbusiness.com
MCLEAN, VA, Dec 31, 2007 (MARKET WIRE via COMTEX) -- Thorium Power, Ltd. (OTCBB: THPW), the leading developer of low-waste, non-proliferative nuclear fuel technology for existing and future reactors, today announced that a new formal agreement has been reached with Russia's Kurchatov Institute relating to the irradiation testing program for the Company's fuel designs, which has been ongoing since 2002. The agreement assigns to Thorium Power Inc., a wholly owned subsidiary of Thorium Power, Ltd., the worldwide rights, title and interest in and to the technical data generated from the ampoule irradiation testing of seed and blanket fuel samples in the Kurchatov research reactor over the past two years.
Andrey Mushakov, Thorium Power's Executive Vice President for International Nuclear Operations, stated: "The agreement reconfirms our strategic development relationship with the Kurchatov Institute, one of Russia's premier nuclear research institutes. Ampoule irradiation testing is a critical, long lead-time activity in our comprehensive program of technology testing and demonstration activities and it is a vital process that new fuel designs must perform as part of a fuel qualification and regulatory licensing process. The ampoule irradiation testing work continues as expected at the Kurchatov Institute, and this agreement formalizes our rights to valuable technical data necessary for regulatory licensing of our commercial fuel designs."
Seth Grae, Thorium Power's CEO, added: "This agreement continues the excellent working relationship that we have had with the Kurchatov Institute and the Russian government for over a decade. The work under this agreement is an important step towards the demonstration of our fuel designs in a full scale commercial reactor."
Further information is available on Thorium Power, Ltd.'s website at thoriumpower.com
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