Sinosteel and Ditem Sign LOI for Joint Exploration Activites in Canada
Mon Apr 14, 12:39 PM
ca.news.finance.yahoo.com
MONTREAL, QUEBEC--(Marketwire - April 14, 2008) - Ditem Explorations (TSX VENTURE: DIT.V)(FRANKFURT:D8X) is pleased to announce that it has signed a Letter of Intent with Sinosteel Mining Company Ltd, a wholly owned subsidiary of Sinosteel Corporation, (hereinafter Sinosteel) establishing the conditions for joint venture agreements on Ditem exploration properties and projects in Canada. The LOI is subject to regulatory approval. This LOI is subsequent to the signing of a Memorandum of Understanding (see January 7th 2008 press release) with Sinosteel.
The LOI, subject to Joint Venture Agreements, outlines the creation of a joint-operating committee responsible for exploration and development programs on Ditem's uranium properties in Saskatchewan (Athabasca Basin) and Quebec (Otish Mountains Basin), amounts to be paid by Sinosteel for the acquisition of a 50% interest in specific Ditem properties, the purchase by Sinosteel of an initial interest of Ditem shares and various other provisions for continued development. The LOI will be completed by Joint Venture Exploration Agreements specific to each of the properties. Sinosteel and Ditem will undertake to complete the first Joint Venture Agreement, which is to be signed within 90 days of the signing of the present LOI.
Ditem Chairman and CEO Raymond Savoie said "This first LOI sets out the framework for the initial collaboration between Sinosteel and Ditem on exploration and development. We believe that the ability and experience of Sinosteel combined with Ditem activities in Canada will generate very several successful projects in the near future."
The LOI was signed in Beijing on the 11th of April in the presence of government representatives This is believed to be the first uranium joint venture exploration and development program between a Chinese and a Canadian company for Canadian properties.
Sinosteel Mining Company Ltd, a subsidiary of Sinosteel Corporation, is responsible for several mining operations and mining interests of Sinosteel in China and in several other countries including notably a uranium mine in Australia. Sinosteel is an important mining and related business company, mainly engaged in developing and processing metallurgical mineral resources. Company information may be obtained at www.sinosteel.com.
Ditem Explorations (50 M issued shares) is a uranium exploration and development Company with properties in the Athabasca Basin in Saskatchewan (Beartooth Island Project and Cree Lake Property for a total of 1,067 km2) and the Otish Basin (Otish Uranium 258 km2 and Otish South 381 km2) in Quebec. At present, the Company has completed a 6 hole drilling program in the Otish and further drilling is expected this summer. The Company has also just completed a 3 hole drilling program on the Beartooth Project and, as soon as possible, plans to undertake drilling on its Cree Lake Property. Other exploration programs are also being developed and new Canadian acquisitions are on-going. Existing properties and general information may be viewed on the Company's website at www.ditem.com which will be updated shortly.
The TSX Venture Exchange has neither approved nor disapproved the information contained in this press release.
Contacts
Raymond Savoie
Ditem Explorations
514-875-9034
rsav@ditem.ca
www.ditem.com |
