http://www.tongkahharbour.com/
NEWS
26 December 2005
ACTIVITIES UPDATE
1) Letter to the Stock Exchange of Thailand (SET)
Director General,
The Stock Exchange of Thailand,
Dear Sir,
Re: Board of Directors (BoD) Resolution Concerning Shareholders.
Pursuant to the BoD Meeting No.6/2005 held on 11 November 2005, Tongkah Harbour Public Company Limited (THL) hereby informs the Stock Exchange of Thailand (SET), Shareholders and Investors regarding its Boards Resolution as follows:
1) The Board of directors (BoD) approved the audited account for the third quarter ending 30 September 2005 which was reviewed and recommended by Audit Committee.
2) THLs BoD has agreed to the Managements proposal that, in order to alleviate the uncertainty concerning the listing status of THL shares on the SET, the Shareholders of THL be given the alternative to trade THL shares through the introduction of THL shares to the Alternative Investment Market (AIM), which is a multi-billion pound sterling capital market of the London Stock Exchange.
3) The proposed introduction to trade on the AIM is subject to tabling of the matters mentioned below to the BOD for its consideration and recommendation to the Shareholders for approval at an EGM:
a) The costs and fees.
b) Legal and nominated financial advisors (Nomad) opinion.
c) The Admission Document and relevant filings.
d) Timetable of the listing procedures.
4) It is acknowledged that:
1. The report by Management that the introduction to trade THL shares on AIM is not envisaged to be a difficult exercise given that: a) the Company has a 99 year history directed by an experienced team of competent directors and advisors, a) committed team of experienced managers, b) a major gold mining project now in full progress toward production, c) a widespread share holding of more than 4,000 shareholders many of whom are international institutions, investment funds and companies, and, d) no new capital share issue for funds is currently involved and, therefore, no necessity of underwriters nor prospectus except an Admission Document.
2. There will be requirements for a sponsoring broker, legal advisors and Nomad.
3. Concerning progress of the gold project: a) all infra structures and earth works are mostly completed, b) construction of buildings is in progress, c) four of the nine leaching tanks are completed, d) the ball mill was shipped on 11 November 2005 from Freemantle, Western Australia, e) the crusher is ready for shipment from Finland on 15 November 2005, and, f) and all other equipment and machinery are scheduled to be on site before the end of the year. All mining machinery and equipment are already on site. Gold production will begin during the first quarter of 2006. Also, a second mill (ball mill) with all attachments has been acquired for fabrication for the planned second stage of production involving the primary ore processing. All the above have been established within the allocated budget.
4. THLs management and engineering advisors now consider that it is technically viable to mine the offshore tin deposit of some 50,000 tons of tin (at 30 to 70 meters depth) about 30 kilometers off the coast of Takuapa in Southern Thailand. Mining plans have been filed by Sea Minerals Limited (SML) in which the Company holds 83.6% of the total shares. Negotiations are ongoing to reduce current royalty rates of over 20% (ironically due to substantial tin price increases) to internationally competitive rates (for example: Indonesia- 3.0%, Australia- 2.5%). Upon a competitive rate being finalized, SML will take steps to be listed on the AIM.
5. The corporate management plans to list Tungkum Ltd (TKL) on AIM. The Company holds an effective 98% share holding on TKL.
Pleased be informed accordingly.
Yours faithfully,
(Mr. Ronald Ng Wai Choi)
Managing Director
2) The Loei Gold Project
(18 December 2005)
Site development and construction at the Loei gold project is in full swing with concentration is now on concrete foundation constructions for plant installations, steel tank construction, and completion of the tailings dam.
1. Rock Crusher, The Crusher, the Major apparatus in preparing the ore for the mill, has been ordered and due for shipment from Europe to Thailand around 15 Novemer.
2. SAG Mill Transport, The SAG mill is now in Thailand (shipped from Fremantle) and in transit to the mine site Other auxiliary equipment for the plant including various pumps are now waiting on shipping arrangements from Fremantle.
3. Steel Fabrication and Design, is currently in progress in Thailand pursuant to negotiations with experienced Thai firms experienced in the required work. The main items such as the leach tanks (9 in all) are now under construction on site.
4. Electricity and Water, The electric power supply system has been completed and is presently waiting on the arrival and installation of additional transformers which is now in progress. The water supply bore holes have been completed and work on the reticulation system will soon be started using locally made pipes and fittings.
5. Explosive Storage Magazines, Construction of the magazines has been completed in accordance with environment regulations and storage requirements.
6. Processing Chemicals and Furnaces, Pursuant to negotiations with experienced Thai companies, orders are now in place for the various chemicals used in the gold extraction process, and also fro furnaces which will be made locally.
7. Installation Supervision, The engineering firm of Claymore and Associates, Perth, Australia, well experienced in gold processing plant construction, have been appointed to supervise the processing plant installations through to commissioning. Currently, Claymore has been supervising the acquisition and preparation of equipment purchased in Australia.
8. Construction Schedule, The processing plant development, already in progress, will get into high gear with further arrival of equipment from Australia and completion of key fabrications now in progress locally. Given no serious delays in the planned construction schedule, construction will be completed and commissioned in early 2006. Production will be subject to obtaining final approvals for commencement from the Department of Primary Industry and Minerals (DPIM).
3) Offshore Tin Mining
Pursuant to THLs belief that royalty rates will be revised downward in the near future enabling profitable offshore mining operations to resume, the Company stands to benefit greatly as tin prices are expected to remain buoyant. In January this year, THL increased its share holding in Sea Minerals Limited (SML) to 83.7%. SML holds a deep-sea offshore tin mining concession in the Andaman Sea on which extensive exploration and evaluation work had been done dating back to 1988.
As the controlling share holder and operator of SML, THL has filed for a mining license covering 50,000 rai (8,000 hectares) with ore resources estimated at approximately 148.4 million cubic meters of ground averaging about 0.262 kg/cu m of cassiterite. Currently negotiations are in progress with deep water-mining engineering expertise concerning the most suitable mining methods, and also with third party economic evaluation expertise concerning resource verification for bankable feasibility purposes.
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