Ditem: Sinosteel Suspends Agreement
12 November 2008 - 12:30AM
Marketwired
Ditem Explorations (TSX VENTURE: DIT) announces that Sinosteel
Mining Company, a wholly owned subsidiary of Sinosteel Corporation,
has advised that it has suspended proceeding with the proposed
master joint venture agreement. In a letter to Ditem, Sinosteel
stated that because of the current financial crisis, they are
suspending until the investment environment turns positive.
It will be remembered that Ditem and Sinosteel signed an MOU in
December of 2007 and a Letter of Intent in April 2008. In
September, a Sinosteel delegation came to Montreal for final
discussions and property visits. A general master agreement was
approved in principle by both parties and a signing date for the
master joint venture agreement was tentatively proposed for early
November, either before or during the China Mining Conference.
"We are disappointed that the Sinosteel project has been
suspended," said Ditem president and CEO, Mr. Raymond Savoie.
"However, and in the meantime, the Company plans to move ahead with
its projects and new opportunities. We have sufficient funds,
excellent properties, new projects and we believe that the
agreement with Sinosteel may resume when it is possible for them to
do so."
Ditem Explorations (52 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.
The TSX Venture Exchange has neither approved nor disapproved
the information contained in this press release.
Contacts: Ditem Explorations David Vincent 514-875-9034
david.vincent@ditem.com www.ditem.com
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