EXHIBIT
99.1
FOR
IMMEDIATE RELEASE
THORIUM
POWER SIGNS NEW AGREEMENT WITH
RUSSIA’S
KURCHATOV INSTITUTE
Reconfirms
Strategic R&D Relationship and Secures Worldwide Rights to Technical
Data
McLEAN,
Va., December 31, 2007 — Thorium Power Ltd. (OTC Bulletin Board: 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.”
About
Thorium Power, Ltd.
Based
in
McLean, VA, Thorium Power, Ltd. is a nuclear energy pioneer and the leading
provider of low-waste, non-proliferative nuclear fuel technology for existing
and future reactors. The Company's technologies include nuclear fuel designs
optimized to address key concerns about traditional nuclear power, including
nuclear proliferation and nuclear waste. Thorium Power plans to license its
technologies to commercial and government owned reactor operators and nuclear
fuel fabricators aiming to benefit from thorium-based fuels. The Company is
targeting new reactors in countries without a nuclear industry today, as well
as
currently operating and new reactors in countries with an established industry.
Thorium Power is also leveraging its nuclear technology, business and regulatory
expertise and relationships by offering services to commercial entities and
governments looking to establish or expand nuclear industry capabilities and
infrastructure. In addition to leveraging its International and Technical
Advisory Boards comprised of key national and international leaders in the
fields of nuclear energy, finance, government affairs, non-proliferation and
diplomacy, the Company maintains long-standing relationships with leading
Russian nuclear entities, providing expert resources and facilities for its
nuclear fuel development activities. To support the implementation of its
business model, Thorium Power has plans to form partnerships with various types
of participants in the nuclear industry, allowing the Company to address
multiple nuclear reactor types internationally.
DISCLAIMER
This
press release may include certain statements that are not descriptions of
historical facts, but are forward-looking statements. These forward-looking
statements may include the description of our plans and objectives for future
operations, assumptions underlying such plans and objectives, statements
regarding benefits of the new agreement with Kurchatov and other statements
identified by forward-looking terminology such as "may," "expects," "believes,"
"anticipates," "intends," "expects," "projects" or similar terms, variations
of
such terms or the negative of such terms. There are a number of risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements made herein. Such information is based upon various
assumptions made by, and expectations of, our management that were reasonable
when made but may prove to be incorrect. All of such assumptions are inherently
subject to significant economic and competitive uncertainties and contingencies
beyond our control and upon assumptions with respect to the future business
decisions which are subject to change. Accordingly, there can be no assurance
that actual results will meet expectations and actual results may vary (perhaps
materially) from certain of the results anticipated herein. Reference is made
to
the risk factors contained in our latest annual report as filed with the
Securities and Exchange Commission. These factors may cause actual results
to
vary from the forward-looking statements contained in this release.
Further
information is available on Thorium Power, Ltd.'s website at http://www.thoriumpower.com
Contact:
For
more
information:
Peter
Charles
Thorium
Power, Ltd.
Ph:
(703)
918-4932
Email:
ir@thoriumpower.com