THORIUM
POWER ENTERS INTO A FOLLOW-ON AGREEMENT FOR
CONSULTING
AND STRATEGIC ADVISORY SERVICES WITH FOREIGN
GOVERNMENT-OWNED
ENTITY
Company
to Oversee High-Priority Planning Activities for
Foreign
Nation's New Nuclear Energy Program
McLEAN,
Va. — March 18, 2008 — Thorium Power Ltd. (OTC Bulletin Board: THPW),
the
leading developer of non-proliferative nuclear fuel technology and provider
of
comprehensive advisory services for emerging nuclear programs, today announced
that it has entered into a follow-on agreement for consulting and strategic
advisory services with a foreign government-owned entity. Thorium Power will
manage high-priority planning activities in the country’s feasibility evaluation
of a future nuclear energy program.
The
new
agreement follows a $5 million USD agreement with the same entity announced
by
Thorium Power on December 3, 2007 for a 15 week effort to develop a roadmap
with
recommendations related to timelines, organizational structure and priorities
for subsequent phases of the country’s future nuclear energy program. The terms
of the follow-on agreement call for an upfront payment by March 31, 2008 of
professional fees to Thorium Power of $4.285 million USD for the 3 month effort.
Expenses, capped at 20% of professional fees, will be billed
separately.
The
scope
of services under the agreement has been defined in consultation with
appropriate authorities in the U.S. government in compliance with all applicable
U.S. export controls. As previously stated, Thorium Power intends to communicate
additional details about the client relationship once certain governmental
tasks
are completed in both countries relating to potential additional work.
Seth
Grae, CEO of Thorium Power, stated, “We are pleased to see our client’s
confidence in our capabilities reaffirmed with this new agreement. Our team
includes expertise in technology, reactor procurement and deployment, and
international relations. As we recently announced, our team also includes
leading nuclear regulatory specialists. We are currently in the process of
adding additional management and experts from the nuclear energy industry to
our
organization.”
Erik
Hallstrom, COO of Thorium Power, added, "The new agreement further validates
our
new consulting business aimed at providing strategic advice for emerging nuclear
energy programs. We offer unique and innovative solutions for such markets,
differentiated from other service providers through integrated advice across
a
wide range of competence areas and with emphasis on key concerns such as
proliferation, waste, and economics. We believe that our consulting and
strategic advisory services add an attractive and scalable business component
to
Thorium Power. Overall, we are positioned to capitalize on the nuclear
renaissance by pursuing a knowledge-based strategy with a combination of
immediate consulting revenue and subsequent technology opportunities.”
About
Thorium Power, Ltd.
Thorium
Power (OTCBB: THPW) is a pioneering U.S nuclear energy company based in McLean,
VA. The Company develops
non-proliferative nuclear fuel technology and provides comprehensive advisory
services for emerging nuclear programs based on a philosophy of transparency,
non-proliferation, safety and operational excellence. Thorium
Power’s technologies, which are aimed at both existing and future reactors,
include nuclear fuel designs optimized to address key concerns
regarding traditional nuclear power, including proliferation of weapons
usable nuclear materials and reduction of nuclear waste. The Company
maintains a seasoned team with unparalleled experience from the nuclear energy
industry, regulatory and government affairs, non-proliferation and diplomacy.
It
leverages those broad and integrated capabilities by offering consulting and
strategic advisory services to commercial entities and governments with a need
to establish or expand nuclear industry capabilities and infrastructure. Thorium
Power also maintains long-standing relationships with leading Russian nuclear
entities, providing expert resources and facilities for its nuclear fuel
development activities. The Company seeks and forms partnerships with
participants in the global nuclear industry, allowing it to address a wide
range
of international opportunities.
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.
Tel:
(703) 918-4932 Email: ir@thoriumpower.com