Exhibit 99.1
Thorium Power
Enters Into $5 Million
Consulting and Strategic Advisory Services Agreement
With Foreign Government-Owned Entity
Company Selected to Assist in the Development
of a Roadmap for Foreign Nation’s New
Nuclear Energy Program
McLean,
Virginia — December 3, 2007 — Thorium Power Ltd.
(OTCBB: THPW) , the
leading developer of low-waste, non-proliferative nuclear fuel
technology for existing and future reactors, today announced that
it has entered into a consulting and strategic advisory services
agreement with a foreign government-owned entity to develop a
roadmap as the first phase of a feasibility study for a prospective
program to deploy civilian nuclear power plants. The roadmap will
include recommendations related to timelines, organizational
structure and priorities for subsequent phases of the
program.
The terms of
the agreement call for an initial payment to Thorium Power of $5
million USD at the start of the first 15-week phase of the
feasibility study on November 30, 2007.
The agreement
also provides a framework for a subsequent consulting engagement
for the second phase of the feasibility study, which will be
mutually agreed to by the Parties. The scope of the services under
the agreement have been defined in consultation with appropriate
authorities in the US government in compliance with all applicable
U.S. export controls. Thorium Power intends to communicate
additional details about the client relationship once certain
governmental steps are completed in both countries relating to
potential additional work.
Thorium Power
was selected after a detailed technical review of the
company’s fuel designs by independent nuclear experts, as
well as an extensive evaluation of the company’s experience
within the global nuclear industry and its expertise in
non-proliferation issues.
Erik
Hallstrom, COO of Thorium Power, stated, “While we have had
our non-proliferative fuel designs undergoing tests in a research
reactor for the past several years, this agreement marks a
milestone for Thorium Power’s commercialization efforts. The
agreement provides validation for our business model, where
consulting and government services are early revenue drivers as
well as important elements in the sales process for our broader
offering.”
Seth Grae, CEO
of Thorium Power added, “Our client clearly recognizes the
broad nuclear expertise and extensive resources offered by Thorium
Power. We believe that our consulting and strategic advisory
services are similarly attractive to many other countries in our
target market. We bring a unique and innovative perspective to the
planning proc
