Novastar Resources Joins Consortium for Pre-Conceptual Design Phase to Build Next Generation High-Temperature Reactor in Texas.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Novastar Resources Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NVAS NVAS Netview Access Services ), a commercial mining firm engaged in the exploration of Thorium thorium (thôr`ēəm) [from Thor], radioactive chemical element; symbol Th; at. no. 90; at. wt. 232.0381; m.p. about 1,750°C;; b.p. about 4,790°C;; sp. gr. 11.7 at 20°C;; valence +4. , Platinum Group The platinum group (alternatively, the platinum group metals or platinum metals) is a collective name sometimes used for six metallic elements clustered together in the periodic table. Metals, and Rare Earth Metals has today announced that it has joined forces with General Atomics General Atomics is a nuclear physics and defense contractor headquartered in San Diego, California. Among other things, it is the manufacturer of the Predator unmanned aerial vehicle (UAV). (GA), The University of Texas System and the University of Texas of the Permian Basin The University of Texas of the Permian Basin (commonly called UT Permian Basin or simply UTPB) is located in Odessa, Texas. It was authorized by the Texas Legislature in 1969 and founded in 1973. Its fall 2006 enrollment was 3,480. (UTPB UTPB University of Texas of the Permian Basin (Odessa, TX) ) in Odessa, Texas Odessa is a city located primarily in Ector County, of which it is the county seatGR6, in the U.S. state of Texas. Some of its city limits extend into adjacent Midland County. for the pre-conceptual design phase (PCD PCD polycystic disease. ) to build a next generation high-temperature reactor in Andrews County, Texas Andrews County is a county located in the U.S. state of Texas. As of 2000, the population is 13,004. Its county seat is Andrews6. Andrews is named for Richard Andrews, a soldier of the Texas Revolution. . Novastar Resources will participate in this project through Thorium Power, Inc., with which it has recently entered into a definitive merger agreement. Thorium Power is a party to a teaming agreement for completion of the PCD planning and documentation. In addition to Thorium Power, General Atomics, UT System and UTPB, other parties to the teaming agreement include UT-Austin, UT-Arlington, UT-Dallas, UT-El Paso, the City of Andrews, Texas Andrews the county seat of Andrews County in the U.S. state of Texas within the West Texas region. As of the 2000 U.S. Census, the city population was 9,652. Along with Midland and Odessa, these cities form the West Texas Tri-Cities—officially defined by the U.S. , the Midland Development Corporation, and the Odessa Development Corporation. The proposed test reactor facility, known as the High-Temperature Teaching and Test Reactor ("HT3R"), would be based on the next generation high-temperature helium-cooled reactor design developed by General Atomics. The facility is intended to have three primary experimental uses: (1) Nuclear research on the fuel cycle, including research on proliferation resistant thorium-based fuels, (2) a Brayton Cycle Brayton cycle A thermodynamic cycle (also variously called the Joule or complete expansion diesel cycle) consisting of two constant-pressure (isobaric) processes interspersed with two reversible adiabatic (isentropic) processes. laboratory for development of new methods to produce electricity with increased efficiencies, and (3) High-temperature process and materials laboratory. Jim Wright, project coordinator at UTPB stated that "high temperatures of the test reactor can convert water directly to hydrogen without using a catalyst, generating no waste product in the process and providing the most efficient way to get hydro-powered cars and houses on the market." Another potential application for high temperatures generated by this type of reactor is coal liquefaction Coal liquefaction The conversion of most types of coal (with the exception of anthracite) primarily to petroleumlike hydrocarbon liquids which can be substituted for the standard liquid or solid fuels used to meet transportation, residential, commercial, and , when coal is converted into liquid fuels like gasoline or diesel." The PCD phase is estimated to cost approximately $3 million and is expected to take about six months to complete. The main purpose of the PCD phase is to develop a complete documentation package for the proposed reactor facility, including a technical and design plan for the HT3R, a business plan for management and operation of the HT3R, and an academic plan for UTPB's role as host institution of the HT3R. After the PCD phase has been completed, the project participants will make a decision whether to move forward with the HT3R by seeking additional funding for engineering, licensing, construction and operation of the project. Under the terms of the teaming agreement, Thorium Power will be responsible for contributing to the specific thorium fuel designs that will be addressed in the PCD. In addition, to the extent that the PCD may address issues particular to the use of thorium fuel experiments in conjunction with hydrogen generation experiments, Thorium Power will provide its expertise to General Atomics. Thorium Power will contribute $1.25 million toward the PCD phase of the project. Thorium Power, Inc. President Seth Grae commented, "Until now, Thorium Power has been focusing its research and development efforts on proliferation resistant thorium-based nuclear fuels for existing light water reactors around the world. Our participation in the HT3R reactor project gives us a great opportunity to explore a modified version of our proliferation resistant thorium-based fuels for use in next generation of reactors. Other possible applications for this high-temperature reactor, particularly in the area of hydrogen production and coal liquefaction, make our involvement in this project at this early stage even more worthwhile." About Thorium Power, Inc. Thorium Power, Inc. was founded in 1992 to develop technology invented by Dr. Alvin Radkowsky, the first chief scientist of the U.S. Naval Reactors program under Admiral H.G. Rickover from 1950-1972 and head of the design team of the first commercial nuclear power plant in Shippingport, Pennsylvania. The Company was formed to develop and deploy nuclear fuel designs developed by Dr. Radkowsky to stop the production of weapons suitable plutonium and eliminate existing plutonium stockpiles. Thorium Power, Inc. has been collaborating with nuclear scientists and engineers at Russia's prestigious Kurchatov Institute since 1994. For more information, please visit: www.thoriumpower.com. About Novastar Resources Novastar Resources Ltd. is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. within the commercial mining sector and is a significant commercial mining source of Thorium, a naturally occurring metal that can be used to provide nuclear energy, with non-proliferation, waste, and economic advantages, in comparison to standard Uranium fuels. The company's stock is traded and quoted on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol NVAS. Further information is available on the company's website at www.novastarresources.com. About UT System The UT System is one of the nation's largest higher education systems with 15 campuses, including nine academic and six health institutions, and an annual operating budget of $9.6 billion (FY 2006). Student enrollment exceeds 184,000 in the 2005 academic year. The System employs more than 76,000 faculty, researchers, health care professionals and staff. UT System website: www.utsystem.edu About UT Permian Basin Created in 1969 as an upper-level university, UT Permian Basin began offering a full four-year undergraduate curriculum in 1991, and now provides 28 undergraduate and 17 graduate degree programs. The University's evolution from a purely commuter campus to a more traditional residential campus involves a growing number of traditional students that reflect the changing demographics of the region. UTPB recently was awarded grants to set up a center as a Hispanic-Serving Institution. UTPB web site: www.utpb.edu Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives and other 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. 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. Novastar Resources Ltd. (OTC Bulletin Board:NVAS) |
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