Thorium Power Joins Delegation Assessing Poland's Nuclear Power Industry.
Novastar Resources Ltd. today announced that Thorium Power Inc. joined a delegation of leading developers and providers of nuclear fuels and nuclear power plants on a fact-finding mission to Poland last week.
The delegation, which included Westinghouse Electric Company and the Pebble Bed Modular Reactor Company (PBMR), had been invited to tour the Polish nuclear institute at Swierk and hold meetings with senior government officials.
In February 2006, Novastar Resources announced the signing of a definitive merger agreement with Thorium Power. Once completed, Thorium Power will become a wholly owned subsidiary of Novastar Resources. The combined company will operate under the name Thorium Power Ltd. The completion of the merger, which has been approved by the board of directors of both companies, is expected sometime in the early fourth quarter of calendar year 2006.
The Thorium Power team was led by President and CEO Seth Grae and Board of Directors Chairman Ambassador Thomas Graham Jr. The meetings with Polish officials, key scientists, and business leaders in the energy field focused on how cutting-edge nuclear technologies can address several of Poland's critical needs, including power generation and the liquefaction and gasification of stony coal.
"Poland is well poised to become a center for new nuclear technologies," said CEO Grae. "Thorium Power is the leading proliferation resistant nuclear fuel designer in the world and we believe we can play an important role in helping Poland achieve this goal. Our discussions with senior officials of the government have convinced me that Poland has a well thought out vision of how to address its energy future."
Thorium Power and the other members of the delegation are currently in follow-up discussions with the government of Poland relating to possible joint venture partnerships.
Thorium Power was founded in 1992 to develop technology invented by Alvin Radkowsky, the first chief scientist of the U.S. Naval Reactors Program and lead designer of the first commercial nuclear power plant. Thorium Power develops nuclear fuel technologies to stop the production of weapons-usable plutonium and eliminate existing plutonium stockpiles. In order to achieve these objectives, Thorium Power collaborates with leading experts in nuclear energy and non-proliferation in the U.S. and abroad, including scientists at Russia's leading nuclear research center, the Kurchatov Institute.
Novastar Resources Ltd. is a publicly traded company within the commercial mining sector and is a commercial mining firm engaged in the exploration 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.
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|Date:||Sep 18, 2006|
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