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Fearing nationalization, Tinpo withdraws offer to buy Western Prospector Group uranium rights |
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Thursday, 02 October 2008 |
Canadian-based Tinpo Holdings
Industrial Company Limited announced on Wednesday that it has withdrawn
its offer to acquire Western Prospector Group Ltd. (TSX VENTURE: WNP).
Explaining its actions, Tinpo
officials acknowledged becoming concerned when the National Security
Council (the "NSC") of Mongolia passed a resolution instructing
the government to explore the full nationalization of the uranium industry
in Mongolia. The members of the NSC are the President, the Prime Minister
and the Chairman of the legislature of Mongolia.
In a statement, Tinpo said,
“In light of this, and given that Western Prospector's uranium projects
are all in Mongolia, Tinpo has determined …..to withdraw the offer.
Tinpo remains interested in Western Prospector and hopes the situation
in Mongolia will evolve in a way that would permit a transaction to
occur in the future.”
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