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Thorium Power, Ltd. (OTCBB: THPW), is trading higher today on news released from the company. THPW opened at .24 and has hit an intrday high of .265 on very good volume of 2,579,000 shares traded. The news is as follows:
MCLEAN, VA -- (MARKET WIRE) -- 08/01/08 -- Thorium Power, Ltd. (OTCBB: 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 two new agreements for consulting and strategic advisory services.
The agreements are consistent with, and a result of, the UAE policy published in April 2008, for the evaluation and potential implementation of peaceful nuclear energy. Under one agreement, Thorium Power will provide strategic advice for the structuring and launch of Emirates Nuclear Energy Corporation (ENEC), the vehicle of the Government of the Emirate of Abu Dhabi that will develop and oversee nuclear energy development. Pursuant to the other agreement, Thorium Power will provide strategic advice for the development and launch of an independent nuclear regulatory agency in the UAE -- Federal Authority for Nuclear Regulation (FANR). The new agreements provide for pre-payment of $10 million USD upon signing by the government of Abu Dhabi with an additional pre-payment of $7 million USD to be paid upon formation of ENEC and FANR.