thorium

Oct 03, 2008 14:13 ET
Thorium Power Hails Legislative Breakthroughs

Recognizes U.S. Senate Approval of US-India Civilian Nuclear Cooperation Agreement and Introduction of "Thorium Energy Independence and Security Act"

MCLEAN, VA--(Marketwire - October 3, 2008) - Over the last three days, the U.S. Senate approved the landmark US-India Civilian Nuclear Cooperation Agreement and Senators Hatch and Reid introduced the "Thorium Energy Independence and Security Act of 2008." The former opens the way for U.S. companies to seek opportunities in India's $150 billion nuclear market while the latter paves the way for thorium-fueled nuclear reactors in the United States, allocating $250 million over five years for thorium fuel research at the U.S. Department of Energy. Following are remarks by Thorium Power, Ltd. (OTCBB: THPW) on this week's legislative milestones:

Seth Grae, Thorium Power's President and CEO, stated: "This is a historically significant week for the U.S. and global nuclear industries. We applaud the Senate's approval of the landmark US-India civilian nuclear cooperation agreement. We also recognize Senators Hatch and Reid for introducing bipartisan legislation that promises to advance the nuclear renaissance here in the United States. From Washington, DC to New Delhi, there is growing support for innovative, nuclear fuel designs that practically address increasing energy demands while adhering to the highest non-proliferation standards."

Amb. Dennis Hays, Thorium Power's Vice President and Director of Government Affairs, added: "We are greatly encouraged by the recent congressional actions. These legislative milestones highlight the increasing interest in non-proliferative solutions and the many benefits of the thorium fuel cycle. As such, they directly support our ongoing mission to implement safe, smart nuclear power while establishing a new standard in non-proliferation. India is an exciting new market with a longstanding interest in thorium fuel. We look forward to accelerating our ongoing discussions with key Indian entities."

Secretary Rice is expected to sign the "123 Agreement," which will operationalize the deal, during her visit to New Delhi this weekend. The State Department press releases and the full text of the legislation may be accessed via the following links:

http://www.state.gov/secretary/rm/2008/10/110581.htm

http://www.state.gov/secretary/rm/2008/10/110554.htm

http://www.govtrack.us/congress/billtext.xpd?bill=h110-7081

The Senate is expected to continue procedural deliberations on the "Thorium Energy Independence and Security Act of 2008." Following is a link to Senator Hatch's press release, which includes comments by Seth Grae:

http://hatch.senate.gov/public/index.cfm?FuseAction=PressReleases.Detail&PressRelease_id=bf8479e9-1b78-be3e-e031-1635aee6efa9

About Thorium Power, Ltd.

Thorium Power (OTCBB: THPW) is a pioneering U.S. nuclear energy company based in McLean, VA. The Company develops non-proliferative nuclear fuel technology and provides comprehensive advisory services for emerging nuclear programs based on a philosophy of transparency, non-proliferation, safety and operational excellence. Thorium Power's technologies, which are aimed at both existing and future reactors, include nuclear fuel designs optimized to address key concerns regarding traditional nuclear power, including proliferation of weapons usable nuclear materials and reduction of nuclear waste. The Company maintains a seasoned team with unparalleled experience from the nuclear energy industry, regulatory and government affairs, non-proliferation and diplomacy. It leverages those broad and integrated capabilities by offering consulting and strategic advisory services to commercial entities and governments with a need to establish or expand nuclear industry capabilities and infrastructure. Thorium Power also maintains long-standing relationships with leading Russian nuclear entities, providing expert resources and facilities for its nuclear fuel development activities. The Company enters into partnerships with participants in the global nuclear industry, allowing it to address a wide range of international opportunities.

DISCLAIMER

This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, statements regarding benefits of new agreements and other statements identified by 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. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. 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. Reference is made to the risk factors contained in our latest annual report as filed with the Securities and Exchange Commission. These factors may cause actual results to vary from the forward-looking statements contained in this release.

Further information is available on Thorium Power, Ltd.'s website at http://www.thoriumpower.com