Ditem Explorations said Sinosteel Corp’s unit Sinosteel Mining Co has advised the company that it is suspending their joint venture agreement until the investment environment turns positive again.
Ditem and Sinosteel signed an MOU in December 2007 and a Letter of Intent in April 2008. In September, the groups appproved in principle a general master agreement, with a signing date proposed for early November.
"We are disappointed that the Sinosteel project has been suspended," said Ditem president and CEO Raymond Savoie. "However, and in the meantime, the company plans to move ahead with its projects and new opportunities. We have sufficient funds, excellent properties, new projects and we believe that the agreement with Sinosteel may resume when it is possible for them to do so."
Ditem Explorations is a uranium exploration and development company with properties in the Athabasca Basin in Saskatchewan and the Otish Basin in Quebec.