• Thistle Mining Inc. ("the Company" or "Thistle") was originally incorporated as Ourominas Minerals Inc. under the Business Corporations Act (Yukon, Canada) on April 26, 1996. Articles of Amendment were filed on April 13, 1999 to effect the name change to Thistle Mining Inc.

    During 1999 and 2000, a series of corporate transactions saw the eventual 100% acquisition of Philippine Gold Plc incorporated in the United Kingdom which was then renamed Philippine Gold Limited ("PGO"). PGO holds an interest in the Masbate Gold Project in the Philippines for which a feasibility study was published on 15 May 2006.

    On January 31, 2007, the Company and CGA Mining Limited ("CGA") (ASX: CGX and TSX: CGA) entered into a Sale and Purchase Agreement for the sale of Thistle's shareholding in PGO and its other interests in the Masbate Project. The transaction closed on March 19, 2007 whereupon Thistle received 40,985,538 CGA shares (25.4% interest), as part of the consideration payable, which are held by Toowong Mining BV, a wholly owned Dutch subsidiary of Thistle.

    In February 2002, the Company, through its wholly owned subsidiary Dissel Holdings SA Limited, acquired a 100% interest in President Steyn Gold Mine (Free State) (Pty) Limited ("PSGM") in South Africa, and was transformed into a producing gold mining group. At that stage PSGM owned and operated five shafts in the Free State region of South Africa.

    2004 was a very difficult year for mining in South Africa as the Rand continued to strengthen, putting intense pressure on the gold mining industry and especially on the marginal gold producers. Operationally, PSGM also had difficulties. Changes to senior management were necessary and a major re-planning exercise was started in the second quarter of 2004 which resulted in No. 7 shaft being put on care and maintenance, mining being stopped at a number of low-grade working sites and the focus being changed to the mining of a higher grade ore. However, operations in the fourth quarter of 2004 were disrupted by an underground fire and the further strengthening of the Rand.

    On October 28, 2004, Thistle received written notification of default from Standard Bank London Limited on its credit facilities. On November 8, 2004, Standard Bank London Limited and The Standard Bank of South Africa Limited transferred their interest in certain senior finance documents (including a senior credit agreement) to Meridian Capital Limited. On that same day, Standard Bank London Limited withdrew the notice of default.

    Subsequent to defaults made, Meridian Capital Limited held a series of meetings with certain Noteholders following which a significant number agreed to the implementation of a restructuring plan and the Company embarked on the Companies' Creditors Arrangement Act ("CCAA") process.

    The CCAA process was completed on June 30, 2005 following which Casten Holdings Limited and MC Resources Limited became the principal creditors of the Company and own collectively 70% of the equity. The balance of the equity was owned as to 25% by former creditors, including the secured loan note holders and as to 5% by former equity shareholders.

    Following implementation of the Plan implemented under the CCAA, the Company adopted "fresh start" accounting. Accordingly the assets and liabilities were recorded at their fair values at the date of emergence from the Company's reorganization proceedings, which was 30 June 2005.

    In early in 2005, it was decided to put No. 9 shaft at PSGM on care and maintenance. Following completion of the restructuring of Thistle under the CCAA on June 30, 2005 the new board of directors of Thistle appointed Gerrit Maritz Kennedy effective August 1, 2005 as Thistle's new Chief Executive Officer and Andreas Johannes Graetz effective July 1, 2005 as Thistle's new Chief Financial Officer.