THINK ENVIRONMENTAL TO ACQUIRE 51% OF A PRODUCING GOLD MINE IN THE MONGOLIAN REPUBLIC

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1 THE THINK ENVIRONMENTAL CO LTD (Incorporated in Bermuda) 38 Kallang Place, Singapore Tel: (65) Fax: (65) Media Release (For Immediate Release) THINK ENVIRONMENTAL TO ACQUIRE 51% OF A PRODUCING GOLD MINE IN THE MONGOLIAN REPUBLIC With the potential to locate a World Class deposit, the Company plans to commence gold production on its C1 Reserve (under the Russian reporting code) within the next month. The Company has signed a sales and purchase agreement ( S&P ) to acquire a 100% stake in Abundant Minerals Pty Ltd ( Abundant ) which in turn owns a 51% stake in Azargyn Gol Chonot LLC ( Azargyn ), for a total purchase consideration of US$16 million, subject to conditions precedent. Azargyn is the concession holder of the Tsagaan Jalga Project which is a 427 km 2 concession consisting of three exploration licenses and one mining license, and is located in the Bulgan province on the border with Russia and is some 180 km northeast of Erdenet city in the Republic of Mongolia. Resources and Reserves previously reported under the Russian reporting code are classified as P and C1 respectively. A total of 60,000 Oz of gold is reported in the P resource category while 11,400 Oz of gold is reported in the C1 category, within the existing mining license covering 4.07 sq km. SINGAPORE, 23 June 2011 The Think Environmental Co Ltd ( TTEC or the Company ) announced today that it has entered into a sales and purchase agreement with the owner of Abundant Minerals Pty Ltd to acquire a 100% stake in Abundant in order to take a 51% stake in Azargyn Gol Chonot LLC. Azargyn owns a 427 square kilometre concession consisting of three exploration licenses and one mining license at the northern border of the Republic of Mongolia. 1 P a g e

2 The size of the area under the said concessions (the Concession Area ) is more than half of the area of Singapore. About the Tsagaan Jalga Project Known as the Tsagaan Jalga Project, the three exploration licenses and one mining license are located in the Bulgan province and is some 180 km north east of Erdenet City in the Republic of Mongolia. Map of the Tsagaan Jalga Project (License Areas) and Demarcation of Mining and Prospecting Licenses The Resources and Reserves for Tsagaan Jalga have been previously classified into class P and C1 respectively, under the Russian reporting code. 1 A total of 60,000 Oz of gold is reported in the P Resource and 11,400 Oz in the C Reserve category. The Company plans to start trial mining as a lead-up to full production within the next month on the first 11,400 Oz of gold. The P Resource category is roughly equivalent to Inferred Resource and the Reserve category is 1 The Russian reporting code essentially divides mineral concentrations into seven categories, in three major groups, based on the level of exploration performed: fully explored reserves or resources (A, B, C1), evaluated reserves or resources (C2) and prognostic resources (P1, P2, P3). In principle, these follow a succession of approximations that are applied to various stages of exploration. This means that reserves or resources are assigned to classes based on the degree of reliability and indicate their comparative importance for the national economy. 2 P a g e

3 roughly equivalent to Proved or Probable Reserves in more established and widely accepted international reporting codes, and, pending favorable outcomes of the trial mining and verification exercises currently being undertaken, underlines the high confidence in the economic feasibility of the project. It is noted that the previously reported Resources and Reserves are located in the mining license which covers 4.07 sq km, or 1% out of the total concessions area of 427 sq km. In particular, several other large valleys exist in the Concession Area where the alluvial potential has yet to be explored. This is in addition to the hard rock potential that is the source for the alluvials. Potential for a World Class Deposit Underlining the importance of the Tsagaan Jalga Project, Tan Sri Dato Nik Ibrahim Kamil, Executive Chairman of the Company remarked, Besides being production-ready and having a C1 Reserve that can be put into commercial production very soon, Tsagaan Jalga has the potential to locate a World Class hard-rock deposit. This means Tsagaan Jalga is upgraded in priority ahead of our concessions in Mali for early production. We will continue to put effort and resources into locating the source of the alluvial gold deposits on these leases. Besides the existing Resources and Reserves, the Company s geologists regard the exploration upside as significant as it controls the exploration leases that cover the catchment basins around the alluvial workings. From previous satellite imaging surveys, these have good potential to host the source for the alluvial gold and possibly the potential for the discovery of a worldclass deposit. It is worth noting that the Russian side of the Mongolian-Russian border neighbouring the Mongolian concessions have already been significantly mined (see image) along a length of 3.4km. No significant previous 3 P a g e

4 exploration activities are known in these areas and the Company has commenced a significant exploration programme to uncover the source of the alluvial gold on its leases. Small-scale gold production is currently taking place in the Tsagaan Jalga Project, from an extensive alluvial gold deposit, which extends well past the Russian border where large-scale mining is exploiting the same rich seams. This project has undergone previous technical assessments by both Russian and Mongolian geologists and the Company s technical team is currently carrying out a technical due diligence on the data and aims to verify the reported alluvial Resources and Reserves in the next 3 months. Global Concessions Increased As part of the geographical diversification of global licenses, TTEC have secured agreements towards owning a total of sixteen (16) concessions globally (Including the signing of the S&P for the acquisition of the entire issued and paid-up capital of Abundant Minerals Pte Ltd in order to take a majority stake in Azargyn, the concession holder for the Tsagaan Jalga Project). Another ten (10) sites are being assessed for early production, including the present Tsagaan Jalga Project. Further announcements shall be made as and when relevant milestones at each site have been achieved. The following is a summary of the Company s targets and progress made to date: Total Number of Concessions Secured, Global Scale Total Number of Sites Stipulated for early gold mining / production Targets Targeted Date Countries (number of licenses) 20 March 2012 Mali (8) Ghana (3) Philippines (1) Mongolia (4) March 2013 Mali (3) Ghana (3) Philippines (3) Mongolia (1) Progress made to date P a g e

5 Gold Production Per Month Phase 1 3,000 oz March 2012 Tsagaan Jalga in Mongolia has been upgraded in priority and is slated for early production ahead of the concessions in Mali - End - For Media Enquiries please contact Mr Roger Poh Director of Corporate Communications Mobile : roger_poh@thinkenvironmental.com About Think Environmental Limited The Think Environmental Co Ltd is currently an investment holding company focused on investing in and managing businesses that are engaged in renewable energy projects and in the acquisition of gold mining licenses and development of these licenses into physical production. The Company s gold mining licenses are currently located in Mali, Ghana and the Philippines. We have adopted a unique model of financial sustainability based on a two-pronged stategy of accelerating early production in existing mines while amassing concessions in known gold-rich regions. These gold mining licenses are also continuously being explored for potential resource delineation. The Company is in the midst of a corporate transformation which is aimed at investing in and managing entities for the exploration for and exploitation of precious and other minerals, and natural resources. The Company is also in the midst of re-naming itself Liongold Corp Ltd to better reflect the profile of its gold mining endeavours. Under its renewable energy segment, the Company s investments include Industrial Power Technology Pte Ltd (IPT), a leading turnkey supplier of biomass power plants in Southeast Asia. 5 P a g e