WASHINGTON, July 17, 2006 (PRIMEZONE) -- After nearly six years of stalled US-Russian nuclear cooperation on plutonium, a nuclear material used for making bombs, the US President George Bush and Russian President Vladimir Putin reaffirmed their commitment this week to eliminating excess plutonium, a move welcomed by non-proliferation experts. "The joint announcement addresses one of the most serious threats to our national security today -- the large stockpile of excess weapons grade plutonium in Russia," said Seth Grae, President and CEO of Novastar Resources Ltd. (OTCBB:NVAS), which is in the process of merging with Thorium Power, Inc. "The joint announcement can and should reinvigorate the Plutonium Management and Disposition Agreement of 2000. The two sides agreed that nuclear experts of both nations will work together on a solution," Grae noted.
Thorium Power, an American company founded on American technology, has been working with nuclear institutes in Russia for over a decade and plans to develop near-term and future technologies to effectively dispose of plutonium. In keeping with President Bush and Secretary of Energy Bodman's vision of a Global Nuclear Energy Partnership (GNEP) in which Light Water Reactors will continue to be utilized for the near- and medium-terms, Thorium Power supports the disposal of plutonium in thorium fuel in existing Light Water Reactors such as the Russian VVER-1000 today and highly proliferation resistant thorium fuel in the advanced reactors of tomorrow. Grae added that he is confident that the Secretary's personal involvement in this crucial program bodes well for its success. "Secretary Bodman has a well deserved reputation for getting things done. Thorium Power offers the fastest, safest, most efficient and economical way to dispose of plutonium now and in the future and we look forward to continuing to work with our Russian partners and the Department of Energy to develop fuels to produce electricity in Russia and to keep Russian plutonium from ever being a target for terrorists to acquire."
The joint announcement is available at http://www.energy.gov/media/US_RussiaJointStatementFINAL_071306.pdf
About Novastar Resources
Novastar Resources is a publicly traded company within the commercial mining sector and is a commercial mining firm engaged in the exploration of thorium, a naturally occurring metal that can be used to provide nuclear energy, with non-proliferation, waste and economic advantages, in comparison to standard uranium fuels. Novastar Resources' stock is traded and quoted on the OTC Bulletin Board under the symbol "NVAS.OB". Further information is available on Novastar Resources' website at http://www.novastarresources.com.
About Thorium Power
Thorium Power was founded in 1992 to develop technology invented by Dr. Alvin Radkowsky, the first chief scientist of the U.S. Naval Reactors program under Admiral H.G. Rickover from 1950-1972 and head of the design team of the first commercial nuclear power plant in Shippingport, Pennsylvania. Thorium Power was formed to develop and deploy nuclear fuel designs developed by Dr. Radkowsky to stop the production of weapons suitable plutonium and eliminate existing plutonium stockpiles. Thorium Power has been collaborating with nuclear scientists and engineers at Russia's prestigious Kurchatov Institute since 1994. For more information, please visit http://www.thoriumpower.com.
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