Preliminary Results
September 28 2005 - 3:01AM
UK Regulatory
RNS Number:8462R
Thor Mining PLC
28 September 2005
THOR MINING PLC
Preliminary Results for the period ended 30 June 2005
Dated: 28 September 2005
Thor Mining PLC ("Thor" or the "Company") the mineral exploration and
development company focussed on advancing tungsten and molybdenum projects in
the Northern Territory of Australia announces its preliminary results for the
period ended 30 June 2005.
Executive Chairman's operating and financial review
Thor has been established as a mineral exploration and development company
focussed on advancing its molybdenum and tungsten projects in the Northern
Territory of Australia.
Background
Thor's wholly owned subsidiary, Sunsphere, has three groups of resource assets
in the Northern Territory of Australia comprising Molyhil, Thring Creek and
Hatches Creek.
The principal project of the Company is the Molyhil molybdenum-tungsten deposit.
The Molyhil deposit has an indicated resource of 1,530,000 tonnes at 0.32% WO(3)
and 0.19% MoS(2), and an inferred resource of 500,000 tonnes at 0.25% WO(3) and
0.15% MoS(2).
The Directors believe that, based on experience and bulk sampling, mining should
demonstrate head grades exceeding current drill-indicated grades and that the
exploration program outlined in the Prospectus should give scope for an increase
in resource estimates.
Subsequent to the year end the Company has commenced exploration at Molyhil.
Operating review
The Company's initial exploration program involves sinking three shafts and
cross cuts to enable bulk samples to be extracted to evaluate the true head
grade and mineralogical characteristics of the Molyhil deposit. The results will
be utilised to update the current JORC Code compliant resource and provide the
final resource for the pre- feasibility study.
Thor has budgeted to spend approximately #490,000 on its exploration programme
this financial year and #200,000 on a pre-feasibility study.
In September 2005 the sinking of the first shaft and cross cut at Molyhil was
completed. Samples have been crushed and delivered to the analytical laboratory.
Results from the analysis will be available in late September.
The second and third shafts have been sunk to four and thirty metres
respectively and work on these shafts will continue over the next few weeks. It
was anticipated that all field work for the bulk sampling will be completed in
early October and that the new resource will be published in November 2005.
In addition to the work at Molyhil, low level airborne photography and magnetic
surveys have been flown at Hatches Creek to enable an exploration program for
2006 to be finalised. This program will be submitted to the traditional owners
for approval and is anticipated to result in an agreement being executed and
thereafter the grant of title.
At Thring Creek a detailed ground magnetic survey is expected to be undertaken
before the end of the current calendar year. The agreement with the traditional
owners should be executed shortly.
Financial review
Acquisition of Sunsphere
At an extraordinary meeting of Thor held in May 2005 Shareholders approved the
acquisition of Sunsphere from Tennant Creek Gold Limited.
Under the terms of the acquisition Thor acquired Sunsphere for an aggregate
consideration of #0.7million, satisfied by the payment of #250,000 in cash and
#450,000 by the issue of 45,000,000 shares. To fund the cash element of the
consideration, pay associated costs and provide additional working capital, the
Company raised #425,000 by way of a private placing of 42.5 million shares at 1p
per Share.
Admission to AIM
Thor Mining plc was admitted to trading on AIM on 29 June 2005 following the
Placing of 81,675,000 new Ordinary Shares in the company at 2p to raise
approximately #1 .4m, net of expenses.
Post balance sheet developments
During July 2005, the Company entered into an agreement to sell uranium
exploration rights to the prospects in Eastern Arunta Province, Northern
Territory of Australia. Under the agreement Batavia Mining Limited will acquire
an interest in tenements from the Company for an initial payment of AUD 20,000
with a further AUD 250,000 due on the grant of new mining lease applications.
Both elements of the consideration to be settled by the issue of ordinary shares
in Batavia. A 2.5% net smelter return will be payable on future production and
Batavia will also provide an environmental bond of AUD 50,000.
John W Barr was previously chairman of Batavia and Greg Durack is currently the
Managing Director of Batavia. Both parties have an interest in the share capital
of Batavia.
On 25 July 2005 the Company granted 10,000,000 share options at an exercise
price of 3.75 pence per share expiring on 15 June 2009.
Thor has been admitted to the Frankfurt Stock Exchange.
The Directors believe being quoted on the Frankfurt Stock Exchange will provide
the Company with access to the European capital markets.
John W Barr
Executive Chairman
Group Profit and Loss Account
for the period 3 November 2004 to 30 June 2005
2005
#'000
Administrative expenses (99)
Operating loss (99)
Loss on ordinary activities before taxation (99)
Tax on loss on ordinary activities -
Loss for the period (99)
Retained loss for the period (99)
Loss per share - basic 0.15 pence
Continuing operations
All items relate to continuing operations
Group Statement of total recognised gains and losses for the period 3 November
2004 to 30 June 2005
2005
#'000
Loss for the period (99)
Unrealised surplus on foreign exchange 23
Total recognised gains and losses related to the period (76)
Thor Mining PLC
Balance Sheet as at
30 June 2005
Group Company
2005 2005
#'000 #'000
Fixed assets
Intangible assets 685 -
Investments - 700
685 700
Current assets
Debtors 79 1,368
Cash at bank and in hand 1,504 179
1,583 1,547
Creditors: amounts falling due (7) (7)
within one year
Net current assets 1,576 1,540
Net assets 2,261 2,240
Capital and reserves
Called up share capital 182 182
Share premium 1,750 1,750
Foreign exchange reserve 23 -
Merger reserve 405 405
Profit and loss account (99) (97)
Shareholders' funds:
Equity 2,261 2,240
Group Cash Flow Statement
for the period 3 November 2004 to 30 June 2005
2005
#'000
Reconciliation of operating loss to net cash
inflow from operating activities
Operating loss (99)
Increase in debtors (3)
Decrease in creditors (11)
Unrealised exchange gain 23
Net cash outflow from operating activities (90)
CASH FLOW STATEMENT
Net cash outflow from operating activities (90)
Capital expenditure (293)
(383)
Financing 1,887
Increase in cash 1,504
Reconciliation of net cash flow to movement in net debt
Increase in cash in the period 1,504
Change in net debt 1,504
Net funds at 3 November -
Net funds at 30 June 1,504
Notes to the Financial Statements for the period 3 November 2004 to 30 June 2005
1. The Directors are not recommending the payment of an
ordinary share dividend.
2. Loss per share on the net basis is calculated on ordinary
activities after taxation of #99,000 and on 64,360,000 ordinary shares being the
weighted average in issue and ranking for dividend during the period. No diluted
loss per share is presented as the effect of exercise of outstanding options is
to decrease the loss per share.
3. The financial information set out in this Preliminary
announcement does not constitute statutory accounts as defined in section 240 of
the Companies Act 1985.
Results for the period ended 30 June 2005 are abridged from the 2005 Annual
Report and Accounts, which received an unqualified auditor's report and will be
filed with the Registrar of Companies following the Annual General Meeting.
4. The Annual Report will be posted to shareholders week commencing on
26 September 2005. Further copies will be available from the Company's
registered office: 3rd Floor, 55 Gower Street, London WC1E 6HQ.
5. The Annual General Meeting of the Company will be held at the offices
of Ronaldsons, 3rd Floor, 55 Gower Street, London WC1E 6HQ England, on Wednesday
26 October 2005 at 10.00 a.m.
Enquiries:
John W Barr +61 418 912 885 Thor Mining PLC Executive Chairman
John Simpson 020 7512 0191 ARM Corporate Finance Ltd Nominated Adviser
Amanda Harris 020 7618 8534 Conduit PR Public Relations
This information is provided by RNS
The company news service from the London Stock Exchange
END
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