Thor Mining PLC SPRING HILL SALE AND PILOT MOUNTAIN DRILL PROGRAM (3946W)

TIDMTHR

RNS Number : 3946W

Thor Mining PLC

09 February 2017

9 February 2017

THOR MINING PLC

SPRING HILL SALE SETTLEMENT PROGRESS

PILOT MOUNTAIN DRILL PROGRAM STATUS

The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR) is pleased to advise of a significant milestone in the completion of the sale process of the Company's residual interest in the Spring Hill Gold project.

The acquiring entity, PC Gold Pty Ltd, has advised that its exploration and evaluation progress has resulted in its funding partner now committing unconditionally to completion of the acquisition.

Formal document preparation and execution for completion of the sale is in progress, and the Company expects completion and final settlement on time later this month.

The Board also advises that all preparations for the scheduled Pilot Mountain drilling program are complete, and the program will commence as soon as weather conditions permit, with unusually heavy snowfalls temporarily holding up commencement.

Mr Mick Billing, Executive Chairman, commented:

"We are very pleased to move forward with the completion of the Spring Hill sale agreement. The expected final consideration is due this month and this will allow us to conduct some aggressive exploration programs, commencing with the Pilot Mountain drilling program, and to be followed also in the first half of 2017 with drilling at the Dundas gold project".

Spring Hill Sale Background

In February 2016, Thor announced the sale of its Spring Hill Gold project(1) for A$3.5million, of which A$1.5 million for the Company's residual 40% interest, remains due for settlement in February 2017, plus a royalty of:

-- A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and

-- A$14 per ounce of gold(2) produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.

Notes

(1) Refer AIM announcement of 26 February 2016

(2)At the date of this announcement gold is trading at approximately A$1,620/oz, and has traded above A$1,500/oz for the past 12 months.

Enquiries:

 
Mick Billing       +61 (8) 7324    Thor Mining PLC      Executive Chairman 
                        1935 
Ray Ridge          +61 (8) 7324    Thor Mining PLC      CFO/Company 
                        1935                             Secretary 
Colin Aaronson/     +44 (0) 207    Grant Thornton UK    Nominated Adviser 
 Daniel Bush/         383 5100      LLP 
 Richard Tonthat 
Elliot Hance       +44 (0) 207382  Beaufort Securities  Joint Broker 
                    8300            Limited 
Nick Emerson       +44 (0) 1483    SI Capital Ltd       Joint Broker 
 /                    413 500 
 Andy Thacker 
Tim Blythe/         +44 (0) 207    Blytheweigh          Financial PR 
 Camilla              138 3222 
 Horsfall

Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.

This information is provided by RNS

The company news service from the London Stock Exchange

END

UPDLFFSFFVITIID

(END) Dow Jones Newswires

February 09, 2017 02:00 ET (07:00 GMT)

Thor Energy (LSE:THR)
Historical Stock Chart
From Jun 2024 to Jul 2024