Thor Mining PLC SPRING HILL SALE SETTLEMENT COMPLETION (1842X)
February 17 2017 - 4:06AM
UK Regulatory
TIDMTHR
RNS Number : 1842X
Thor Mining PLC
17 February 2017
17 February 2017
THOR MINING PLC
SPRING HILL SALE SETTLEMENT COMPLETION
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR) is pleased to advise of the completion of the sale
process of the Company's residual interest in the Spring Hill Gold
project.
Formal documents for completion have been executed and final
settlement funds of A$1,500,000 have been received.
Mr Mick Billing, Executive Chairman, commented:
"We are very pleased with the completion of the Spring Hill sale
agreement. The A$1,500,000 in final consideration received will
allow us to accelerate our exciting exploration programmes,
starting with the Pilot Mountain drilling program, due to commence
within the next two weeks, and the new drilling programme planned
at the Dundas gold project in the first half of 2017."
"The strengthened balance sheet will also provide us with much
greater financing flexibility as we continue to assess new project
opportunities.
"Based on work carried out to date, we believe that PC Gold
plans to advance the Spring Hill gold project into production in
the medium term, an outcome which would generate a potentially
substantial royalty stream for Thor."
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, remained due for settlement in
February 2017.
Going forward, Thor is entitled to receive a royalty from the
Spring Hill project 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$1,610/oz, and has traded above A$1,500/oz for the
past 12 months.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
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
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