Thor Mining PLC BOARD CHANGES (5134Z)
December 15 2017 - 6:22AM
UK Regulatory
TIDMTHR
RNS Number : 5134Z
Thor Mining PLC
15 December 2017
15 December 2017
THOR MINING PLC
BOARD CHANGES
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR), are pleased to advise of changes to the board of
directors of the Company.
Thor Mining has made considerable progress of late, with
significant project advancement and a shift to focusing on the
commercialisation of our key interests, alongside assessing high
impact additional opportunities. The Board has thus decided to
appoint a further mining industry professional to the Board to
assist project development and commercialisation activities.
The role to be filled is expected to be an additional Executive
Director and the candidate is currently undergoing standard due
diligence expected of all AIM company proposed directors. A further
update will be provided when due diligence is completed.
Further, in recognition of progress achieved, including the
Company's more robust financial position, and to allow him to focus
on his other increasingly time consuming business interests,
Gervaise Heddle has stepped down as Non-Executive Director of the
Company, with effect from 14 December 2017.
Mick Billing, Executive Chairman, commented:
"The Company had identified a requirement for a full time mining
executive at board level to help drive the strategy of
commercialisation of our key advanced assets and as it assesses new
opportunities, including the potential for lithium and conglomerate
hosted gold in the Pilbara Region of Western Australia."
"I would like to thank outgoing director Gervaise Heddle, who
has resigned due to demands associated with executive
responsibilities elsewhere. He has been a source of sound
commercial advice during his tenure. We wish Gervaise well and are
grateful for his service."
"Thor is actively finalising various project specific work
activities and we anticipate further updates will be provided to
the market in this regard in the near term."
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining Executive
1935 PLC Chairman
Ray Ridge +61 (8) 7324 Thor Mining CFO/Company
1935 PLC Secretary
Colin Aaronson/ +44 (0) 207 Grant Thornton Nominated
Daniel Bush/ 383 5100 UK LLP Adviser
Richard Tonthat
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
413 500
Tim Blythe/ Camilla +44 (0) 207 Blytheweigh Financial
Horsfall 138 3222 PR
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.
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.
About Thor Mining PLC
Thor Mining PLC is a resources company quoted on the AIM Market
of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the
Northern Territory of Australia, for which an updated feasibility
study in 2015(1) suggested attractive returns. Thor also holds 100%
of the Pilot Mountain tungsten project in Nevada USA which has a
JORC 2012 Indicated Resources Estimate(2) on 1 of the 4 known
deposits.
Thor is also acquiring up to a 60% interest Australian copper
development company Environmental Copper Recovery SA Pty Ltd, which
in turn holds rights to earn up to a 75% interest in the mineral
rights and claims over the portion of the historic Kapunda copper
mine in South Australia recoverable by way of in situ recovery.
Thor also holds a production royalty entitlement from the Spring
Hill Gold project(3) 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 produced from the Spring Hill
tenements where the gold produced is sold for amounts over A$1,500
per ounce.
Notes
-- (1) Refer ASX and AIM announcement of 12 January 2015
-- (2) Refer AIM announcement of 22 May 2017 and ASX announcement of 23 May 2017
-- (3) Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016
-- At the date of this announcement gold is trading at approximately A$1,650/oz
This information is provided by RNS
The company news service from the London Stock Exchange
END
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