Thor Mining PLC Receipt of Additional Vendor Shares in Hawkstone (6999P)
October 14 2019 - 2:00AM
UK Regulatory
TIDMTHR
RNS Number : 6999P
Thor Mining PLC
14 October 2019
14 October 2019
THOR MINING PLC
RECEIPT OF ADDITIONAL VENDOR SHARES IN HAWKSTONE MINING
LIMITED
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased
to advise that Thor is to receive an additional 7,812,500 ordinary
shares in Hawkstone Mining Limited ("Hawkstone") (ASX: HWK)
following publication of a maiden Mineral Resource Estimate for the
Big Sandy Lithium Deposit in Arizona, USA.
Hawkstone is issuing 125 million ordinary share to the vendors
of the Big Sandy and Lordsburg Lithium projects, which Hawkstone
acquired (details per HWK announcement of 4 July 2018). Of the
total consideration, 50% was payable upon the announcement of a 30
million tonne Lithium Resource at Big Sandy, which was announced by
Hawkstone to the market in an ASX release dated 26 September
2019.
Thor will now hold 15,234,375 ordinary shares in Hawkstone
representing approximately 1.87% of the issued capital of
Hawkstone. Hawkstone's shares are currently trading at
approximately A$0.01 per share.
Mr Mick Billing, Executive Chairman, commented:
"We welcome confirmation from Hawkstone that the Maiden resource
estimate satisfies the requirement for the issue of the additional
shares representing 50% of the sale consideration."
"The additional shares in Hawkstone represents a welcome boost
to the value of our holding."
The latest Hawkstone announcement may be found on the ASX
website via the following link:
https://www.asx.com.au/asxpdf/20191009/pdf/449bfrh61nty69.pdf
Information about Hawkstone and its Big Sandy project can be
found at Hawkstone's website:
http://hawkstonemining.com.au/.
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) 207 383 Grant Thornton UK Nominated Adviser
Richard Tonthat/ Ben 5100 LLP
Roberts
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
Claire Louise Noyce 413 500 Hybridan LLP Joint Broker
/ +44 (0) 203 764
John Beresford-Peirse 2341
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.
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) 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 August 2018(1) suggested attractive returns.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including an Inferred
resource for the Bonya copper deposit(2).
Thor also holds 100% of the Pilot Mountain tungsten project in
Nevada USA which has a JORC 2012 Indicated and Inferred Resources
Estimate(3) on 2 of the 4 known deposits. The US Department of the
Interior has confirmed that tungsten, the primary resource mineral
at Pilot Mountain, has been included in the final list of Critical
Minerals 2018.
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 resource on the portion of the historic
Kapunda copper mine in South Australia recoverable by way of in
situ recovery.
Thor has an interest in Hawkstone Mining Limited, an Australian
ASX listed company with a 100% Interest in a Lithium project in
Arizona, USA.
Finally, Thor also holds a production royalty entitlement from
the Spring Hill Gold 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 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 23 August 2018
(2) Refer ASX and AIM announcement of 26 November 2018
(3) Refer AIM announcement of 13 December 2018 and ASX
announcement of 14 December 2018
Refer AIM announcement of 10 February 2016 and ASX announcement
of 12 February 2018
Refer AIM announcement of 26 February 2016 and ASX announcement
of 29 February 2016
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END
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