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Additional information
Additional Information
Market: ASX / AIM
Sector: General Mining
Epic: THR
News: Latest news
Web Site: Thor Mining
Other Articles: 10-03-201002-03-201025-02-2010

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Thor Mining

Thor Mining

Thor Mining PLC, AIM|ASX: THR is a specialty minerals exploration and development company focused on dvancing tungsten, molybdenum and uranium projects. The flagship project is the Molyhil Tungsten-Molybdenum Project.  Since mid 2004 Molyhil has been the subject of systematic test work comprised of geophysical exploration, a diamond and RC drilling programme, surface and underground bulk sampling, metallurgical test work and a geotechnical study.

Subsequent to the completion of the updated resource statement, and the Scoping Study, Thor completed a Definitive Feasibility Study in November 2006 which confirmed that the project is technically and economically viable, with strong financial returns and rapid capital payback. Thor has also acquired a number of project areas in the Northern Territory of Australia with prospectivity for uranium mineralisation.

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Friday, May 01, 2009

Thor Mining remains committed to Molyhil project, still in finance talks

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Thor Mining PLC (TSX, AIM: THR) said development of its its Molyhil tungsten molybdenum project in Australia and in particular financing still continues to be of high priority. 

It also continues to investigate alternatives to reduce capital and operating costs there, the group said in a quarterly update. Financing discussions have been positive to date, however the mood is still very cautious in the current financial climate.

The selling price of molybdenum roasted concentrates has reduced slightly during the quarter to end-March and showing some signs of support at US$8 per pound. The selling price of Tungsten APT has reduced slightly to between US$210 and US$225 per metric ton unit.

Demand for the commodities has increased slightly over the period, with worldwide stockpiles nearly exhausted. Demand is showing signs of improvement for the remainder of the year, as the steel industry shows increased production levels, Thor added.

In a separate statement it announced it has appointed Daniel Stewart & Co PLC as its nominated adviser and broker.

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