Thor Mining (ASX: THR, AIM: THR) is a minerals exploration and development company focused on gold and base metals exploration, as well as progressing towards development of the Molyhil Tungsten and Molybdenum Project in the Northern Territory of Australia.
Thor Mining new study into Molyhil viability after tungsten price continues to rise
Thor Mining (ASX: THR, AIM: THR) is positioning itself to take advantage of the strong global price for tungsten, with the company undertaking a new study into the viability of the Molyhil tungsten and molybdenum project.
Thor has appointed Proteus EPCM Engineers to revise the 2007 Definitive Feasibility Study capital and operating cost estimates for the project.
Mick Billing, chairman, said "The significant improvement in recent times, in particular of international tungsten pricing, has provided confidence that the project economics may once again be viable.
"The revised cost estimates will form part of an updated definitive feasibility study which is expected to be completed in October."
The major factors to the revised study were an unchanged flow sheet for the proposed production process, along with the ATP tungsten price, which is currently being quoted around US$485/mtu.
The study will also focus on contract provision of infrastructure and services, aimed at minimising start-up capital costs.
Billing added, "The improving commodity price for tungsten now provides almost 80% of project revenue and the medium term prospects for tungsten are positive."
Molyhil is located 220 kilometres north-east of Alice Springs (320 kilometres by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block, in the Northern Territory.
