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Additional Information

Market:	ASX / AIM
Sector:	General Mining
EPIC:	THR
Latest Price:	0.02 (-7.69% )
52-week High:	0.04
52-week Low:	0.02
Market Cap:	5.34M

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Thor Mining Full Thor Mining profile here

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 expects report on reducing Molyhil costs by end-August 2009

Monday, August 03, 2009

Thor Mining PLC (AIM, ASX: THR) said an investigation of alternatives to reduce capital and operating costs for the Molyhil tungsten-molybdenum development project in Australia's Northern Territory continues and is expected to be finalised at the end of August 2009.

In its quarterly update for the period to end-June 2009, it said the price of Molybdenum Roasted Concentrates has increased by 87 percent to US$15.00 per pound since April Aprol. Molybdenum prices have steadily strengthened on tight European supply and strong Chinese demand.

Demand for molybdenum and tungsten has increased over the period, with worldwide stockpiles all but exhausted. Steel production has increased slightly in Europe and the demand for raw materials in China has shown no sign of slowing.

Development of Molyhil and in particular financing has been the main focus for the period. The Thor management team continues to meet with many potential financiers and partners with a view to getting the project into operation. The discussions have been positive to date, however the mood is still very cautious in the current financial climate.

First pass reconnaissance reverse circulation drilling is planned at Hatches Creek during the next quarter.

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