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Additional Information

Market:	ASX / AIM
Sector:	General Mining
EPIC:	THR
Latest Price:	0.02 (-9.52% )
52-week High:	0.08
52-week Low:	0.02
Market Cap:	4.23M

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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 along with progressing towards development of a tungsten and molybdenum project in the Northern Territory of Australia. They have a portfolio of properties in the Northern Territory of Australia, and in Western Australia.

In January 2011, the company agreed terms to acquire up to an 80% interest in this project. Spring Hill hosts an Indicated Resource of 274,000oz gold within 3.64Mt @ 2.34 grams per tonne (g/t) gold.

Thor Mining still awaiting price & forex recovery before starting development of Molyhil molybdenum project

Thursday, October 29, 2009

Thor Mining (AIM: THR) said an independent re-optimisation in the first quarter the new financial year has marginally upgraded the resource model of its flagship molybdenum/tungsten project Molyhil, but further deterioration in the molybdenum price and the Australian dollar exchange rate against the US currency over the period renders the development of Molyhil uneconomic in the current economic climate.

The project is estimated to have a total resource of 3.75 million tonnes graded at 0.19% molybdenum (MoS2), 0.32% tungsten (WO3) and 28% iron (Fe2O3), including measured resources of 540,000 tonnes graded 0.24% MoS2, 0.33% WO3 and 29.4% Fe2O3 and indicated resources of 2.3 million tonnes graded at 0.18% MoS2, 0.38% WO3 and 29.4% Fe2O3 respectively.

Development of the project and in particular cost reductions and financing continues to be the main focus. The Thor management team continues to meet with many potential financiers and partners with a view to getting the project into operation. The discussions continue to be positive; however the mood is still very cautious in the current financial climate, the group said.

Thor projects construction to start in the medium term, expecting molybdenum and tungsten prices to strengthen as demand stiffens.

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