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Additional Information

Market:	ASX / AIM
Sector:	General Mining
EPIC:	THR
Latest Price:	0.02 (5.26% )
52-week High:	0.08
52-week Low:	0.02
Market Cap:	4.45M

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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 scales back Molyhil project

Friday, November 20, 2009

Dual-listed Thor Mining (AIM, ASX: THR) has advised it will scale back activities on the company’s flagship Molyhil Project due to the continued weakness in international markets for molybdenum.

In a statement, the company said While the price for molybdenum, in particular, improved strongly during the middle part of this year, it has since weakened again.

At the time of writing the price for molybdenum roasted concentrates, as published in “Metal Pages”, is US$11.80/lb compared with a published price of US$34.00/lb in September 2008.

In addition the weakness in the United States dollar this year has further impacted on the Molyhil’s economics.

The company said the Directors remain committed to Molyhil and strongly believe in its long term viability. Steps have been taken to conserve cash levels.

These included cessation of work with third party engineering companies on verifying capital and operating cost savings for the Molyhil Project and a 50% reduction in directors remuneration and the redundancy of Chief Executive Officer Ian Sheffield-Parker. Executive chairman, Mick Billing will undertake this role in the interim.

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