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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, November 20, 2009

Thor Mining scales back Molyhil project

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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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