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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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Wednesday, January 27, 2010

Thor Mining to raise A$250,000 to evaluate new projects supplementing Molyhil

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Thor Mining (AIM, ASX: THR) plans to raise A$250,000 through a placing of 16,666,667 new ordinary shares. The funds will be used to evaluate new projects to supplement the Molyhil tungsten and molybdenum project in Australia.

Thor will issue 16,666,667 voting CHESS Depository Interests (CDIs) in the company at 1.5 cents each to sophisticated investor clients of Australian stockbroker Taylor Collison Ltd. Completion of the placing and the receipt of funds are anticipated to take place within the next week. The company intends to make an application to ASX Securities Limited for listing of these CDI’s in due course.

CDIs are a type of security which is used by the Australian Stock Exchange to allow international companies to trade on the local market. CDIs came into existence because it is often not possible for companies incorporated overseas to allow share transfers through the ASX's paperless settlement system.

The company is actively seeking new projects with an emphasis on mainstream commodities to enhance its portfolio. As announced in November 2009, Molyhil is currently on hold due to the depressed price of molybdenum.

In addition the weakness in the US Dollar this year has further impacted on Molyhil’s economics.

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 Molyhil and a 50% reduction in directors’ remuneration and the redundancy of chief executive officer Ian Sheffield-Parker.  Executive chairman Mick Billing is undertaking his role in the interim.

Molyhil 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.

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