Dundas Project Exercise of St

RNS Number : 1122R

Thor Mining PLC

16 August 2010

 



THOR MINING PLC

THOR INCREASES INTEREST IN DUNDAS GOLD PROJECT

Dated: 16 August 2010

The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR) the exploration company focussed on gold and base metal projects and advancing tungsten-molybdenum projects in Australia, advise that pursuant to a sale and purchase agreement between the Thor wholly owned subsidiary, TM Gold Pty Ltd., and the Vendors of the Dundas Project in the Albany Fraser Belt, Western Australia that the Company has exercised the Stage One Option to acquire an additional 9% interest in the tenements.

This acquisition takes the Company interest in the Tenements to 60%. Thor holds options to increase this interest to 100%.

Consideration for the purchase of the additional 9% legal and beneficial interest in each of the Tenementsis the issue of 45,000,000 new CDI's to the Vendors and the Agents which was approved by a vote of all shareholders at the General Meeting held on 22 July, 2010.

Dundas exploration program

Results from an initial calcrete survey at Dundas show clusters of elevated gold values which have identified five previously unknown areas of gold anomaly in addition to the target area identified by previous exploration. Each of these warrants systematic follow-up sampling.

It is proposed that further calcrete sampling program will commence as soon as practicable, both to broaden the coverage and to add detail around newly identified anomalies.  Concurrently, Thor is preparing permitting for an initial rotary air blast drilling program to be scheduled as soon as practicable.

About the Dundas Project

The Dundas Project is situated in Western Australia within the Albany-Fraser Province.  The project Tenements lie on the general strike-extension of the most prolific gold-bearing belt of the Yilgarn Province - the 700km Wiluna-Kalgoorlie-Norseman greenstone belt, in an area where the trend of the Albany-Fraser belt is displaced south eastwards by about 50k.  The Albany-Fraser belt hosts a number of recent gold discoveries including the +5 million ounce Tropicana gold deposit, and other discoveries including Beachcomber, Socrates, Corvette, and Corona.

Competent Persons Statement

The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Stuart Till, who is a Member of The Australasian Institute of Mining and Metallurgy. The services of Stuart Till are engaged by Thor on a contractual basis.  Stuart Till has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.  Stuart Till consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Enquiries:

Mick Billing	+ 61 (0)414 741 007	Thor Mining PLC	Executive Chairman
Laurie Ackroyd	[phone]	Thor Mining PLC	CFO/Company Secretary
John Simpson	+ 44 (0)20 7776 6550	Daniel Stewart & Company Plc	Nominated Adviser

Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email.

 

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