Final Results
Thor Mining PLC
12 September 2007
THOR MINING PLC
Final Results for the period ended 30 June 2007
Dated: 12 September 2007
Thor Mining PLC ('the Company' or 'Thor'), AIM, ASX: 'THR' the specialist metals
company focused on advancing tungsten-molybdenum and uranium projects in the
Northern Territory of Australia, announces its final results for the period
ended 30 June 2007.
Executive Chairman's Operating and Financial Review
OPERATING REVIEW
Thor is a mineral exploration and development company focussed on advancing
molybdenum, tungsten and uranium projects in the Northern Territory of
Australia. The 2007 financial year has seen progress for Thor across a number of
important activities. Highlights for the year included;
Highlights
• In July securing the services of John A Young, a geologist of some 20
years standing, in the role of Chief Executive Officer. John has quickly
built up a professional team.
• In September an A$10.0 million (£4.0 million) fund raising and dual
listing on the Australian Stock Exchange.
• As part of the fund raising and dual listing, Thor completed the purchase
of Hale Energy Limited, thus securing over 3,000 sq kms of uranium
exploration ground.
• During the year in excess of £300,000 was spent on exploration of the
uranium tenements.
• In addition to the fund raising and dual listing, in excess of £200,000
was raised by placings and exercising of warrants during the year.
• As a consequence at June Thor had in excess of £1,800,000 in cash, which
was supplemented by the recent £748,000 post balance date placing.
Molyhil Project Highlights
• At the Molyhil Project in excess of £900,000 was spent on exploration,
including drilling and associated work.
• Thor also completed a Definitive Feasibility Study ('DFS') confirming that
the project is technically and economically viable.
• Since that time additional metallurgical studies have been completed,
selected plant items have been secured and environmental and native title
aspects of the project are near completion.
• In excess of £680,000 was spent on development work during the year.
• Since year end a new resource statement has been completed and Thor is now
vigorously pursuing an off-take agreement and financing of the project.
The team continues to focus on the twin strategies of developing the Molyhil
Tungsten - Molybdenum Project, by securing an off-take agreement and financing
for the project, and exploration of the extensive uranium tenements.
John W Barr
Executive Chairman
THOR PROJECTS
MOLYHIL TUNGSTEN - MOLYBDENUM PROJECT ('MOLYHIL')
Molyhil is a proven resource where a proposed open cut mine and processing
facility is planned. The main objective of the proposed development is to
produce scheelite and molybdenite concentrate for sale.
It comprises of an Exploration Licence; and Mining Lease Applications, and is
situated east of Alice Springs in central Australia.
A number of milestones have been achieved during this financial year, including:
• Completion of the Definitive Feasibility Study;
• Engineering work advanced;
• Marketing of product progressing;
• Upgrading of Metallurgical recovery results;
• Purchase of selected plant;
• Completion of Notice of Intent to Mine and Public Environmental Review;
• Mining agreement with traditional owners ready to be signed;
• Updated resource completed with 55% increase in overall tonnage to 3.73
million tonnes; and
• Significant increase in Measured and Indicated categories to 530,000t at
0.42% WO3 and 0.27% MoS2 and 2,400,000t at 0.39% WO3 and 0.17% MoS2
respectively.
Definitive Feasibility Study
This DFS report was prepared by consultants and confirmed the technical and
economic feasibility of developing Molyhil.
The study included preliminary design, engineering and cost estimates for the
mining, process plant and associated facilities based on a 300,000 tpa
operation.
The ore reserve estimate used in the study was completed in 2006 and was
established through a series of mine optimisations and designs. The pit model
used proved and probable reserves of 1.094Mt at 0.21% (Mo) and 0.62% (W).
Recently it was decided to revise the pit model to take into account the updated
2007 resource. When this is completed revised feasibility numbers will be
published .
Engineering
Detailed engineering work was awarded to contractors, but is currently suspended
subject to financing of the project and the sale of product. The contractor has
completed work on detailed layouts and requests for tenders for equipment and
long lead items, particularly for the supply of the grinding mill.
Recommendations on the grinding mills and wet screens have been received, along
with an assessment of responses from reagent suppliers.
Mill procurement is the primary item on the critical path for the project
schedule. A master control schedule and project execution plan has been
established. These systems will allow an efficient and orderly ramp up to full
construction in due course.
Marketing
Consultants were retained to promote and market the products which lead to a
Memorandum of Understanding ('MOU') being signed with a Chinese group.
Unfortunately in April that group advised that they did not wish to proceed
further.
Several other parties have now expressed interested in the product, and as a
result of the new resource, negotiations are proceeding.
Thor expects to be able to complete off-take negotiations shortly.
Purchase of selected plant
During the year Thor secured key items of plant and equipment for the proposed
development which, when incorporated into the design of the processing plant,
should result in savings in construction time and cost.
The revised feasibility numbers will take into account the savings.
Metallurgical
As part of the feasibility, metallurgical test work was undertaken and resultant
process flow sheet was incorporated into the economic and technical assessment.
The studies indicated that a saleable concentrate could be produced.
Subsequently additional metallurgical tests to further optimise the flotation
conditions and concentrate grade and recoveries has been completed by
independent consultants.
Primary Molybdenum Concentrate assayed 51.4% Mo with a recovery of 77.8% and
Primary Tungsten Concentrate assayed 72.9% WO3 with a recovery of 65.4% and
these have now been established as the base to produce a saleable concentrate.
Notice of Intent
The Notice of Intent has been submitted to the relevant authorities for review
and comment. The subsequent Public Environmental Review ('PER') period has now
concluded and a positive decision from the Northern Territories Minister for
Mines is expected shortly.
No environmental or heritage concerns have been identified that cannot be
managed within an Environmental Management Plan.
Negotiation of Mining Agreement
A development review committee was formed for the negotiations with the Central
Land Council ('CLC') with the aim to complete a mining agreement. A final
meeting with the Traditional Owners was held on site during March, resulting in
agreement on the proposed mining infrastructure.
The Native Title Mining agreement has now been finalised.
Resource Update
Final results from the recently completed resource drilling program at Molyhil
were received in July 2007 and incorporated into the new resource model, which
was completed by independent geological consultants.
The updated resource represents a 55% increase in overall tonnage to 3.73
million tonnes at 0.51% combined tungsten (WO3) and molybdenum (MoS2) with a
substantial tonnage upgrade to the measured and indicated categories -
increasing the overall level of confidence in the resource. The revised resource
now comprises:
• Measured resource of 530,000 tonnes at 0.42% WO3 and 0.27% MoS2, a 43%
tonnage increase over the previous measured resource;
• Indicated resource of 2.4 million tonnes at 0.39% WO3 and 0.17% MoS2,
a 37% increase over the previous indicated resource; and
• Inferred resource of 800,000 tonnes at 0.15% WO3 and 0.1% MoS2, more
than three times higher than the previous resource.
The resource model now contains 8.4 million pounds of molybdenum metal and 1.3
million mtu's of tungsten, representing a similar metal content to the previous
resource but at a higher JORC resource category following the conversion of a
significant tonnage from the indicated to measured category. This increases the
overall confidence in the upper parts of the block model. This is a positive
result which should translate to increased confidence in the mining reserve.
During the year two programs of Reverse Circulation ('RC') drilling were
successful in identifying extensions to the Southern and Yacht Club ore zones as
well as increasing the overall confidence of the existing resource. Three extra
holes were completed beneath the Yacht Club and Southern ore bodies as a result
of encouraging geology. A total of 35 holes were completed for 4,624m. The first
program also included geotechnical and hydro geological studies over areas
designated for future mine development infrastructure.
All of these results have now been incorporated into the revised resource model.
HATCHES CREEK
Hatches Creek Project is made up of three Exploration Licences one of which is
granted and two still under application which are located in the central portion
of the Northern Territory. The Exploration Licence Applications cover 63 km2
which fall within the Anurrete Aboriginal Land Trust under the provisions of the
Aboriginal Land Right Act (NT) Act 1976.
After lengthy negotiations an agreement was signed for Exploration Licence
Applications with the traditional owners and Thor is now waiting on the grant of
these tenements before initiating ground exploration.
URANIUM EXPLORATION
Uranium exploration has begun with reconnaissance work at Harts Range and a
major Hoist EM survey at Hale River and Plenty Highway Projects completed.
Reverse circulation drilling was also completed at Hale River.
Initial reconnaissance work at Harts Range returned assays as high as 31% U,
whilst interpretation of the survey is well advanced.
Harts Range Reconnaissance
The Harts Range Project is located about 150kms east-northeast of Alice Springs.
Reconnaissance sampling of the Harts Range tenement area was completed during
October and November 2006, with several areas traversed. The main objective of
the sampling program was to identify known prospects and determine optimal
access routes and logistics for follow-up exploration. The project includes six
tenements.
In the October program eleven rock chips were taken on two out of the six
granted tenements. Analysis was completed for 39 elements.
Five samples were taken at the Ryoma and Casper prospects, with results
confirming the prospectivity of this area returning elevated uranium values
ranging from 121ppm to 227ppm U. Results were also elevated in rare earth
elements ('REE') such as Yittrium and Zirconium. Sample HR8 also returned up to
1.62% Pb.
The results included a single sample result of 31.6% U. This hand-picked sample
contained a significant portion of visible uraninite. Significantly, a number of
large pegmatite bodies are located within the Harts Range project.
Work to date in the Harts Range Project indicates that sporadic high uranium
grades occur along NW trending structural corridors, suggesting a vein-type
model for mineralisation such as that at Schwartzwalder in Colorado (USA).
Mineralisation here occurs in numerous lenses associated with a major shear
fault network and along contacts between mica schist and gneissic rocks
Harts Range - Scintillometer Survey
In late November, a scintillometer orientation survey and ground reconnaissance
work was completed over three tenements, with scintillometer readings taken at
various locations including several prospects with historic uranium exploration
results. In total, fourteen samples were collected.
A number of samples returned significant results of >0.10% U, all of which have
a very strong REE association. One particular sample from an area near the
Haddock Prospect was high in uranium (8.87% U), tantalum (19%) and niobium
(18%), suggests that the sample contained coarse tantalite crystals. Two
significant results of 0.17% U and 0.26% U were also returned from the Garnet
prospect. Previous mapping in this area in 1993 determined that the strongest
radioactivity occurs where the pegmatite has been more extensively altered to
garnet. Historic PNC assays at this prospect ranged between 18-2,900ppm U,
100-4,000ppm Y and 100-2,600ppm Nb.
Further reconnaissance rock chip sampling and mapping was completed on the
Daicos, Haddock, Mount Mary (Snaf & Indiana) and Starlight prospects in early
July. A total of 39 rock chip samples were collected, all assays are still
outstanding. Approximately 12 km of prospective strike length has been
identified representing potential host extensions or repetitions of
epidosite-pegmatoid layers.
Regional exploration resulted in the identification of a single pegmatite some
6.3km in length and 50m wide at Mt Mary. Two rock chips taken from 'hot spots'
in this area returned elevated uranium values ranging from 107 to 246ppm. A
second pegmatite, which also has an extensive strike of 2km and an average width
of 63m has been identified to the north-east. This requires further
investigation.
Ongoing exploration will also cover the Snaf and Kelly Prospects, located to the
north and south of Mt Mary. Historic rock chip sampling by PNC at these
prospects returned very high-grade uranium assays ranging from 550-1,580 ppm U.
Bundey River Project
Three radiometric anomalies have been identified in the eastern part of the
Bundey River Project area from airborne radiometric survey.
Reconnaissance exploration was completed along the eastern portion of the Bundey
River tenement; two samples were taken from this area with disappointing uranium
results. While no calcrete samples were able to be taken, a consistently high
scintillometer count was taken over the main drainage channel. Sampling returned
an anomalous thorium value in exposed lateritic remnants, confirming the
potential for tertiary basin and drainage hosted uranium.
Hale River Project
The first and second phases of a comprehensive uranium exploration program at
Hale River have been completed.
The first phase of the program comprised a helicopter borne Hoist EM survey
covering the Company's Hale River and Plenty Highway tenements, which cover some
1,200 sq km of tertiary basin sediments.
The Hale River data has indicated a complex south easterly striking channel
structure. Zones of conductive and resistive sediments (indicating reducing and
oxidizing environments) have been interpreted within the main and subsidiary
palaeo-channels within the model. The revised modelling has also incorporated
previous exploration drilling that has already identified anomalous areas of '
roll front style' uranium mineralisation.
Reconnaissance aircore drilling at the Hale River Highway and BundeyaUranium
Project has been completed with a total of 28 holes completed to date for
1,549m.
The Hoist EM survey was a technical success and identified numerous potential '
trap sites' or conductive sediments within the Hale River palaeo drainage
system. Drilling indicated that the modelled depth to basement was essentially
correct and that the conductive horizons identified in the Hoist EM survey were
associated with carbonaceous sediments, pyritic sands and lignite horizons and
was not due to saline/hyper saline ground water. The drilling was difficult due
to running sands and clay layers and high water flows.
Five of the six priority anomalies identified were tested with at least one hole
to check the ground conditions however the most prospective Hoist EM trap site
with coincident surface radiometric anomaly on the eastern side of the tenement
could not be drilled due to access restrictions imposed by the Central Land
Council.
Anomalous scintillometer readings several times background were associated with
pyritic sands, carbonaceous clays and lignite. A number of samples returned
assays between than 20 and 100ppm U, these are considered anomalous and
correlated well when compared to results from similar lignite horizons
identified in the Hale River Basin by Alcoa in the 1980's.
Existing anomalies need further drill testing and work to date has confirmed the
presence of suitable 'trap sites' for roll front style Uranium mineralization.
Plenty Highway Project
A final report and interpretation of the Hoist EM data has been provided by
Thor's consultants. Two highly prospective areas have been identified at
junctions within a large palaeo - channel drainage system containing abundant
conductive sedimentary units.
Drilling can begin pending CLC approvals. Approximately 5,000m of drilling will
be required. Minimal previous exploration has been carried out on the tenement.
CORPORATE
Capital Raising and Listing on ASX
In 2006 Thor received shareholder approval to proceed with the acquisition of
Hale Energy Ltd. Shareholder approval was also received for a 1-for-3 capital
consolidation and an issue to existing shareholders of one warrant for every two
post-consolidation shares held ahead of the dual listing of Thor's shares on the
Australian Stock Exchange ('ASX').
The consideration for the acquisition of Hale Energy was the issue of 16 million
fully-paid shares and 8.5 million warrants.
Thor closed its A$10.0 million fund raising fully subscribed ahead of the dual
listing of its shares on the ASX in September 2006.
The successful completion of the fund raising and dual listing marked an
important milestone for Thor.
During July 2007 a placement of 6,800,000 shares at 11 pence per share was
completed on the AIM Market of the London Stock Exchange. The Company's total
issued share capital is now 139,659,508 shares.
The funds raised, approximating A$1.7m after costs, will be used to supplement
short term working capital requirements and to provide additional finance for
the development of Molyhil.
Thor Mining PLC
Executive Chairman's Operating and Financial Review
Site Environmental Policy Occupational Health And Safety Policy
Molyhil Mine Site is committed to protection and Thor Mining PLC is fully committed to the
management of the environment in a responsible manner establishment and maintenance of a safe and healthy
during the currency of its operation. The objective of work environment for all employees without
management at the site is to minimise adverse impacts compromising employee job productivity.
on the environment from planning through development,
mining, production and to decommissioning.
Thor Mining PLC recognises that the duty of care is
the over arching principle for this Policy.
To achieve this, Molyhil Mine will:
Thor Mining PLC is committed to providing a safe
• Comply with all Northern Territory laws, working environment for all employees.
regulations and standards or other applicable Federal
legislation;
• Develop, implement and maintain a Company and Employee Commitment:
comprehensive Environmental Management System;
• Work environment and conditions for
• Promote environmental awareness among the employees are above those proscribed by relevant laws
workforce to increase understanding of environmental and statutory regulations.
responsibilities and to develop a 'stakeholder'
interest in the work force for improved environmental
protection and management;
• The Company will educate all employees in
best and safe work practices in their working
environment to ensure that they are not exposed to any
• Utilise leading practice environmental unnecessary health and safety risk.
management procedures in operating and rehabilitation
programs;
• All employees will support, implement and
adhere to the Company Occupational, Health and Safety
• Monitor performance of site discharges at a Programme.
frequency higher than required by regulations and
licences and provide safeguards and contingency plans
to detect and prevent any potential adverse impacts;
• Develop and train an environmental emergency
response team for damage control and rehabilitation at
sites where an inadvertent spillage of potentially
polluting material has occurred
• At the required frequency, report
environmental performance to government
• Regularly check environmental management
performance of Company and contractor operations by
internal and external auditing
• Require the site employees, contractors and
other third parties to exceed or as a minimum conform
with the site standards and procedures for
environmental management
• Minimise waste and maximise the use of
re-cycling programs to reduce exploitation of resources
• Rehabilitate to current standards or exceed
the standards required by government so that the site
can be returned to rangelands grazing
• At closure, leave the site in a clean, safe,
stable and erosion-free condition.
Thor Mining PLC
Executive Chairman's Operating and Financial Review
Corporate Environmental Policy Indigenous People's Policy
Thor Mining PLC identifies environmental management Thor Mining PLC wishes to establish and maintain a good
as essential to its own future. The company considers working relationship with Indigenous People who may be
that sound environmental management benefits all affected by the Company's operations. To achieve this
stakeholders, including shareholders, employees, it is Thor's policy to:
nearby residents and the broader community.
• Respect the culture and heritage of
Thor Mining PLC regards environmental care as an Indigenous People affected by the Company's operations.
integral part of its business, and is committed to
excellence in the management of environmental
matters. Thor Mining PLC aims to minimise
environmental impacts at every stage of work, from • Undertake appropriate heritage surveys to
planning through exploration, development, mining, ensure that sites of cultural heritage to Indigenous
production and decommissioning. People are not inadvertently damaged by the Company's
operations.
The objectives of the company's commitment to
environmental management are to: • Regularly consult with relevant Indigenous
People to ensure that they are kept informed of the
Company's activities and that their concerns are
considered in the design and management of the
• Comply with all environmental legislation, Company's activities.
licences and regulations.
• Promote cross-cultural awareness.
• Develop, implement and maintain a
comprehensive Environmental Management System.
• Whenever feasible, provide employment and
training for Indigenous People affected by the
• Recognise conservation and heritage values. Company's operations.
• Identify, manage and monitor potential • The Company can not guarantee a successful
environmental impacts, striving to comply with exploration outcome that will benefit all stakeholders
international leading practice. (Indigenous People, landowners, the Company and its
shareholders and the community at large), but in the
event of an economic discovery the Company will engage
in open negotiations with Traditional Owners to
• Rehabilitate disturbed land surfaces. complete an agreement on the development of the
discovery to the satisfaction and benefit of all
parties.
• Review and evaluate environmental
performance.
• Seek continuous improvement in exploration,
mining, waste management and the use of resources.
• Promote cross-cultural awareness, and
wherever possible, protect sites of cultural
significance.
• Have timely and effective communications
with landowners, relevant indigenous people and
others who may be directly affected by company
operations.
• Communicate regularly with employees,
suppliers, contractors and customers about the aims
of the Corporate Environmental Policy and the
responsibilities implied.
• Provide information to the community, share
holders and government authorities about the
company's environmental performance.
Consolidated Income Statement for the year ended 30 June 2007
Consolidated Company
Note 2007 2006 2007 2006
£'000 £'000 £'000 £'000
Administrative expenses (323) (137) (84) (10)
Corporate expenses (1,190) (568) (1,066) (432)
Other expenses - (19) - -
Operating loss 3 (1,513) (724) (1,150) (442)
Interest receivable 4 126 33 - -
Other income 4 - 7 - -
Loss before tax (1,387) (684) (1,150) (442)
Tax on loss on ordinary activities 6 - - - -
Loss for the financial year (1,387) (684) (1,150) (442)
Loss per share - basic 7 (1.27)p (1.13)p
Continuing operations
All items relate to continuing operations
Balance Sheets
At 30 June 2007
Note Consolidated Consolidated Company Company
2007 2006 2007 2006
£'000 £'000 £'000 £'000
ASSETS
Non-current assets
Intangible assets 8 4,191 1,445 - -
Investments 9 - - 1,977 700
Loan to subsidiaries 10 - - 4,636 1,100
Exploration costs 11 726 - - -
Plant and equipment 12 95 9 1 -
Total non-current assets 5,012 1,454 6,614 1,800
Current assets
Cash and cash equivalents 1,836 484 155 268
Trade & other receivables 13 96 32 8 12
Prepayments 10 19 9 19
Total current assets 1,942 535 172 299
Total assets 6,954 1,989 6,786 2,099
LIABILITIES
Current liabilities
Trade and other payables 14 (181) (88) (43) (13)
Provisions 15 (9) - - -
Interest bearing liabilities 16 (11) - - -
Total current liabilities (201) (88) (43) (13)
Non-current liabilities
Interest bearing liabilities 16 (60) - - -
Total non-current liabilities (60) - - -
Total liabilities (261) (88) (43) (13)
Net assets 6,693 1,901 6,743 2,086
EQUITY
Issued share capital 17 399 192 399 192
Share premium 18 5,616 1,928 5,616 1,928
Foreign exchange reserve 19 431 59 - -
Merger reserve 20 1,634 405 1,634 405
Option revaluation reserve 21 783 100 783 100
Retained losses 22 (2,170) (783) (1,689) (539)
Total equity 6,693 1,901 6,743 2,086
These Financial Statements were approved by the Board of Directors on 21 August
2007 and were signed on its behalf by:
John W Barr - Executive Chairman
John A Young - Chief Executive
Consolidated Cash Flow Statement for the year ended 30 June 2007
2007 2006
£'000 £'000
Cash flows from operating activities
Operating Loss (1,387) (684)
(Increase)/decrease in trade and other receivables (56) 28
Increase in trade and other payables 22 81
Depreciation 29 3
Share options expensed 683 100
Unrealised exchange gain 372 36
Net cash outflow from operating activities (337) (436)
Cash flows from investing activities
Purchase of property, plant and equipment (38) (12)
Payments for mine development expenditure (727) -
Payments for exploration expenditure (1,389) (760)
Net cash outflow from investing activities (2,154) (772)
Cash flows from financing activities
Repayment of borrowings (5) -
Issue of ordinary share capital 4,209 300
Share issue costs (361) (112)
Net cash inflow from financing activities 3,843 188
Net increase/(decrease) in cash and cash equivalents 1,352 (1,020)
Cash and cash equivalents at beginning of period 484 1,504
Cash and cash equivalents at end of period 1,836 484
Analysis of changes in net debt
At 1 July 2006 Cash flows Non-cash changes 30 June 2007
£'000 £'000 £'000 £'000
Cash at bank and in hand 484 1,352 - 1,836
Statements of Changes in Equity
For the year ended 30 June 2007
Foreign
Issued Share Share Retained Currency Merger Option Total
Capital Premium Earnings Translation Reserve Reserve
Reserves
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Consolidated
At 1 July 2005 182 1,750 (99) 23 405 - 2,261
Loss for the period - - (684) - - - (684)
Foreign currency
translation reserve - - - 36 - - 36
Total recognised income
and expense - - (684) 36 - - (648)
Share based payments
expense - - - - - 100 100
Share issued 10 178 - - - - 188
At 30 June 2006 192 1,928 (783) 59 405 100 1,901
At 1 July 2006 192 1,928 (783) 59 405 100 1,901
Loss for the period - - (1,387) - - - (1,387)
Foreign currency
translation reserve - - - 372 - - 372
Total recognised income
and expense - - (1,387) 372 - - (956)
Share based payments
expense - - - - - 683 683
Shares issued 207 3,688 - - 1,229 - 5,124
At 30 June 2007 399 5,616 (2,170) 431 1,634 783 6,693
Company
At 1 July 2005 182 1,750 (97) - 405 - 2,240
Loss for the period - - (442) - - - (442)
Total recognised income - - (442) - - - (442)
and expense
Share based payments - - - - - 100 100
expense
Share issued 10 178 - - - - 188
At 30 June 2006 192 1,928 (539) - 405 100 2,086
At 1 July 2006 192 1,928 (539) - 405 100 2,086
Loss for the period - - (1,150) - - - (1,150)
Total recognised income - - (1,150) - - - (1,150)
and expense
Share based payments - - - - - 683 683
expense
Share issued 207 3,688 - - 1,229 - 5,124
At 30 June 2007 399 5,616 (1,689) - 1,634 783 6,743
Notes to the Financial Statements for the period year to 30 June 2007
1. The Directors are not recommending the payment of an
ordinary share dividend.
2. Loss per share on the net basis is calculated on a loss on
ordinary activities after taxation of £1,387,000 (2006:£684,000) and on
114,014,198 (2006: 60,795,776) ordinary shares being the weighted average number
of shares in issue and ranking for dividend during the period. No diluted loss
per share is presented as the effect of exercise of outstanding options is to
decrease the loss per share. Prior period comparatives have been restated to
reflect the impact of the 1:3 share consolidation in September 2006.
3. The financial information set out in the final results does
not constitute statutory accounts as defined in section 240 of the Companies Act
1985.
Results for the period ended 30 June 2007 are abridged from the 2007 Annual
Report and Accounts, which received an unqualified auditor's report and will be
filed with the Registrar of Companies following the Annual General Meeting on 20
November 2007.
4. The Annual Report will be posted to shareholders on 13 September 2007.
Further copies will be available from the Company's registered office: 3rd
Floor, 55 Gower Street, London WC1E 6HQ.
5. The Annual General Meeting of the Company will be held at the Wyndham
London Hotel, Chelsea Harbour, London SW10 0XG England, on Tuesday 20 November
2007 at 11.00 a.m.
Enquiries:
John Young + 61 8 9327 0911 Thor Mining PLC Chief Executive
Officer
John Simpson 020 7512 0191 ARM Corporate Finance Ltd Nominated Adviser
Leesa Peters 020 7429 6600 Conduit PR Limited Public Relations
or
Jos Simson 020 7429 6603
Nicholas Read + 61 (0) 8 9388 1474 Read Corporate Public Relations/
Australia
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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