THOR MOVES TO 100% OWNERSHIP OF SPRING HILL GOLD

RNS Number : 9222C

Thor Mining PLC

21 October 2015

 

21 October 2015

THOR MINING PLC

Thor Mining PLC ("Thor" or the "Company")

THOR MOVES TO 100% OWNERSHIP OF SPRING HILL GOLD PROJECT

The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to advise the receipt of ministerial approval for the acquisition of the balance of the Spring Hill Gold Project in Australia's Northern Territory.

On 30 April 2015, Thor advised it had agreed terms to acquire the 49% equity interest in Spring Hill that it did not own, from WDR Gold Pty Ltd, a subsidiary entity of Western Desert Resources Limited which is presently in Liquidation - the previous equity holder of the gold project stake acquired by Thor.

All approvals for the acquisition have been obtained and the tenements are now registered in the name of Thor's wholly owned subsidiary, TM Gold Pty Ltd with a 100% interest.

Consideration for the acquisition of A$210,000 (approximately UK£99,000) plus Thor CDIs to the value of A$100,000, is now payable, and Thor will proceed with settlement. As previously stated, Thor has agreed terms with an Australian investor for loan finance for the cash component of the acquisition.

Mr Mick Billing, Executive Chairman of Thor Mining:

"The gold price now sits around A$1,600/ounce, and the Spring Hill project has potential for development at low capital and operating costs. Holding 100% of Spring Hill places Thor in a robust position to secure maximum benefit, and a number of strategies are currently being explored to progress to near term development and mine start."

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Ray Ridge	[phone]	Thor Mining PLC	CFO/Company Secretary
Colin Aaronson/ Daniel Bush/ Richard Tonthat	[phone]	Grant Thornton UK LLP	Nominated Adviser
Gerry Beaney/ David Hignell John Howes/ Mark Treharne	[phone]	Northland Capital Partners Limited	Broker
Alex Walters	[phone] [phone]	Cadogan PR	Financial PR

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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