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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

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You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


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Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


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Thor Mining PLC (THR)

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Tuesday 29 November, 2011

Thor Mining PLC

AGM Statement

RNS Number : 9689S
Thor Mining PLC
29 November 2011


29 November 2011



AGM Statement




Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR) the exploration company focused on gold and base metal projects and advancing tungsten-molybdenum projects in the Northern Territory of Australia held its Annual General Meeting at 10am today in London.

At the meeting Executive Chairman Mick Billing provided the following update:



"We have made strong progress in the year and continued the development of the Molyhil tungsten / molybdenum project, largely in response to the strong improvement in the price of tungsten, and have undertaken two drilling programs.

The first of these drilling programs, a reverse circulation program, was aimed at confirming extensions to the resource, and the early indications we have received suggested that the resource may be larger than we expected and extends beyond the current published boundaries. 

The second program was a diamond drilling exercise designed to give further detail to the material that will be mined in the first two years of production and the result of this program was published on 28 November 2011 confirmed that the assays were very good, and in a couple of places outstanding. 

Although further modelling is required, these latest results from the Diamond drilling program also showed that that previous estimates from the RC drilling programme may have understated the grades, particularly those likely to be mined within the first two years of operations.

The Molyhil project has now progressed to the stage that we have independently assessed estimates for capital and operating costs and although there is still work required to calculate the ore reserve and delineate the mining plan we are very confident that Molyhil will be a profitable operation.

The next steps will be to put in place financing and to seek product off-take (or sales) agreements and I can confirm this process has already commenced and we are optimistic that development will start during 2012.


Spring Hill

In August this year we acquired 25% of the Spring Hill gold project, along with rights to acquire up to an 80% interest, and by the end of September we had started drilling. 

A study undertaken in 2003 demonstrated that Spring Hill had an indicated resource of 274,000 ounces of gold (compliant with the 1999 JORC Code) at a cut-off grade of 1.0 grams/tonne.  At the lower cut-off grade of 0.5 grams/tonne the resource estimate was 404,000 ounces of gold. 

Although we believe that some of this resource could be profitably mined immediately, we also believe that with additional drilling, the resource can be enlarged considerably and as a result are currently undertaking a drilling programme until the end of the year with further drilling in 2012 once the rainy season has ended

In addition we believe that potential exists for a much larger orebody at depth at Spring Hill using a "Callie" style model based on work done by the Northern Territories Geological Survey


During 2010 Thor acquired a 60% interest in the Dundas gold project in Western Australia, along with rights to increase that interest to 100%.

In the past year we have been conducting early stage exploration activities and securing environmental and traditional owner approvals for more intensive activities where mineralisation anomalies warrant.

The conditions at Dundas are quite challenging, and while progress may appear slow, we are committed to continuing.  Dundas we believe has potential to host a significant gold orebody, and our efforts to uncover that will continue during the next year.


The progress we have achieved this year gives the Board confidence that there is plenty of opportunity for the coming year and we remain focussed on ensuring that these opportunities are developed on behalf of shareholders to their full potential"







Mick Billing

+61 (8) 7324 1935


Thor Mining PLC

Executive Chairman

Allan Burchard

+61 (8) 7324 1935


Thor Mining PLC

CFO/Company Secretary

John Simpson

+44 (0)20 7776 6550


Daniel Stewart & Co. Plc

Nominated Adviser

Nick Emerson /

Renato Rufus

+44 (0) 1483 413500

Simple Investments

Stock broker

Alex Walters/

Emma Wigan


+44 (0) 207839 9260

Cadogan PR

Financial PR


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




This information is provided by RNS
The company news service from the London Stock Exchange

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