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Thor Mining in MoU over tolls on Spring Hill ore

By BFN News | 09:08 AM | Wednesday 10 April, 2013


Thor Mining said it and Western Desert Resources have signed a non-binding MoU with Crocodile Gold Australian Operations over the toll treatment of ore from the Spring Hill gold project, near Darwin. Crocodile Gold is a subsidiary of Toronto-listed Crocodile Cold Corporation. Crocodile Gold operates the Union Reefs gold processing facility, about 20km from Spring Hill, and has excess processing capacity. The agreement provides that Thor & WDR, following receipt of all necessary approvals to conduct mining operations at Spring Hill, would haul ore mined from the operation for processing and gold extraction at Crocodile Gold's Union Reefs processing plant, provided: - The parties can agree acceptable terms, and execute a formal binding agreement setting out the terms upon which the toll treatment may occur. - The Board of Directors of Crocodile Gold approve the toll treatment. - Excess processing capacity remains available at the Unions Reefs processing facility. - The parties have agreed to work cooperatively to achieve a mutually beneficial outcome and will at approximately six monthly intervals correspond in reference to progress and issues. At 9:08am: (LON:THR) share price was +0.01p at 0.38p Story provided by StockMarketWire.com

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