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Thor Mining narrows H1 pretax loss

By BFN News | 07:53 AM | Wednesday 12 March, 2014

Thor Mining narrowed its H1 pretax loss to £0.38m, from £0.74m. Revenue was nil. The loss was due to administrative and corporate expenses. Highlights for the six-month period included: - Letter of Intent secured from potential customer, Global Tungsten and Powders Corporation of USA to purchase 70% to 75% of tungsten concentrates from Molyhil. Discussions continue with other parties in respect of the balance of the concentrates. - Completion of exploration expenditure to enable the acquisition of an additional 29% of the Spring Hill gold project, representing the final stage in the acquisition of an 80% equity holding in the project from Western Desert Resources Limited (WDR). - Screen fire assays and subsequent metallurgical testwork upgrades gold assays at Spring Hill, and demonstrates low cost high gold recovery. Story provided by

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