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Thor upgrades reserve forecasts, mine life for Molyhil

By BFN News | 01:27 PM | Monday 08 January, 2018

Thor Mining has upgraded its ore reserve forecasts and mine life in respect of its Molyhil project after receiving positive results from its revised Ore Reserve Study, commissioned late last year. Highlights: - Open Cut Ore Reserve Statement, classified as probable, of 3.5 million tonnes @ 0.29%WO₃ & 0.12% Mo; - Molyhil Open Cut mine life extended by 17% to 7 years; - Additionally, significant blocks of the resource, in indicated and inferred resources category, outside and below the pit shell have been assessed and, subject to further drilling and other technical reviews, appear to warrant a subsequent underground mining operation after Open Pit mining has concluded; - The Company is updating capital and operating cost estimates with an objective of further cost reductions and positively impacting mining and processing economics; - Work undertaken confirms increased project viability and supports the completion of an upgraded Definitive Feasibility Study (DFS) expected in the current quarter. Mick Billing, Executive Chairman, commented: "The successful completion of the Ore Reserve Study is a very welcome development for the Molyhil project and the Company. Extending the life of the project, along with evidence that additional blocks have the potential for subsequent underground mining, is a major step forward in the commercialisation potential of Molyhil" "Discussions with third parties expressing interest in the Molyhil opportunity confirmed that an extension of mine life was a key precursor to more proactive engagement and with the findings announced today we have moved solidly down that pathway. The fact that this progress has been achieved in an environment when there is an industry desire to secure reliable supplies of tungsten concentrates makes the outcomes announced today all the more timely." "After a long development road, the board are delighted with the progress achieved of late and are focused on achieving the best commercial outcome for shareholders. As with any project on the commercialisation pathway, shareholders should note that there is no guarantee of a successful outcome." At 1:27pm: (LON:THR) Thor Mining PLC share price was +0.13p at 2.88p Story provided by

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