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Thor Mining PLc.

Publié le 24 janvier 2016

Sale of Gold Interests Update

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Sale of Gold Interests Update

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ASX Code: "THR"


Date: 16 December 2015


Company Announcements Office, ASX Securities Limited,

20, Bridge Street,

Sydney, N.S.W. 2000


THOR SIGNS OPTION TO SELL GOLD INTERESTS FOR A$3.5M

The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) advises the signing of an option agreement to sell for a total of A$3.5 million, 100% its interests in the Spring Hill gold project in the Northern Territory and the Dundas gold project in Western Australia, to private Australian company, PC Gold Pty Ltd ("PC Gold").

The terms of the agreement provide that for a deposit of A$150,000, payable within 21 days, PC Gold will hold a 30 day option to acquire TM Gold Pty (Thor's wholly owned subsidiary which holds the Spring Hill and Dundas interests) for:

  • A$2.0 million (net of the deposit) payable in cash, for a 60% interest, and 100% management control, in TM Gold; and

  • A$1.5 million payable in cash, within 12 months, for the remaining 40% interest.


    In addition, following completion of the acquisition of the 100% stake, PC Gold will pay a royalty of:

  • A$6.00 per ounce of gold produced from the Spring Hill tenements where the gold is sold for up to A$1,500 per ounce; and

  • A$14 per ounce of gold produced from the Spring Hill tenements where the gold so produced is sold for amounts over A$1,500 per ounce.


The agreement with PC Gold is subject to receipt by that company of an unconditional financing offer to PC Gold from RIVI Capital LLC a specialist precious metal private equity fund based in San Francisco, USA.


Thor has previously been the recipient of loan funds totalling A$1.2million, secured, in part against the Spring Hill project, and a portion of the gold sale proceeds will in the first instance be applied towards that loan.


Mr Mick Billing, Executive Chairman of Thor Mining:

"The sale of the Spring Hill and Dundas Gold Projects is a great result for Thor and will generate substantial cash upside for the Company in a challenging market. It also allows Thor to continue to focus on its core tungsten projects in Australia and the United States. In addition, the continued exposure for Thor to the Spring Hill gold project via the attractive royalty stream provides a free carried ongoing interest in this project."


For further information, please contact:

THOR MINING PLC

Mick Billing Executive Chairman

+61 8 7324 1935


THOR MINING PLC


Registered Numbers: United Kingdom 05 276 414

Australia 121 117 673


Registered Office: 58 Galway Avenue,

MARLESTON SA, 5033

Australia


Postal Address: PO BOX 458

MARLESTON SA, 5033

Australia


Ph: +61 8 7324 1935

Fax: +61 8 8351 5169


Email: [email protected]


Website: www.thormining.com

Enquiries: Mick Billing

Executive Chairman

Thor Mining PLC

+61 8 7324 1935


Nominated Advisor Colin Aaronson Grant Thornton

+44 (0) 20 7383 5100


ASX Listings: Shares: THR


AIM Listings: Shares: THR


Directors: Michael Billing Michael Ashton Gregory Durack Trevor Ireland David Thomas


Projects:

  • Tungsten

Molyhil NT

Pilot Mountain USA


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Thor Mining PLc.

EN DÉVELOPPEMENT
CODE : THR.AX
ISIN : GB00B1DXJY95
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Thor Mining est une société d’exploration minière de molybdène et d'uranium basée en Australie.

Thor Mining est en développement de projets de molybdène, d'uranium et de tungsten en Australie, et détient divers projets d'exploration en Australie.

Son principal projet en développement est MOLYHIL en Australie et ses principaux projets en exploration sont HATCHES CREEK, DUNDAS, HALE RIVER et HARTS RANGE en Australie.

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Communiqués de Presse de Thor Mining PLc.
09/06/2016Appendix 3B
09/06/2016Lapse of Unlisted Options
09/06/2016Purchase of Shares
09/06/2016Placing to raise £300,000
09/06/2016Notification of Major Interest
09/06/2016Appendix 3Y
09/06/2016Lapse of Options
09/06/2016Placement
09/06/2016Notice of General Meeting
03/05/2016No Change in Issued Securities
03/05/2016Appendix 5B
03/05/2016Quarterly Activities Report
28/04/2016Release of Shares from Escrow
28/04/2016No Change in Issued Securities
24/01/2016Sale of Gold Interests Update
23/10/2015Notice of Annual General Meeting
10/07/2015Notice of Meeting
10/07/2015Members Registry Change of Address
10/07/2015Appendix 3B
10/07/2015Options Lapsed
24/04/2014Appendix 5B - Quarterly Cashflow
30/04/2008Thor Mining PLC & Rights Issue
30/04/2008Western Desert Resources takes major or stake in Thor
14/04/2008 March 2008 Quarterly Report
25/09/2007Molyhil Update
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