3 June 2015
THOR MINING PLC
Thor Mining PLC ("Thor" or the "Company")
THOR ACQUIRES 100% OF SPRING HILL GOLD PROJECT
The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to advise the execution of documents to acquire the balance of the Spring Hill Gold Project in Australia's Northern Territory.
On 30 April 2015 Thor advised it had agreed terms to acquire the 49% equity interest in Spring Hill that it did not own from WDR Gold Pty Ltd, a subsidiary entity of Western Desert Resources Limited which is presently in Receivership/Liquidation - the previous equity holder of the gold project stake acquired by Thor. Formal documentation has now been agreed and executed by both parties
The agreement is subject to ministerial assent, and approval from the Foreign Investment Review Board. Submissions for these reviews have been prepared, however it is expected that these approvals will take several weeks before completion can then occur,
Consideration for the acquisition has been agreed at A$210,000 (approximately UK£109,000) plus Thor CDIs to the value of A$100,000, payable upon Ministerial agreement to the title transfer. As previously stated, Thor has agreed terms with an Australian investor for loan finance for the cash component of the acquisition.
Mr Mick Billing, Executive Chairman of Thor Mining:
"The gold price now sits above A$1,500/ounce, and the Spring Hill project has potential for development at low capital and operating costs. Holding 100% of Spring Hill places Thor in a good position to secure maximum benefit, and a number of strategies are being explored to progress to near term development."
Enquiries:
Mick Billing |
+61 (8) 7324 1935 |
Thor Mining PLC |
Executive Chairman |
Ray Ridge |
+61 (8) 7324 1935 |
Thor Mining PLC |
CFO/Company Secretary |
Colin Aaronson/ Harrison Clarke/ Richard Tonthat |
+44 (0) 207 383 5100 |
Grant Thornton UK LLP |
Nominated Adviser |
Gerry Beaney/ David Hignell John Howes/ Mark Treharne |
+44 (0) 207 382 1100 |
Northland Capital Partners Limited |
Broker |
Alex Walters |
+44 (0) 7771 713608 +44 (0) 207 839 9260 |
Cadogan PR |
Financial PR |
Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email.
