Appendix 5B - Quarterly Report to September 2011

RNS Number : 8788Q

Thor Mining PLC

27 October 2011

 

THOR MINING PLC

 

Appendix 5B - September 2011 Quarterly Report

 

Dated: 27 October 2011

 

The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR) the resources company focused on gold and base metals projects and advancing tungsten-molybdenum projects in the Northern Territory of Australia, today released the following report on the Australian Stock Exchange ("ASX"), as required under the listing rules of the ASX.

 

Appendix 5B

Mining exploration entity quarterly report

Name of entity

THOR MINING PLC

ACN or ARBN		Quarter ended ("current quarter")
121 117 673		30 September 2011

Consolidated statement of cash flows

Cash flows related to operating activities		Current quarter $A'000	Year to date (3 months) $A'000
1.1	Receipts from product sales and related debtors	0	0
1.2	Payments for    (a)  exploration & evaluation                              (b)  development                              (c)  production                              (d)  administration	(961) 0 0 (358)	(961) 0 0 (358)
1.3	Dividends received	0	0
1.4	Interest and other items of a similar nature received	26	26
1.5	Interest and other costs of finance paid	0	0
1.6	Income taxes paid	0	0
1.7	Other (provide details if material)	0	0
	Net Operating Cash Flows	(1,293)	(1,293)
	Cash flows related to investing activities
1.8	Payment for purchases of:  (a)  prospects                              (b)  equity investments                              (c)  other fixed assets	0 0 (8)	0 0 (8)
1.9	Proceeds from sale of:          (a)  prospects                              (b)  equity investments                              (c)  other fixed assets	0 0 0	0 0 0
1.10	Loans to other entities	0	0
1.11	Loans repaid by other entities	0	0
1.12	Other:- Deposits supporting guarantees	(100)	(100)
	Net investing cash flows	(108)	(108)
1.13	Total operating and investing cash flows (carried forward)	(1,401)	(1,401)
1.13	Total operating and investing cash flows (brought  forward)	(1,401)	(1,401)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc. (Refer Note 6)	641	641
1.15	Proceeds from sale of forfeited shares	0	0
1.16	Proceeds from borrowings	0	0
1.17	Repayment of borrowings	(3)	(3)
1.18	Dividends paid	0	0
1.19	Other (provide details if material)	0	0
	Net financing cash flows	638	638
	Net increase (decrease) in cash held	(763)	(763)
1.20	Cash at beginning of quarter/year to date	2,377	2,377
1.21	Exchange rate adjustments to item 1.20	0	0
1.22	Cash at end of quarter	1,614	1,614

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

		Current quarter $A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	97
1.24	Aggregate amount of loans to the parties included in item 1.10	0
1.25	Explanation necessary for an understanding of the transactions
	$97,250 includes:  - Directors fees, including superannuation for 5 Directors, totalling  $20,000; Consulting fees totalling $77,250 (M Billing, $49,000, T Ireland, $28,250);

Non-cash financing and investing activities

2.1	Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
	40,000,000 shares issued (escrowed until 2/8/2012) in part payment of 25% of Springhill Project

2.2	Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
	Nil

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available $A'000	Amount used $A'000
3.1	Loan facilities
3.2	Credit standby arrangements	0	0

 

Estimated cash outflows for next quarter

		$A'000
4.1	Exploration and evaluation	1,250
4.2	Development	0
4.3	Production	0
4.4	Administration	370
	Total	1,620

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.		Current quarter $A'000	Previous quarter $A'000
5.1	Cash on hand and at bank	178	159
5.2	Deposits at call	936	1,218
5.3	Bank overdraft	0	0
5.4	Other  (90 day Term Deposit)	500	1,000
	Total: cash at end of quarter (item 1.22)	1,614	2,377

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed
6.2	Interests in mining tenements acquired or increased	EL 22957 ML 23812 EL 28855	Springhill Gold Project Springhill Gold Project Springhill Gold Project	0% 0% 0%	25% 25% 100%

 

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price per security (see note 3) (cents)	Amount paid up per security (see note 3) (cents)
7.1	Preference +securities  (description)
7.2	Changes during quarter (a)  Increases (b)  Decreases
7.3	+Ordinary securities	601,512,950	601,512,950 Refer Note 7	N/A	Fully Paid
7.4	Changes during quarter (a)  Increases through issues (b) Issued shares escrowed until 2/8/2011 (c)  Decreases through returns of capital, buy-backs	31,059,518 40,000,000 0	31,059,5018 Refer Note 8 0 0	1.34 pence N/A	Fully Paid Fully Paid
7.5	+Convertible debt securities (description)
7.6	Changes during quarter (a)  Increases (b)  Decreases
7.7	Options (description and conversion factor) Options B: Options C (Directors) Options D (associates) Options D (associates) Share placement -CDI Warrants -UK Warrants	5,000,000 8,000,000 1,000,000 1,000,000 27,922,800 14,024,173	0 0 0 0 27,922,800 14,024,173	Exercise  price (Cents) 5.0 4.0 5.0 3.5 2.625 1.5 UK pence	Expiry date 31/03/2012 24/11/2013 20/12/2013 13/06/2014 25/03/2012 31/03/2012
7.8	Issued during quarter Options D	0	0	-
7.9	Exercised during quarter -CDI Warrants -UK Warrants	0 462,500	0 462,500	0 1.5 UK pence
7.10	Expired during quarter Options A* Option B*	5,000,000 2,000,000	0 0	18 4.0	15/09/2011 24/11/2013
7.11	Debentures (totals only)
7.12	Unsecured notes (totals only)

 

Compliance statement

1             This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

2             This statement does give a true and fair view of the matters disclosed.              

Sign here:            ............................................................                                           Date: 26/10/2011

(Company Secretary)

Print name:         Allan Burchard

Notes

1             The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position.  An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2             The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period.  If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3             Issued and quoted securities. The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.

4            The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

5             Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities.  If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

6            Proceeds are net of issue costs.

7             Ordinary securities comprise of:

Listed on London Stock Exchange (AIM)                          314,910,824

Escrowed until 2/8/2012 on Australian Stock Exchange       40,000,000

Listed on Australian Stock Exchange (ASX) - as CDI's      246,602,126

Total Ordinary Shares at 3o September 2011                             601,512,950

8            Issues during the quarter comprise of:
                     Listed on London Stock Exchange (AIM)                           31,059,518    

Escrowed until 2/8/2012 on ASX   - as CDI's                     40,000,000

Total Ordinary Shares issued to 30 September                           71,059,518

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Allan Burchard	[phone]	Thor Mining PLC	CFO/Company Secretary
John Simpson	[phone]	Daniel Stewart & Co. Plc	Nominated Adviser
Nick Emerson/ Renato Rufus	[phone]	Simple Investments	Broker
Alex Walters	[phone]	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.

 

END

 

 

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