Spring Hill Gold Project - 51% Interest Achieved

RNS Number : 5797S

Thor Mining PLC

04 December 2012

 



4 December 2012

THOR MINING PLC

SPRING HILL GOLD PROJECT (NT)

51% EQUITY INTEREST ACHIEVED

The directors of Thor Mining PLC's ("Thor") (AIM, ASX: THR) are pleased to provide an update to the staged acquisition of the Spring Hill gold project south of Darwin in Australia's Northern Territory.

Thor has received from Western Desert Resources, its co-venturer in the project, a signed instrument of transfer for the transfer of a further 26% interest in the Spring Hill gold project, for lodgement with the Northern Territory Department of Resources for approval.  Subject to the receipt of ministerial approval to the transfer, Thor's total interest in the Springhill gold project will increase to 51%.

In addition, the terms of the staged acquisition have been varied to set the timing of the pricing of the securities to be issued to Western Desert Resources in consideration for the acquisition, to the date the companies agreed that the expenditure requirement had been met.  As a result, 21,666,667 Thor CDI's in total will be issued to Western Desert Resources upon receipt of ministerial approval to the transfer.  Full details of the terms of the acquisition were contained in the notice of Thor's general meeting held on 18 May 2011, a copy of which can be obtained at www.londonstockexchange.com or on the Company's website.

Commenting, Mr Mick Billing, Executive Chairman of Thor Mining, said,

"We are delighted to have achieved this increase in equity ownership of the Spring Hill project.  Our exploration to date has increased the resource inventory and added to the value of the project, and we have more targets to test.  In addition we will be investigating all options to realise value from the project at an early stage. "

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Allan Burchard	[phone]	Thor Mining PLC	CFO/Company Secretary
Gerry Beaney/ David Hignell	[phone]	Grant Thornton Corporate Finance	Nominated Adviser
Nick Emerson/ Renato Rufus	[phone]	Simple Investments	Broker
Alex Walters	[phone] [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.

 

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