Spring Hill Project Interest and Issue of Shares

RNS Number : 7694B

Thor Mining PLC

08 April 2013

 



8 April 2013

THOR MINING PLC

Spring Hill Gold Project (NT) - 51% Equity Interest Finalised

and Issue of Shares

The Directors of Thor Mining PLC's ("Thor") (AIM, ASX: THR) are pleased to announce the finalisation of the 51% equity acquisition in the staged acquisition of the Spring Hill gold project south of Darwin in Australia's Northern Territory.

Ministerial approval has been received for the transfer from Western Desert Resources Limited ("Western Desert"), Thor's co-venturer in the project, of a further 26% interest in the Spring Hill gold project. 

The Company has today issued 21,666,667 new Ordinary Shares of 0.3p to Western Desert in consideration for this 26% interest in Spring Hill. By agreement with Western Desert, these new Ordinary Shares will be subject to a trading restriction (lock-in) for 12 months from the date of issue.

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 on the Company's website.

An application will be made to the London Stock Exchange for the new Ordinary Shares, which will rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading and dealings are expected to commence at 8:00 a.m. (BST) on 12 April 2013.

Following the issue of the new Ordinary Shares, Western Desert has an interest in 68,886,963 Ordinary Shares or 7.44% of the issued shares capital of Thor.

Following the issue of the new Ordinary Shares the Company's total issued share capital comprises 925,766,290 Ordinary Shares of 0.3p each. In accordance with the Financial Services Authority Disclosure and Transparency Rules, the Company has 925,766,290 Ordinary Shares of 0.3p each in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in Treasury.

The above figure of 925,766,290 Ordinary Shares may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.

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

"We are very pleased to finalise this increase in equity ownership of the Spring Hill project, towards our objective of an 80% interest.  We expect that seasonal conditions will allow the re-commencement of field work within the next 2 months when we plan to test a number of shallow drilling targets.  We will also continue to evaluate alternatives for profitable development."

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/ Emma Wigan	[phone] [phone]	Cadogan PR	Financial PR

 

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