Trading Halt on the ASX

RNS Number : 3939Y

Thor Mining PLC

21 August 2018

 

21 August 2018

THOR MINING PLC

Trading Halt on the Australian Securities Exchange ("ASX")

Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR) advises that its shares have been placed in a trading halt on the ASX, requested by the Company pending the release of an announcement in relation to an upgraded Definitive Feasibility Study ("DFS") on the Molyhil project.

On 8 January 2018 the Company announced an upgraded ore reserve and extended minelife and advised it was undertaking an upgraded DFS and on 1 August 2018 announced the upgraded DFS would be completed in the (current) September quarter of 2018. The Company now expects the upgraded DFS will be completed and announced on or around 23 August 2018.

The trading halt on the ASX is expected to be lifted at the earlier of an announcement to the market or at commencement of trading on the ASX on 23 August 2018 and a further announcement will be made at that time.

Trading in the Company's ordinary shares will continue on AIM during this period 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Ray Ridge	[phone]	Thor Mining PLC	CFO/Company Secretary
Colin Aaronson/ Richard Tonthat/ Ben Roberts	[phone]	Grant Thornton UK LLP	Nominated Adviser
Nick Emerson	[phone]	SI Capital Ltd	Joint Broker
David Hignell / Rob Rees / Isabella Pierre	[phone]	Northland Capital Partners Limited	Joint Broker
Tim Blythe/ Camilla Horsfall	[phone]	Blytheweigh	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, and on the Company's twitter page @ThorMining.

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.

Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in 2015¹ suggested attractive returns.

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate² on 2 of the 4 known deposits. 
The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.

Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, 
which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource³ on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.

Thor has a material interest in USA Lithium Pty Limited, an Australian private company with a 100% Interest in a Lithium project in Nevada, USA.

Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project⁴ of:

•  A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced 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 produced is sold for amounts over A$1,500 per ounce.

Notes

·     ¹ Refer ASX and AIM announcement of 12 January 2015

·     ² Refer AIM announcement of 22 May 2017 and ASX announcement of 23 May 2017

·     ³ Refer AIM and ASX announcements of 12 February 2018

·     ⁴ Refer AIM announcements of 26 February 2016 and ASX announcement of 29 February 2016.

 

END

 

 

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