USA Lithium Investment Update

RNS Number : 7802Q

Thor Mining PLC

08 June 2018

 

8 JUNE 2018

THOR MINING PLC

USA LITHIUM INVESTMENT UPDATE

Further to its announcements of 29 March 2018 and 10 April 2018, the Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), provides the following update on the sale of the Company's interest in USA Lithium Pty Ltd ("USA Lithium").  

The Company notes an announcement on ASX of 7^th June 2018 by Hawkstone Mining Limited ("Hawkstone") (ASX: HWK) that the meeting of shareholders to approve the acquisition of 100% of the shares of USA Lithium has been deferred, and is now scheduled for 28^th June 2018

Details of the release by Hawkstone can be viewed via the link below:

https://www.asx.com.au/asxpdf/20180607/pdf/43vm872g4sdt33.pdf

The Company will continue to update investors on this issue as news becomes available.

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Ray Ridge	[phone]	Thor Mining PLC	CFO/Company Secretary
Colin Aaronson/ Richard Tonthat	[phone]	Grant Thornton UK LLP	Nominated Adviser
Nick Emerson	[phone]	SI Capital Ltd	Broker
Tim Blythe/ Camilla Horsfall	[phone]	Blytheweigh	Financial PR

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.

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.

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 portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.

Thor has a material interest in US 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 project³ 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 announcement of 26 February 2016 and ASX announcement of 29 February 2016

 

END

 

 

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