ASX Trading Halt

RNS Number : 1603O

Thor Mining PLC

28 May 2020

 

28 May 2020

THOR MINING PLC

ASX TRADING HALT

The Directors of Thor Mining plc ("the Company") advise that trading in the shares of the Company have been halted on the Australian Securities Exchange ("ASX") effective from Thursday 28 May 2020   in accordance with ASX Listing Rule 17.1, pending an announcement related to the entering into an exclusivity arrangement in respect of a potential acquisition by the Company and an associated fundraising.

The ASX trading halt will remain in place until the earlier of the commencement of trading on Wednesday 3 June 2020 or the release of an announcement by the Company.

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

Enquiries:

Mick Billing [phone] Thor Mining PLC Executive Chairman Ray Ridge [phone] Thor Mining PLC CFO/Company Secretary Colin Aaronson/ Richard Tonthat/ Niall McDonald [phone] Grant Thornton UK LLP  Nominated Adviser Nick Emerson Claire Louise Noyce / John Beresford-Peirse [phone] [phone] SI Capital Ltd Hybridan LLP Joint Broker Joint Broker

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.

Ab o u t 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 August 2018¹ suggested attractive returns.

Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred Resource estimates for the White Violet and Samarkand tungsten deposits and the Bonya copper deposit ².

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate ³ 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 holds a 25% interest Australian copper development company EnviroCopper Limited (with rights to increase its interest to 30%).  EnviroCopper Limited holds:

· r ights to earn up to a 75% interest in the mineral rights and claims over the resource ⁴ on the p o r tion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery; and

· rights to earn up to 75% of the Moonta copper project, also in South Australia comprising the northern portion of exploration licence EL5984 and includes a resource estimate ⁵ for several deposits.

Thor also holds a production royalty entitlement from the Spring Hill Gold project ⁶ of :

•   A$5.70 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$13.30 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.

N ot e s

¹ Refer ASX and AIM announcement of 23 August 2018

² Refer ASX and AIM announcements of 26 November 2018 and 29 January 2020

³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018

⁴   Refer AIM announcement of 10 February 2018 and ASX announcement of 12 February 2018

⁵ Refer ASX and AIM announcement of 15 August 2019

⁶ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016

 

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