Quarterly Report

RNS Number : 2167G

Thor Mining PLC

28 January 2010

 

THOR MINING PLC

DECEMBER 2009 QUARTERLY REPORT

Dated: 28 January 2010

The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR) the resources company focused on gold and base metals projects and advancing tungsten-molybdenum projects in the Northern Territory of Australia releases its activities report for the quarter ended 31 December 2009.

MOLYHIL TUNGSTEN-MOLYBDENUM DEVELOPMENT PROJECT ("MOLYHIL")

• Continuing depressed molybdenum and tungsten prices, and the strength of the Australian dollar against the US dollar, further delay the development of Molyhil.

• The price of Molybdenum Roasted Concentrates has increased to US$15.25/lb, and the selling price of Tungsten APT has increased and tightened to between US$195/mtu and US$205/mtu. These prices however are substantially below levels required for development with confidence.

EXPLORATION PROJECTS

Tungsten & Molybdenum projects:

·         No exploration activities were conducted during the period.

Base metal prospects:

·         Planning was conducted for a 320 kilometre line EM survey on the Harts Range tenements. It is expected that this survey will be completed during January 2010.

Uranium projects:

• No exploration activities were conducted during the period

New projects:

• The company has initiated a search for new exploration projects focussing on gold and base metals.

CORPORATE AND FINANCE

Cash Position:

• The quarter closed with AUS$0.5 million cash reserves.

Issue of capital:

• Subsequent to the end of the quarter the Company advised that it proposes to raise approximately AUD$250,000 (approximately £140,000 at current exchange rates) by way of a placing of 16,666,667 new ordinary shares of 0.3p each in the capital of the Company through the issue of 16,666,667 voting CDI's in the Company at 1.5 cents per CDI to sophisticated investor clients of Taylor Collison Limited (Stockbrokers and Investment Advisors) in Australia.  Proceeds of the placing will be used by the Company to search for and evaluate new projects with the emphasis on mainstream commodities.

Personnel:

• During the quarter the services of the Chief Executive Officer were terminated, as the Company's focus reverted to project acquisition and exploration in response to continuing disappointing molybdenum and tungsten prices. The Chief Executive duties are currently being carried out by Mick Billing as Executive Chairman.

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Laurie Ackroyd	[phone]	Thor Mining PLC	CFO/Company Secretary
John Simpson	[phone]	Daniel Stewart & Co. plc	Nominated Adviser

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.

 

END

 

 

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