Sale of Base Metal Interests - Dundas Project

RNS Number : 5599H

Thor Mining PLC

20 May 2014

 



20 May 2014

THOR MINING PLC

Sale of Base Metal Interests - Dundas Project

The directors of Thor Mining PLC ("Thor") (AIM, ASX: THR) advise the sale of its 60% interest in the base metal rights at the Dundas project in Western Australia.

Thor will retain its 60% interest in gold in both Dundas tenements

Under the terms of the agreement Ram Resources (ASX: RMR) has agreed, subject to a 45 day due diligence period, to acquire Thor's 60% interest in exploration licence E63/1102 (with Thor retaining all gold rights in respect this 60% interest) and 100% of the base metal and PGE rights in Thor's 60% interest in E63/872.

Consideration for the disposal is as follows:

·      $70,000 payable to Thor in ordinary fully paid shares in RMR, at expiration of due diligence period.

·      $100,000 to Thor in cash or ordinary fully paid shares in RMR, payable 18 months from the date of completion of due diligence. RMR may elect not to make payment by notice in writing to the vendor during the 18 month period, in which case the tenement will be transferred back to the vendor.

Mr Mick Billing, Executive Chairman of Thor Mining:

"We have always pursued the Dundas project for its potential to host significant gold mineralisation, and this remains our objective. This agreement allows us to retain that potential but also provides Thor with carried exposure to any base metal discovery."

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Ray Ridge	[phone]	Thor Mining PLC	CFO/Company Secretary
Colin Aaronson/ David Hignell/ Jamie Barklem	[phone]	Grant Thornton UK LLP	Nominated Adviser
Nick Emerson/ Renato Rufus	[phone]	SI Capital Limited	Broker
Alex Walters	[phone] [phone]	Cadogan PR	Financial PR

 

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