Share Price Movement

RNS Number : 7373W

Thor Mining PLC

24 November 2010

 

THOR MINING PLC

Share Price Movement

Dated: 24 November 2010

The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR) the exploration company focussed on gold and base metal projects and advancing tungsten-molybdenum projects in Australia, today released the following report on the Australian Stock Exchange ("ASX"),as required under the rules of the ASX.

A copy of the letter to ASX Securities Limited can be accessed from the via the attached link:

 http://www.rns-pdf.londonstockexchange.com/rns/7373W_-2010-11-24.pdf 

Following the movement in the Thor share price this morning and the increase in market volume the Directors are not aware of any information that has not been announced to the market which explains the movement in the recent trading of securities of the Company. Further the Company is not in possession of any information requiring an announcement.

The Directors of Thor have noted that the price of the Company securities has risen in the past few days coupled with rising spot pricing of gold and tungsten and believe that any or both of the following factors may have influenced the price and volume of the Company's securities:-

1.  The current high market price for gold and the previously announced encouraging exploration activities at the Dundas Gold Project, in the Albany Fraser Belt near Norseman, in Western Australia.

2.  The pricing of Thor's securities were considered by Directors as depressed and below their underlying value possibly due to a long delay in commencing mining at the Molyhil Molybdenum/Tungsten project in the Northern Territory as a result of unfavourable commodity pricing. Recently the Tungsten prices have recovered strongly to historical highs and investors may be aware of this.

The Directors believes the Company is in compliance with the AIM Rules.

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Laurie Ackroyd	[phone]	Thor Mining PLC	CFO/Company Secretary
John Simpson	+ 44 (0)20 7776 6550	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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