THOR ACQUIRES 100% OF SPRING HILL GOLD PROJECT

RNS Number : 0600P

Thor Mining PLC

03 June 2015

 

3 June 2015

THOR MINING PLC

Thor Mining PLC ("Thor" or the "Company")

THOR ACQUIRES 100% OF SPRING HILL GOLD PROJECT

The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to advise the execution of documents to acquire the balance of the Spring Hill Gold Project in Australia's Northern Territory.

On 30 April 2015 Thor advised it had agreed terms to acquire the 49% equity interest in Spring Hill that it did not own from WDR Gold Pty Ltd, a subsidiary entity of Western Desert Resources Limited which is presently in Receivership/Liquidation - the previous equity holder of the gold project stake acquired by Thor. Formal documentation has now been agreed and executed by both parties

The agreement is subject to ministerial assent, and approval from the Foreign Investment Review Board.  Submissions for these reviews have been prepared, however it is expected that these approvals will take several weeks before completion can then occur,

Consideration for the acquisition has been agreed at A$210,000 (approximately UK£109,000) plus Thor CDIs to the value of A$100,000, payable upon Ministerial agreement to the title transfer.  As previously stated, Thor has agreed terms with an Australian investor for loan finance for the cash component of the acquisition.

Mr Mick Billing, Executive Chairman of Thor Mining:

"The gold price now sits above A$1,500/ounce, and the Spring Hill project has potential for development at low capital and operating costs.  Holding 100% of Spring Hill places Thor in a good position to secure maximum benefit, and a number of strategies are being explored to progress to near term development."

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Ray Ridge	[phone]	Thor Mining PLC	CFO/Company Secretary
Colin Aaronson/ Harrison Clarke/ Richard Tonthat	[phone]	Grant Thornton UK LLP	Nominated Adviser
Gerry Beaney/ David Hignell John Howes/ Mark Treharne	[phone]	Northland Capital Partners Limited	Broker
Alex Walters	[phone] [phone]	Cadogan PR	Financial PR

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.

 

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