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Thor Mining Plc (LSE:THR) released a statement on Wednesday announcing a successful raise of capital totalling £270,000. Shares were up 17.9% to 1.15p at 10:51 am GMT.
The capital was raised by placing 27,000,000 Ordinary shares to UK sophisticated clients at 1p per share. The placement of funds is scheduled to be completed by 29 November, bringing their total issued shares to 628,512,950.
Executive Chairman of Thor, Mick Billing, commented on the issue of equity:
“We are delighted to have raised these additional funds which will help to fund the aggressive exploration and evaluation programmes we have in progress at the Dundas (WA) and Spring Hill (NT) gold projects, and also to further fund the Molyhil Tungsten/Molybdenum Project (NT) feasibility study.”
Molyhil Tungsten-Molybdenum Project
Thor achieved a positive outcome on the definitive feasibility study of the content of the site, indicating that a saleable concentrate could be produced. The molybdenum concentrate was measured at 51.4%, with a recovery of 77.8%, while the tungsten concentrate was 72.9%, with a recovery of 65.4%. The study indicated a potential cash operating margin of A$98 per tonne of ore for a pit of 1.4 million tonnes.
Spring Hill Gold Project
Spring Hill Mine is an existing site that has been operated on since its discovery around 1880. Thor believes that many deposits remain in the mines at a greater depth that were not economically feasible to obtain at lower gold prices and have proposed plans to target a sheeted vein system deeper in the anticline, below the known mineralisation. Investigations into deep drilling are scheduled to begin during the dry season in 2012, with an initial hole planned to be drilled later this year. A A$1-1.5 million budget for this project is estimated.
New Dundas Gold Project
Thor has entered into a terms sheet for the staged acquisition of three sites in the Western Australian gold fields. The project is located in the most gold-rich part of the Yilgarn province, the Wiluna-Kalgoorlie-Norseman greenstone belt. Limited exploration of the land holdings has been completed, however the forty square kilometres that have been surveyed revealed gold deposits similar to those found throughout the belt. Approval of a proposed drill program is anticipated during the December quarter.
Company Spotlight
Thor is a mineral exploration and development company based out of Australia and listed on the ASX and the AIM. Their portfolio of properties includes sites in Western Australia and the Northern Territory.
References
↑ About Thor
↑ Molyhil Overview
↑ Thor Mining Receives Investor Backing
↑ Thor Gold Projects
