Live Currency Rates
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Thor Mining grows cash reserves for Molyhill development  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 04/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - ProactiveInvestors - Australia) Thor Mining (ASX: THR, AIM: THR) has successfully raised 332,800 (A515,631) via a placement which will go towards financing the Molyhill tungsten and molybdenum project in Australia's Northern Territory.

The placement of 47.5 million shares was to UK sophisticated clients of Simple Investments at 0.70 per share.

Mick Billing, executive chairman, commented: "We are pleased to have raised these additional funds following the refreshment of our capital raising capacity at our General Meeting held on 31 October 2012.

"The funds will help finance the project development at the Molyhil tungsten/molybdenum project, and resource development at the Spring Hill gold project, each in Northern Territory, and the continuing exploration and evaluation program at Dundas in Western Australia."

At the Molyhil Project, following the completion of a Definitive Feasibility Study earlier this year, Thor has been focused on negotiations to secure agreements for offtake and project finance.

Discussions have been held with a number of potential customers for project concentrates, and more are scheduled.

This is targeted at starting site development before the end of 2012 and first production of concentrates early in 2014.

Molyhill has an Open Cut Reserve of 1.64 million tonnes at 4.2% tungsten and 0.13% molybdenum.

Meanwhile, at Spring Hill, Thor has been focused on extending mineralisation at its Spring Hill gold project in the Northern Territory.

Assays from drilling into the main Hong Kong Zone have confirmed further improved grades and extensions of known gold mineralisation at Spring Hill.

This paves the way for an upgrade to the current JORC Resource of 3.6 million tonnes at 2.3 grams per tonne (g/t) for a contained 274,000 ounces of gold to be undertaken during the next three months, once check-assaying has been completed.

Thor has also begun nickel exploration in the Albany-Fraser Province of Western Australia at its Dundas Project.

The company will undertake preliminary nickel exploration activities over a small area in conjunction with the ongoing gold exploration program at the project.

The Albany-Fraser belt hosts a number of nickel prospects, including Sirius Resources' (ASX: SIR) recently announced Nova discovery, about 80 kilometres north-northeast of Dundas, and historical nickel intercepts nearby at the Gnama South and Talbot prospects.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help