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Thor Explorations Inc. Announces Signing of EPC Contract Financing Update for the Construction and Financing of the Segilola Gold Project
VANCOUVER, British Columbia, June 04, 2019 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Thor Explorations Ltd. (TSX VENTURE:
About this update from Thor Explorations Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, June 04, 2019 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Thor Explorations Ltd. (TSX VENTURE: THX), please note in the fourth and sixth paragraphs of the release, the year 2018 should be 2019. The corrected release follows: Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce it has signed the engineering, procurement and construction contract (“EPC Contract”) with Norinco International Cooperation Limited (“Norinco International”) for its 100% owned Segilola Gold Project, Nigeria (the “Project”). The EPC Contract was signed on the 31st May during the 10th International Infrastructure Investment and Construction Forum in Macao, China. The EPC Contract has been agreed on a lump sum turnkey (“LSTK”) basis which provides Thor with a fixed price of US$67.5 million for the full delivery of design, engineering, procurement, construction and commissioning of the proposed 650,000 ton per annum gold ore processing plant within 18 months of the commencement date and includes guarantees for construction schedule and plant performance. The Signing of the contracts was also witnessed by Mr Frank Odoom, Director of the Mines Inspectorate, Ministry of Mines and Steel Development, Nigeria and Mr Abdulaziz M. Dankano, Consular General of Nigeria to Hong Kong and Macao. Commencement of the EPC Contract is subject to certain conditions precedent, including financial close of the US$78m Africa Finance Corporation (“AFC”) financing announced in the Company’s press release dated 15 April 2019. In this regard, Thor is also pleased to announce that it has now received AFC Board Approval for the AFC financing. Thor and AFC are now in the process of documenting the financing. The US$67.5m EPC Contract price compares directly to the US$65.9m total contract value stated in the Company’s Independent NI 43-101 dated 18 March 2019. The price difference is attributable to improvements in milling and leach circuits, power plant and augmentation of the Project construction team. As announced in the Company’s press release dated 16 April 2019, Norinco International has also committed to provide US$6.5m in financing of the EPC Contract. As a result of the AFC and Norinco International financings and indicative terms provided by Project’s consumables ...