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FINANCING AND STRATEGIC UPDATE
FINANCING AND STRATEGIC UPDATE.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2280U Thor Mining PLC 20 October 2017 \n\n20 October 2017\n \nTHOR MINING PLC\nFINANCING AND STRATEGIC UPDATE\n \nThe Directors of Thor Mining PLC (\"Thor\" or the \"Company\") (AIM, ASX: THR) are pleased to announce a strategic financing to advance the Company's key projects towards commercialisation.\nThe next phase of activity demonstrates a departure from a focus on exploration expenditure, to build project resources, and the commencement of activities designed to progress the commercial potential of each of the Company's core projects. The key focus for the Company now is to demonstrate the value that the board consider existing projects to hold, and move them towards commercialisation, in order to generate quantifiable shareholder value.\nExploration where undertaken, will be focused on new discoveries and high impact targets, and may involve new opportunities not yet in the Company portfolio. Expenditure on exploration will be controlled in order to move the Company away from the high exploration spend recently encountered, which resulted in a need to undertake frequent capital raises.\nHighlights:\n· The Company has substantially completed exploration drilling requirements for all key projects;\n· Increasing tungsten and copper prices have accelerated interest in high quality tungsten and copper projects with substantial confirmed resources, like those that Thor has currently within its portfolio;\n· Drilling outcomes on key projects in 2017 have been very favourable, with a significant resource upgrade at Pilot Mountain, and a resource estimate for Kapunda is anticipated shortly;\n· At the Pilot Mountain and Molyhil projects, the Company has been encouraged by potential off-takers and financiers to move toward feasibility and development. The Company is considering its options, including the potential for joint venture, offtake, or acquisition agreements, should there be sufficient third-party interest;\n· The Company is to accelerate scoping and feasibility upgrade work to demonstrate the inherent project valuations which the board consider are not recognised in the Company's market valuation, but may be more recognisable with positive study outcomes...