Business
Quarterly Activities Report to December 2015
Quarterly Activities Report to December 2015.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3800N Thor Mining PLC 29 January 2016 \n\n \nAIM: THR\n58 Galway Avenue\nMarleston, SA, 5033\nAustralia\n \n29 January 2016\nThor Mining PLC\nQuarterly Report for the period ended 31 December 2015\n \nThe Directors of Thor Mining PLC (\"Thor\" or the \"Company\") (AIM, ASX: THR) the Australian tungsten and gold explorer and developer, today lodge the quarterly report for the period ended 31 December 2015. It is has also been released today with the Australian Securities Exchange (ASX) as required by the listing rules of ASX.\n \nHighlights\n \nGOLD\nSpring Hill, Northern Territory (\"NT\")\n· Completion of the acquisition of the remaining 49% project interest for A$310,000, including cash of $210,000 \n\n\n \n· Memorandum of Understanding (\"MOU\") to sell 100% of Spring Hill NT project for A$3.5 million cash plus royalty\n \nTUNGSTEN AND MOLBDENUM\nMolyhil, NT\n· Tungsten and molybdenum prices remain depressed\n \nPilot Mountain, Nevada USA\n· Exploration scheduled pending availability of funds\n \nOutlook for March Quarter 2016\n \n· Completion of sale agreements and disposal of initial 60% interest in the Spring Hill Gold Project for A$2.0 million\n\n\n \n· Continued discussions to secure project finance for the Molyhil Tungsten-Molybdenum Project\n \n· Ongoing discussions for balance of concentrate production take-off at the Molyhil Project\n\n\n \n· Planning for exploration phase on deposits with previous multiple mineralised intersections at the Pilot Mountain Tungsten Project\n \nExecutive Chairman of Thor Mining commented: \n \n\"Capital markets for junior resource companies remain extremely tight and we are therefore very pleased with the agreement to sell the Spring Hill project on terms which will considerably strengthen our financial position. \n \n\"Thor is, at the core, a tungsten business, and while very low commodity prices make project finance for the Molyhil project challenging, the low capital and operating cost estimates stand Thor in good stead and the board are confident that finance will be secured in the medi...