Business
Quarterly Report
Quarterly Report.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7764W Thor Mining PLC 29 April 2016 \n\n \nAIM: THR\n58 Galway Avenue\nMarleston, SA, 5033\nAustralia\n \n29 April 2016\n \nQuarterly Report for the period ended 31 March 2016\n \nThe Directors of Thor Mining PLC (\"Thor\" or the \"Company\") (AIM, ASX: THR) the Australian tungsten and gold explorer and developer, today announce the quarterly report for the period ended 31 March 2016. It has also been released today with the Australian Securities Exchange (ASX) as required by the listing rules of ASX.\n \n \nHighlights\n \nGOLD\n \nSpring Hill, Northern Territory (\"NT\")\n· Agreement to sell 100% of Spring Hill project for A$3.5 million plus royalty\n· A$2.0 million has been received for initial 60% interest\n \nTUNGSTEN & MOLYBDENUM - Core projects now free of debt\n \nMolyhil NT\n· Tungsten prices have increased by 20% from the preceding quarter\nPilot Mountain, Nevada USA\n· Final payment of outstanding loans which were secured against this project\n· Exploration scheduled pending availability of funds\n \nOutlook for June Quarter 2016\n· Discussions to bring forward the receipt of A$1.5 million consideration for the remaining 40% interest in Spring Hill\n· Continuing discussions to secure project finance for the Molyhil project\n· Ongoing discussions for balance of concentrate production off-take at Molyhil\n· At Pilot Mountain, planning has begun for exploration phase on deposits with previous multiple mineralised intersections\n \nCommenting, Mr Mick Billing, Executive Chairman of Thor Mining, said: \n \n\"The initial 60% sale of our Spring Hill Gold project has allowed us to repay the debt secured against our core tungsten projects and as well as against Spring Hill and we are very pleased that our core tungsten projects are now free of debt. Capital is still very tight however as two-thirds of the net proceeds were applied to discharge those loans. We are in active discussion with a number of parties aiming to agree terms to bring forward t...