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SPRING HILL SALE SETTLEMENT COMPLETION
SPRING HILL SALE SETTLEMENT COMPLETION.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1842X Thor Mining PLC 17 February 2017 \n\n \n \n \n17 February 2017\n \nTHOR MINING PLC\n \nSPRING HILL SALE SETTLEMENT COMPLETION\n \n \nThe Board of Thor Mining Plc (\"Thor\" or the \"Company\") (AIM, ASX: THR) is pleased to advise of the completion of the sale process of the Company's residual interest in the Spring Hill Gold project.\n \nFormal documents for completion have been executed and final settlement funds of A$1,500,000 have been received.\n \nMr Mick Billing, Executive Chairman, commented: \n \n\"We are very pleased with the completion of the Spring Hill sale agreement. The A$1,500,000 in final consideration received will allow us to accelerate our exciting exploration programmes, starting with the Pilot Mountain drilling program, due to commence within the next two weeks, and the new drilling programme planned at the Dundas gold project in the first half of 2017.\"\n\"The strengthened balance sheet will also provide us with much greater financing flexibility as we continue to assess new project opportunities.\n\"Based on work carried out to date, we believe that PC Gold plans to advance the Spring Hill gold project into production in the medium term, an outcome which would generate a potentially substantial royalty stream for Thor.\"\n \nSpring Hill Sale Background\n \nIn February 2016, Thor announced the sale of its Spring Hill Gold project¹ for A$3.5million, of which A$1.5 million for the Company's residual 40% interest, remained due for settlement in February 2017.\n \nGoing forward, Thor is entitled to receive a royalty from the Spring Hill project of:\n· A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and\n· A$14 per ounce of gold² produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.\nNotes\n¹ Refer AIM announcement of 26 February 2016\n²At the date of this announcement gold is trading at approximately A$1,610/oz, and has traded above A$1,500/oz for the past 12 months.\n \n \nThe information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulatio...