Business
Spring Hill Toll Treatment MOU
Spring Hill Toll Treatment MOU.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9842B Thor Mining PLC 10 April 2013 \n \n\n10 April 2013\nTHOR MINING PLC\n \nMOU SIGNED FOR TOLL TREATMENT OF GOLD FROM SPRING HILL PROJECT\n \n \nThe Directors of Thor Mining PLC (\"Thor\") (AIM, ASX: THR) are pleased to announce the signing of a non-binding Memorandum of Understanding (MOU) in respect of toll treatment of ore from the Spring Hill gold project south of Darwin in Australia's Northern Territory.\n \nThe agreement is between Spring Hill's two co-venturers, Thor Mining PLC and Western Desert Resources Limited (ASX: WDR), and Crocodile Gold Australian Operations Pty Ltd, a subsidiary of Toronto-listed Crocodile Cold Corporation (TSX \"CRK\").\n \nCrocodile Gold operates the Union Reefs gold processing facility, approximately 20 kilometres from Spring Hill, and currently has excess processing capacity.\nThe agreement provides that Thor & WDR, following receipt of all necessary approvals to conduct mining operations at Spring Hill, would haul ore mined from the operation for processing and gold extraction at Crocodile Gold's Union Reefs processing plant, provided:\n· The parties can agree acceptable terms, and execute a formal binding agreement setting out the terms upon which the toll treatment may occur.\n· The Board of Directors of Crocodile Gold approve the toll treatment.\n· Excess processing capacity remains available at the Unions Reefs processing facility.\nThe parties have agreed to work cooperatively to achieve a mutually beneficial outcome and will at approximately six monthly intervals correspond in reference to progress and issues.\n \nAbout the Spring Hill Gold Project\nThe Spring Hill project is located approximately 150 km south of Darwin in Australia's Northern Territory. The location is served by all-weather access and is in close proximity to the sealed arterial Stuart Highway, north-south rail, gas pipeline and trunk powerlines.\n \nSpring Hill hosts an Indicated Resource of 450,000oz gold within 10.0Mt @ 1.40 grams per tonne (g/t) gold which is accessible for open pit mining.\n \nResource Estimate(10.0 million tonnes @1.40g/t gold. Cutoff grade 0.5 g/t)\n\n...