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Thor Mining PLC - Australia and America-focused exploration and development company - Sells Pilot Mountain Tungsten Project in Nevada for USD1.8 million to Power Metal Resources PLC. Pilot Mountain is a 5,908-acre project centred around four existing mineral deposits.
Power Metal will issue Thor Mining USD25,000 cash and 500,000 Power Metal shares at an issue price of 2.5 pence for a 60 day option period, and thereafter will pay USD115,000 in cash and USD1.7 million through 38.1 million shares at 2.5 pence. Sale proceeds to go towards gold and copper projects Alford East in south Australia and Ragged Range in west Australia.
Power Metal notes potential listing of its subsidiary Golden Metal on the London capital markets, which will hold 100% interests in Pilot Mountain.
"We are very pleased to enter into an Option Agreement with Power Metals for the 100% sale of Pilot Mountain Project," says Thor Mining Managing Director Nicole Galloway Warland. "This strategic divestment of a non-core asset is in line with our focus on copper and gold projects; with the acceleration of exploration activities towards exploration drilling activities at Ragged Range Project in the Pilbara WA, and progressing baseline studies for in-situ recovery for copper and gold at Alford East Project, SA."
Thor current stock price: 0.72 pence, up 6.8% on Tuesday
Year-to-date change: down 9.9%
Power Metal current stock price: 1.97p, up 6.7% on Tuesday
Year-to-date change: down 28%
By Josie O'Brien; josieobrien@alliancenews.com
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