Thor Energy Share News (THR)

LONDON (Alliance News) - Thor Mining PLC said it had made "significant steps" in the quarter to the end of June, citing upgraded reserves at its Molyhil Tungsten-Molybdenum project in Alice Springs, and its acquisition of the Pilot Mountain project in the US.

The company announced an agreement to acquire the project in June, subject to due diligence, shareholder and regulatory approvals, from Black Fire Minerals Ltd. It will pay for the acquisition through the issue of 418.8 billion shares.

It will also acquire debt of AUD625,000, partly secured against the project, which is payable by September 30 2015.

It will not begin exploration and evaluation at the project until the acquisition is finalised.

This, combined with its upgraded reserves at Molyhil, takes Thor's resource inventory to over 30,000 tonnes of tungsten which it said would potentially position it toward the top end of non-Chinese tungsten miners.

Thor is continuing to evaluate opportunities for its 51%-owned Spring Hill gold Project in Darwin, and has identified targets for drilling at its 60% owned Dundas gold project in Norseman. However, it has prioritised its spending on other projects, which has slowed progress at Spring Hill and Dundas.

Shares in Thor Mining were trading up 2.6% at 0.113 pence Thursday afternoon.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

Copyright 2014 Alliance News Limited. All Rights Reserved.