Thor Energy Share News (THR)

LONDON (Alliance News) - Thor Mining PLC said in a trading update on Thursday it saw "highly positive" progress across its three key business interests and is looking forward to progress its tungsten and copper projects.

The AIM-listed company said that the tungsten resource sector "considerably strengthened" during 2017 and in the first quarter of 2018, as global APT tungsten prices were at its highest since December 2014.

Thor Mining said it currently has around GBP1.6 million in cash to undertake and fund planned activities until 2019.

For the exploration and development company's Molyhil tungsten-molybdenum mine in Australia's Northern Territory the possibility of an underground mining extension was reported in mid-January. Back then, Thor Mining had said that the Molyhil mine's life had been extended by 17% to seven years.

Thor Mining also said that it commenced in February a scoping study for its Pilot Mountain tungsten, silver and copper project in the US state of Nevada, together with metallurgical testwork required for pre-feasibility studies.

At its third key interest, the Kapunda mine in Australia, Thor published the project's copper resource in February.

Thor Mining Executive Chairman Mick Billing said: "It is the view of the board that the time has come to absolutely focus our efforts on Pilot Mountain, Molyhil and Kapunda. The recently published progress achieved in respect of each project has been considerable and we are of the view that the best outcome for shareholders will be achieved from the absolute concentration on our core interests each of which is in the board's view capable of delivering company transforming outcomes."

"Our main business investment decisions will be strictly focused on the Pilot Mountain, Molyhil and Kapunda projects and any directly related and compatible developments from a geographic, commodity and strategic perspective."

"Further news will follow across our business in what is increasingly an exciting period for the company. Make no mistake there is plenty of work still to do, however with a fair wind and robust commodity markets we are exceptionally well positioned."

Thor Mining shares were up 14% at 2.99 pence per share on Thursday.