Thor Mining Says Weak Commodity Prices Have Delayed Molyhil Financing

LONDON (Alliance News) - Thor Mining PLC Monday said that depressed commodity prices have delayed finance for the development of its Molyhil tungsten project in Australia, but said that reductions in capital and operating cost estimates leaves the project well positioned to attract financing when prices rebound.

Thor Mining is a mineral exploration and development company with licences and mining leases in Australia and Nevada.

For the half year to end-December the company reported a pretax loss of GBP1.1 million, widened from a pretax loss of GBP579,000 a year before, mostly as a result of a GBP719,000 write off of exploration assets in relation to its stake in the Spring Hill project in Australia. It did not produce revenue in either period.

During the period the company focused on cost optimisation for Molyhil, and said it continues to seek and appraise sources of finance for the project.

Elsewhere, the company sold its 49% stake in the Spring Hill gold project for AUD310,000, which it said has helped strengthen its balance sheet considerably.

Shares in Thor mining were down 7.1% at 0.0260 pence Monday afternoon.

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

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