UPDATE: Thor Explorations challenges "false" press allegations

Thor Explorations Ltd - West Africa-focused mineral exploration company - On Monday, reacts to what it terms "false claims and allegations, reported in the press, by Special Advisers of the Osun State Government, Nigeria". Says the allegations contain "gross inaccuracies and false claims about Thor's wholly owned subsidiary, Segilola Resources Operating Ltd, regarding tax evasion and unethical business practices. Thor Explorations fully rejects all the allegations and has not been presented with any evidence by the Osun State Government to support its claims. "As reported in the local media, the allegations were formally refuted by the Country Manager of Segilola Resources Operating Ltd," company says in a statement.

On Tuesday, Thor Explorations clarifies that on Monday, representatives of Osun State served a notice to Segilola Resources Operating Ltd, from a state magistrates court to seal the Segilola Mine site over unpaid outstanding taxes amounting to around USD62,500. "The company is aware of other figures being quoted in various local news articles, which are all false and unsubstantiated."

Thor says SROL has now paid the full outstanding amount despite not being given the stipulated 30 days to review. "There was no disruption to operations at Segilola which continued as normal and remain unaffected," the company says. Thor Explorations says it is in dialogue with the Federal Ministry of Mines, the regulator of the sector to prevent any such action from occurring again.

Current stock price: 16.24 pence

12-month change: down 8.5%

By Jeremy Cutler, Alliance News reporter

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