RE: RNS9 Sep 2020 09:13
9 September 2020
THOR MINING PLC
US URANIUM / VANADIUM PROJECTCOMPLETION OF ACQUISITION
The directors of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR) are pleased to advise completion of the acquisition of American Vanadium Pty Ltd (AVU), including its subsidiaries and uranium and vanadium projects.
AVU holds interests in uranium and vanadium focussed projects in Colorado and Utah in the United States of America. The Company announced on 1 June 2020 an option agreement to acquire AVU, subject to satisfaction of due diligence requirements.
Thor will now proceed with the issue of 24 million Ordinary shares of 0.01p each, in full payment of the Acquisition Fee for a 100% interest in AVU.
Highlights:
· Acquisition of American Vanadium complete.
· Colorado project claims include historical mines with historical production activity over a period of more than 100 years.
· Utah project claims have reported historical drilling with significant intersections of uranium and vanadium.
· Field sampling by Thor during due diligence period showed assay results of high grade uranium (up to 1.25% U3O8 ) and vanadium (up to 3.47% V2O5)
Mick Billing, Executive Chairman of Thor Mining, commented:
"We are very pleased to complete the acquisition of 100% of American Vanadium and its high grade uranium and vanadium claims."
"Thor has a well balanced portfolio of very attractive assets with copper, gold, tungsten & now uranium & vanadium. "