Last checked at 31 Aug 2017 11:57
31 August 2017
THOR MINING PLC
INITIAL ROYALTY PAYMENT
SPRING HILL PROJECT - NORTHERN TERRITORY
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to report receipt of A$8,124 in the form of a royalty payment from production of gold at the Spring Hill gold project in Australia.
On 26 February 2016, Thor announced the sale of its Spring Hill Gold project for A$3.5million. In addition to the sale proceeds, Thor holds a production royalty entitlement of:· A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and· A$14 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.
Thor was previously the recipient of loan funds secured in part against the Spring Hill project. These loan funds were repaid in full following the completion of the sale of Thor's interest in Spring Hill and that lender holds an entitlement to 5% of all royalty proceeds received by Thor from Spring Hill. The initial royalty of A$8,124 received by Thor is stated net of the 5% entitlement of the lender.
During the June 2017 quarter, the operator at Spring Hill produced 610.84 ounces of gold, via processing historic ore stockpiles.
Mr Mick Billing, Executive Chairman of Thor:
"We are delighted to receive the first of what is expected to be a series of royalty payments from gold production at Spring Hill.
"The project operator is continuing to advance regulatory approval to commence normal mining and processing activities and we look forward to updating investors with progress as news becomes available".
Enquiries:
Mick Billing | +61 (8) 7324 1935 | Thor Mining PLC | Executive Chairman |
Ray Ridge | +61 (8) 7324 1935
| Thor Mining PLC | CFO/Company Secretary |
Colin Aaronson/ Daniel Bush/ Richard Tonthat | +44 (0) 207 383 5100
| Grant Thornton UK LLP
| Nominated Adviser |
Elliot Hance | +44 (0) 207382 8300 | Beaufort Securities Limited | Joint Broker |
Nick Emerson / Andy Thacker | +44 (0) 1483 413 500 | SI Capital Ltd | Joint Broker |
Tim Blythe/ Camilla Horsfall | +44 (0) 207 138 3222 | Blytheweigh | Financial PR |
Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.
About Thor Mining PLC
Thor Mining PLC is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in 2015¹ suggested attractive returns. Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated Resources Estimate² on 1 of the 4 known deposits.
Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the insitu-recovery portion of the historic Kapunda copper mine in South Australia.