Thor Energy Regulatory News (THR)

THOR MINING PLC

New Testwork Results Significantly Enhance Economic Prospects For Molyhil Project

Thor Mining plc ("Thor" or "the Company") AIM, ASX: THR, THRO advises that the economic prospects for the Company's Molyhil tungsten and molybdenum project ("Molyhil") in the Northern Territory have been significantly enhanced by the results from metallurgical testwork for tungsten recovery. 

This follows completion of the metallurgical testwork designed to confirm the potential for improved tungsten recovery, identified earlier this year, and published on 23 January 2012.

Highlights

·; Tungsten recovery is now estimated at 85% compared with the previous feasibility estimate of 67% (and January 2012 estimate of 75%)

·; Improvement is achieved by adding a flotation step to the tungsten recovery process after gravity separation

The testwork, carried out by independent metallurgical testing and mineral beneficiation consultants Nagrom & Co has demonstrated significant added value by the addition of a flotation step to the tungsten recovery process, following gravity separation.

The results of this testwork will now be incorporated into the economic ore reserve and mining plan calculations as the next steps in completion of the Molyhil Definitive Feasibility Study (DFS).

Commenting today, Mr Mick Billing, Executive Chairman of Thor Mining, said:

"These improved recovery will make a substantial difference to the outcome of the feasibility study currently being worked on"

"With previous estimates showing A$900,000 in additional revenue per each 1% of tungsten recovery, the 100%-owned Molyhil project looks increasingly robust".

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