Thor Explorations Ltd. (TSX VENTURE: THX) ('Thor' or the 'Company') is pleased to announce that it has signed an agreement with Barrick Gold Corporation ('Barrick'), which terminates the 2015 Earn-In Agreement between Thor and Acacia Mining PLC (Acacia Mining PLC has subsequently been acquired by Barrick), on the Central Hounde Project (the 'Project') in south-western Burkina Faso (the 'Agreement').
Following the signing of the Agreement, Thor has acquired Barrick's 51% ownership of the Project in exchange for a 1% Net Smelter Royalty. Thor now holds 100% of the Project.
The Central Hounde Project, consists of three early stage exploration permits located in the highly prospective Hounde Greenstone belt approximately 260km south west of Ouagadougou. The three permits cover a total area of 474km2 over the Hounde Belt. A total of 20,208m RC and 3,156m of Diamond drilling has been completed over the licences to date.
The Project has a number of prospects which have been previously delineated through mapping, soil geochemistry and drilling campaigns.
Segun Lawson, President & CEO, stated: 'We are pleased to have regained a 100% interest in the Central Hounde Project which lies in one of West Africa's highly regarded Birimian greenstone belts. In recent years, the JV has undertaken diligent exploration programs which have resulted in the identification of several targets that have been outlined by preliminary drilling, which we consider merit further assessment. We would like to thank Barrick and all of the team who have worked on the Project over the term of the JV.'
'Our development activities remain focused on our Segilola Gold Project in Nigeria, where construction is well advanced and we are on track for first gold pour in June this year. At our advanced exploration project, Douta in Senegal, following the success of our recent drilling programs at Douta North and Douta Tail, we have initiated a supplementary drilling program to assess the potential extension of the identified additional mineralisation.'
'The Central Hounde project adds further depth to the Company's exploration portfolio, which supports the Company's strategy to become a leading West African gold producer and developer.'
Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria and a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor also holds a 100% interest in the Bongui and Legue gold permits located in Hounde greenstone belt, south west Burkina Faso. Thor trades on the TSX Venture Exchange under the symbol 'THX'.
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This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented constitutes 'forward looking statements' within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions that could cause the actual results of the Company to differ materially from the forward-looking statements. Such forward-looking statements, including but not limited to, the Company's ability to fully finance the Project, to bring the Project into operation or to produce gold from the Project, and the use of the proceeds. The words 'may', 'could', 'should', 'would', 'suspect', 'outlook', 'believe', 'anticipate', 'estimate', 'expect', 'intend', 'plan', 'target' and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date.While the Company may elect to, it does not undertake to update this information at any particular time.