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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Thor Mining PLC    THR   GB00BD0NBV71

THOR MINING PLC

(THR)
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Thor Mining : Sale of interest in Hawkstone Mining

02/10/2020 | 03:08am EST
Regulatory Story
Go to market news section
Sale of interest in Hawkstone Mining
Released 08:04 10-Feb-2020



RNS Number : 4660C
Thor Mining PLC
10 February 2020

10 February 2020

THOR MINING PLC

SALE OF INTEREST IN HAWKSTONE MINING

The directors of Thor Mining Plc ('Thor') (AIM, ASX: THR) are pleased to advise completion of the disposal of its interest in ASX listed Hawkstone Mining Limited.

The sale process was conducted over a period between November 2019, and early February 2020, and realised, after expenses, just over A$103,000.

The Company further advises that it has been informed that it is likely to receive offers for its royalty entitlement, in respect of the Spring Hill gold project, during the first quarter of calendar 2020.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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/

Richard Tonthat/ Ben Roberts

+44 (0) 207 383 5100

Grant Thornton UK LLP

Nominated Adviser

Nick Emerson

Claire Louise Noyce /

John Beresford-Peirse

+44 (0) 1483 413 500

+44 (0) 203 764 2341

SI Capital Ltd

Hybridan LLP

Joint Broker

Joint Broker

Updates on the Company's activities are regularly posted on Thor's website www.thormining.com,whichincludesafacility to register to receive these updates by email, and on
the Company's twitter page @ThorMining.

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR) 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 August 2018¹ suggested attractive returns.

Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred Resource estimates for the White Violet and Samarkand tungsten deposits and the Bonya copper deposit².

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4known deposits. The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.

Thor holds a 25% interest Australian copperdevelopment company EnviroCopper Limited (with rights to increase its interest to 30%). EnviroCopper Limited holds:

· rights to earn up to a 75% interest in the mineral rightsand claims over theresourceon the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery; and

· rights to earn up to 75% of the Moonta copper project, also in South Australia comprising the northern portion of exploration licence EL5984 and includes a resource estimatefor several deposits.

Thor also holds a production royalty entitlement from the Spring Hill Gold project 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; andA$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.

Notes

¹ Refer ASX and AIM announcement of 23 August 2018

² Refer ASX and AIM announcements of 26 November 2018 and 29 January 2020

³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018 Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018

Refer ASX and AIM announcement of 15 August 2019

Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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Sale of interest in Hawkstone Mining - RNS

Disclaimer

Thor Mining plc published this content on 10 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 February 2020 08:07:06 UTC


© Publicnow 2020
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Sales 2020 - - -
Net income 2020 -0,92 M -1,24 M -1,24 M
Net cash 2020 0,19 M 0,26 M 0,26 M
P/E ratio 2020 -3,28x
Yield 2020 -
Capitalization 14,4 M 19,4 M 19,4 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 7
Free-Float 60,2%
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Managers
NameTitle
Michael Robert Billing Executive Chairman & Chief Executive Officer
Ray Ridge Chief Financial Officer & Co-Secretary
Mark Roderick Potter Non-Executive Director
Mark McGeough Non-Executive Director
Stephen Frank Ronaldson Co-Secretary