RECEIPT OF RESEARCH AND DEVELOPMENT TAX INCENTIVE OF A$222,0000
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to announce the receipt of A$222,512.51 by way of a Research & Development Tax Incentive refund from the Australian Government, Department of Industry, Innovation and Science.
The refund covers a portion of expenditure during the 2018/19 fiscal year on eligible research activities on Australian projects.
Mick Billing, Executive Chairman, commented:
"We are very pleased to have our cash reserves boosted by this R & D refund."
"We are proceeding with all scheduled 2019 activities with the confidence that they are fully funded."
For further information, please contact:
THOR MINING PLC
Mick Billing Executive Chairman
+61 8 7324 1935
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.
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ASX Code: "THR"
15 August 2019
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 an Inferred resource for 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 4 known 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 ⁶2018.
Thor is also acquiring up to a 30% interest Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery⁴, and also holds rights to earn a 75% interest in portion of the Moonta Copper project also in South Australia, and is considered amenable to recovery by way of in situ recovery⁵.
Thor has an interest in Hawkstone Mining Limited, an Australian ASX listed company with a 100% Interest in a Lithium project in Arizona, USA.
Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project⁶ of:
A$6 per ounce of gold produced from the Spring Hill tenements, sold for up to A$1,500 per ounce; and
A$14 per ounce of gold produced from the Spring Hill tenements, 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 announcement of 26 November 2018
³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018 ⁴ Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018 ⁵Refer AIM announcement of 5 March 2019 and ASX announcement of 6 March 2019 ⁶Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016