Thor Mining PLC INITIAL ROYALTY PAYMENT - SPRING HILL PROJECT (4586P)
31 August 2017 - 8:57PM
UK Regulatory
TIDMTHR
RNS Number : 4586P
Thor Mining PLC
31 August 2017
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 Thor Mining Executive
1935 PLC Chairman
Ray Ridge +61 (8) 7324 Thor Mining CFO/Company
1935 PLC Secretary
Colin Aaronson/ +44 (0) 207 383 Grant Thornton Nominated
Daniel Bush/ 5100 UK LLP Adviser
Richard Tonthat
Elliot Hance +44 (0) 207382 Beaufort Securities Joint Broker
8300 Limited
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
/ Andy Thacker 413 500
Tim Blythe/ +44 (0) 207 138 Blytheweigh Financial
Camilla Horsfall 3222 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 2015(1) suggested attractive returns. Thor also holds 100%
of the Pilot Mountain tungsten project in Nevada USA which has a
JORC 2012 Indicated Resources Estimate(2) 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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