29th Jan 2015 10:58
LONDON (Alliance News) - Thor Mining PLC on Thursday said the revised feasibility study for the Molyhil Tungsten-Molybdenum project in Australia has backed the robust project economics and said it is in talks regarding the project.
Thor said it was holding off-take talks for a balance of concentrate production for the project and is in negotiations to secure project financing.
Elsewhere, Thor said it is working on developing initial exploration plans for the Pilot Mountain tungsten and molybdenum project in Nevada.
In its gold business, the company is continuing to evaluate the potential for profitable producition at the Spring Hill and said an aircore drilling programme will take place at Dundas, contingent on available funds.
"Thor is poised to add significant shareholder value, following recent progress. The updated Molyhil feasibility study has delivered very robust results, and it is hoped that discussions with potential financiers will result in project finance in the near term," said Mick Billing, Executive Chairman of Thor.
Thor shares were up 2.1% to 0.097 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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