9th Feb 2017 09:03
LONDON (Alliance News) - Thor Mining PLC on Thursday said it has moved further forward with the sale of its interest in the Spring Hill gold project, expecting final consideration later in February.
Thor agreed to sell the Australian project to PC Gold Pty Ltd for a total of AUD3.5 million last February, but the sale was conditional on PC Gold securing an unconditional finance offer from an unnamed precious metal private equity fund based in the US. A financing offer was secured last year and negotiations for formal offer arrangements commenced.
Thor said on Thursday PC Gold's exploration and evaluation progress has now resulted in the company's funding partner committing unconditionally to complete the acquisition, and formal document preparation and execution of the sale was now in progress.
Completion and final settlement is expected on time later this month, Thor said.
Alongside this, Thor said preparations for the scheduled Pilot Mountain drilling programme, in Nevada, US, had completed. The programme will commence as soon as weather conditions permit with "unusually heavy" snowfalls temporarily holding up the progress.
Shares in Thor were up 0.9% at 0.605 pence on Thursday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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