21st Oct 2015 08:59
LONDON (Alliance News) - Thor Mining PLC shares rose on Wednesday after it said it has been given the green light from Australian authorities to take full ownership of the Spring Hill gold project.
Thor shares were up 17% to 0.0449 pence per share on Wednesday morning.
Thor will wholly-own the project following on from its move in April to up its stake from 49.0%. The miner acquired the other 51.0% stake held by WDR Gold Pty Ltd, a subsidiary of Western Desert Resources Ltd which is currently in liquidation.
Amid Western Desert's precarious position, Thor paid a total of just AUD310,000, or around GBP150,000, for the 51.0% stake.
All approvals for the acquisition have been obtained and the tenements are now registered in the name of Thor's wholly owned subsidiary, TM Gold Pty Ltd. The deal was originally agreed back in June.
"The gold price now sits around AUD1,600 per ounce, and the Spring Hill project has potential for development at low capital and operating costs. Holding 100% of Spring Hill places Thor in a robust position to secure maximum benefit, and a number of strategies are currently being explored to progress to near term development and mine start," said Executive Chairman Mick Billing.
By Joshua Warner; [email protected]; @JoshAlliance
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