12th Mar 2014 10:40
LONDON (Alliance News) - Thor Mining PLC Wednesday said its pretax loss narrowed significantly in its first half as lower costs and impairments helped company finances.
The Australian tungsten and gold explorer and developer said its pretax loss narrowed to GBP380,000 for the six months ended December 31 from GBP744,000 the previous year.
The company, which is yet to produce any revenues, said its administrative expenses fell to GBP62,000 from GBP79,000 in 2012, and its corporate expenses fell to GBP321,000 from GBP380,000 the previous year.
Thor Mining also had to pay a GBP259,000 impairment charge on its exploration assets and a GBP32,000 share-based payment expense in 2012 which skewed the figures.
The news comes a week after Thor Mining said that further tests at its 51% owned Spring Hill mine returned outstanding gold recoveries, reinforcing fire screen assay results in January which achieved up to a 107% increase in gold grades for certain sized samples at the site.
Screen fire assays study large samples that are generally identified to contain coarse gold. The samples are pulverised and passed through a fine screen
Thor Mining shares were down 1.9% to 0.265 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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