28th Sep 2015 08:59
LONDON (Alliance News) - Thor Mining PLC Monday said its pretax loss widened in the last financial year as the miner continues to try and secure financing for the Molyhil tungsten project in the US.
The US miner reported a GBP915,000 pretax loss in the year ended June 30, widening from the GBP780,000 loss a year earlier. The wider loss was mainly caused by higher corporate costs and losses on financial assets.
"The firectors are confident of continued progress across the group in the coming year. We remain hopeful that we will secure finance for the Molyhil tungsten project, and believe our other tungsten and gold projects put your company in a position to add value in the near term," said Michael Billing, chairman and chief executive of the company.
During the financial year, Thor posted a probable mineral resource estimate for the Molyhil project in the US, but it did not conduct any work on the Spring Hill gold project, whilst "limited work" was carried out on the Dundas gold project.
"Looking forward, the company hopes to be in a position to test several promising (gold) targets when funding levels permit," it said.
Thor shares were up 4.8% to 0.0390 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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