31st Oct 2013 12:55
LONDON (Alliance News) - Thor Mining PLC Thursday said it is seeking off-take agreements for its tungsten and molybdenum, while negotiating further project finance.
The Australian gold, tungsten and molybdenum explorer and developer, said that after achieving a letter of intent for the sale of 70-75% of its tungsten concentrates to a US company during the three months ended September 30, the company is now seeking off-take agreements for its remaining concentrate production.
The company also said it is in negotiations to secure funding for the development of its Molyhill tungsten and molybdenum project.
Thor Mining said it is planning to conduct follow up test drilling at its Spring Hill Gold project following positive intercepts during the quarter, including a 6 metre space at 6.8 grams per tonne of gold.
Thor Mining shares were down 4.6% to 0.310 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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