20th May 2014 08:25
LONDON (Alliance News) - Thor Mining PLC Tuesday said it had sold its 60% interest in the base metal rights at the Dundas project in Western Australia, but will retain its 60% interest in the gold rights on both tenements at the site.
Under the deal, Thor has sold the base metal rights for the E63/872 exploration license, as well as all its 60% interest in the E63/1102 license, bar the gold rights, to Ram Resources for USD70,000 in Ram shares and USD100,000 in cash or shares payable 18 months after due diligence is completed.
The due diligence period will run for 45 days.
"We have always pursued the Dundas project for its potential to host significant gold mineralisation, and this remains our objective. This agreement allows us to retain that potential but also provides Thor with carried exposure to any base metal discovery," Thor Chairman Mick Billing said in a statement.
Thor Mining shares were flat at 0.195 pence Tuesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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