3rd Jun 2015 08:18
LONDON (Alliance News) - Thor Mining PLC on Wednesday said it expects to complete the acquisition of the Spring Hill Gold Project in Australia in coming weeks, despite expected delays in receiving regulatory approvals.
Thor said in April it had agreed to buy the 49% stake in the project held by WDR Gold Pty Ltd, a subsidiary entity of Western Desert Resources Ltd, after it went into liquidation for AUD210,000. Following the deal, Thor will own 100% of the project if approved by authorities.
It is now awaiting ministerial approval and passage from the Foreign Investment Review Board. Thor said the submissions for these approvals have been prepared, but it expects the approvals to take several weeks before completion of the deal will occur.
"The gold price now sits above AUD1,500/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 good position to secure maximum benefit, and a number of strategies are being explored to progress to near-term development," said Executive Chairman Mick Billing.
Shares in Thor were up 3.1% to 0.067 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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