8th Aug 2014 09:01
LONDON (Alliance News) - Thor Mining PLC Friday said Crocodile Gold Australia Operations Pty Ltd has given the firm notice of withdrawal from the memorandum of understanding for toll treating Spring Hill gold ore.
The MoU was originally signed in April 2013, but Crocodile has now withdrawn owing to its projected requirements for the use of its Union Reefs processing operation in Australia's Northern Territory.
Crocodile has informed Thor that its projected requirements for the plant mean it will not have sufficient capacity to commit to toll treatment for Thor and Western Desert Resources Ltd, Thor's joint venture partner in the Spring Hill project.
Spring Hill "has both current value and very attractive exploration upside, and the directors are committed to exploring all potential alternatives to deliver value from it," said Mick Billing, Executive Chairman of Thor Mining.
Thor shares were down 7.7% to 0.120 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Thor Energy