12th Sep 2007 07:01
Thor Mining PLC12 September 2007 THOR MINING PLC Final Results for the period ended 30 June 2007 Dated: 12 September 2007 Thor Mining PLC ("the Company" or "Thor"), AIM, ASX: "THR" the specialist metalscompany focused on advancing tungsten-molybdenum and uranium projects in theNorthern Territory of Australia, announces its final results for the periodended 30 June 2007. Executive Chairman's Operating and Financial Review OPERATING REVIEW Thor is a mineral exploration and development company focussed on advancingmolybdenum, tungsten and uranium projects in the Northern Territory ofAustralia. The 2007 financial year has seen progress for Thor across a number ofimportant activities. Highlights for the year included; Highlights • In July securing the services of John A Young, a geologist of some 20 years standing, in the role of Chief Executive Officer. John has quickly built up a professional team. • In September an A$10.0 million (£4.0 million) fund raising and dual listing on the Australian Stock Exchange. • As part of the fund raising and dual listing, Thor completed the purchase of Hale Energy Limited, thus securing over 3,000 sq kms of uranium exploration ground. • During the year in excess of £300,000 was spent on exploration of the uranium tenements. • In addition to the fund raising and dual listing, in excess of £200,000 was raised by placings and exercising of warrants during the year. • As a consequence at June Thor had in excess of £1,800,000 in cash, which was supplemented by the recent £748,000 post balance date placing. Molyhil Project Highlights • At the Molyhil Project in excess of £900,000 was spent on exploration, including drilling and associated work. • Thor also completed a Definitive Feasibility Study ("DFS") confirming that the project is technically and economically viable. • Since that time additional metallurgical studies have been completed, selected plant items have been secured and environmental and native title aspects of the project are near completion. • In excess of £680,000 was spent on development work during the year. • Since year end a new resource statement has been completed and Thor is now vigorously pursuing an off-take agreement and financing of the project. The team continues to focus on the twin strategies of developing the MolyhilTungsten - Molybdenum Project, by securing an off-take agreement and financingfor the project, and exploration of the extensive uranium tenements. John W Barr Executive Chairman THOR PROJECTS MOLYHIL TUNGSTEN - MOLYBDENUM PROJECT ("MOLYHIL") Molyhil is a proven resource where a proposed open cut mine and processingfacility is planned. The main objective of the proposed development is toproduce scheelite and molybdenite concentrate for sale. It comprises of an Exploration Licence; and Mining Lease Applications, and issituated east of Alice Springs in central Australia. A number of milestones have been achieved during this financial year, including: • Completion of the Definitive Feasibility Study; • Engineering work advanced; • Marketing of product progressing; • Upgrading of Metallurgical recovery results; • Purchase of selected plant; • Completion of Notice of Intent to Mine and Public Environmental Review; • Mining agreement with traditional owners ready to be signed; • Updated resource completed with 55% increase in overall tonnage to 3.73 million tonnes; and • Significant increase in Measured and Indicated categories to 530,000t at 0.42% WO3 and 0.27% MoS2 and 2,400,000t at 0.39% WO3 and 0.17% MoS2 respectively. Definitive Feasibility Study This DFS report was prepared by consultants and confirmed the technical andeconomic feasibility of developing Molyhil. The study included preliminary design, engineering and cost estimates for themining, process plant and associated facilities based on a 300,000 tpaoperation. The ore reserve estimate used in the study was completed in 2006 and wasestablished through a series of mine optimisations and designs. The pit modelused proved and probable reserves of 1.094Mt at 0.21% (Mo) and 0.62% (W). Recently it was decided to revise the pit model to take into account the updated2007 resource. When this is completed revised feasibility numbers will bepublished . Engineering Detailed engineering work was awarded to contractors, but is currently suspendedsubject to financing of the project and the sale of product. The contractor hascompleted work on detailed layouts and requests for tenders for equipment andlong lead items, particularly for the supply of the grinding mill.Recommendations on the grinding mills and wet screens have been received, alongwith an assessment of responses from reagent suppliers. Mill procurement is the primary item on the critical path for the projectschedule. A master control schedule and project execution plan has beenestablished. These systems will allow an efficient and orderly ramp up to fullconstruction in due course. Marketing Consultants were retained to promote and market the products which lead to aMemorandum of Understanding ("MOU") being signed with a Chinese group.Unfortunately in April that group advised that they did not wish to proceedfurther. Several other parties have now expressed interested in the product, and as aresult of the new resource, negotiations are proceeding. Thor expects to be able to complete off-take negotiations shortly. Purchase of selected plant During the year Thor secured key items of plant and equipment for the proposeddevelopment which, when incorporated into the design of the processing plant,should result in savings in construction time and cost. The revised feasibility numbers will take into account the savings. Metallurgical As part of the feasibility, metallurgical test work was undertaken and resultantprocess flow sheet was incorporated into the economic and technical assessment.The studies indicated that a saleable concentrate could be produced. Subsequently additional metallurgical tests to further optimise the flotationconditions and concentrate grade and recoveries has been completed byindependent consultants. Primary Molybdenum Concentrate assayed 51.4% Mo with a recovery of 77.8% andPrimary Tungsten Concentrate assayed 72.9% WO3 with a recovery of 65.4% andthese have now been established as the base to produce a saleable concentrate. Notice of Intent The Notice of Intent has been submitted to the relevant authorities for reviewand comment. The subsequent Public Environmental Review ("PER") period has nowconcluded and a positive decision from the Northern Territories Minister forMines is expected shortly. No environmental or heritage concerns have been identified that cannot bemanaged within an Environmental Management Plan. Negotiation of Mining Agreement A development review committee was formed for the negotiations with the CentralLand Council ("CLC") with the aim to complete a mining agreement. A finalmeeting with the Traditional Owners was held on site during March, resulting inagreement on the proposed mining infrastructure. The Native Title Mining agreement has now been finalised. Resource Update Final results from the recently completed resource drilling program at Molyhilwere received in July 2007 and incorporated into the new resource model, whichwas completed by independent geological consultants. The updated resource represents a 55% increase in overall tonnage to 3.73million tonnes at 0.51% combined tungsten (WO3) and molybdenum (MoS2) with asubstantial tonnage upgrade to the measured and indicated categories -increasing the overall level of confidence in the resource. The revised resourcenow comprises: • Measured resource of 530,000 tonnes at 0.42% WO3 and 0.27% MoS2, a 43% tonnage increase over the previous measured resource; • Indicated resource of 2.4 million tonnes at 0.39% WO3 and 0.17% MoS2, a 37% increase over the previous indicated resource; and • Inferred resource of 800,000 tonnes at 0.15% WO3 and 0.1% MoS2, more than three times higher than the previous resource. The resource model now contains 8.4 million pounds of molybdenum metal and 1.3million mtu's of tungsten, representing a similar metal content to the previousresource but at a higher JORC resource category following the conversion of asignificant tonnage from the indicated to measured category. This increases theoverall confidence in the upper parts of the block model. This is a positiveresult which should translate to increased confidence in the mining reserve. During the year two programs of Reverse Circulation ("RC") drilling weresuccessful in identifying extensions to the Southern and Yacht Club ore zones aswell as increasing the overall confidence of the existing resource. Three extraholes were completed beneath the Yacht Club and Southern ore bodies as a resultof encouraging geology. A total of 35 holes were completed for 4,624m. The firstprogram also included geotechnical and hydro geological studies over areasdesignated for future mine development infrastructure. All of these results have now been incorporated into the revised resource model. HATCHES CREEK Hatches Creek Project is made up of three Exploration Licences one of which isgranted and two still under application which are located in the central portionof the Northern Territory. The Exploration Licence Applications cover 63 km2which fall within the Anurrete Aboriginal Land Trust under the provisions of theAboriginal Land Right Act (NT) Act 1976. After lengthy negotiations an agreement was signed for Exploration LicenceApplications with the traditional owners and Thor is now waiting on the grant ofthese tenements before initiating ground exploration. URANIUM EXPLORATION Uranium exploration has begun with reconnaissance work at Harts Range and amajor Hoist EM survey at Hale River and Plenty Highway Projects completed.Reverse circulation drilling was also completed at Hale River. Initial reconnaissance work at Harts Range returned assays as high as 31% U,whilst interpretation of the survey is well advanced. Harts Range Reconnaissance The Harts Range Project is located about 150kms east-northeast of Alice Springs.Reconnaissance sampling of the Harts Range tenement area was completed duringOctober and November 2006, with several areas traversed. The main objective ofthe sampling program was to identify known prospects and determine optimalaccess routes and logistics for follow-up exploration. The project includes sixtenements. In the October program eleven rock chips were taken on two out of the sixgranted tenements. Analysis was completed for 39 elements. Five samples were taken at the Ryoma and Casper prospects, with resultsconfirming the prospectivity of this area returning elevated uranium valuesranging from 121ppm to 227ppm U. Results were also elevated in rare earthelements ("REE") such as Yittrium and Zirconium. Sample HR8 also returned up to1.62% Pb. The results included a single sample result of 31.6% U. This hand-picked samplecontained a significant portion of visible uraninite. Significantly, a number oflarge pegmatite bodies are located within the Harts Range project. Work to date in the Harts Range Project indicates that sporadic high uraniumgrades occur along NW trending structural corridors, suggesting a vein-typemodel for mineralisation such as that at Schwartzwalder in Colorado (USA).Mineralisation here occurs in numerous lenses associated with a major shearfault network and along contacts between mica schist and gneissic rocks Harts Range - Scintillometer Survey In late November, a scintillometer orientation survey and ground reconnaissancework was completed over three tenements, with scintillometer readings taken atvarious locations including several prospects with historic uranium explorationresults. In total, fourteen samples were collected. A number of samples returned significant results of >0.10% U, all of which havea very strong REE association. One particular sample from an area near theHaddock Prospect was high in uranium (8.87% U), tantalum (19%) and niobium(18%), suggests that the sample contained coarse tantalite crystals. Twosignificant results of 0.17% U and 0.26% U were also returned from the Garnetprospect. Previous mapping in this area in 1993 determined that the strongestradioactivity occurs where the pegmatite has been more extensively altered togarnet. Historic PNC assays at this prospect ranged between 18-2,900ppm U,100-4,000ppm Y and 100-2,600ppm Nb. Further reconnaissance rock chip sampling and mapping was completed on theDaicos, Haddock, Mount Mary (Snaf & Indiana) and Starlight prospects in earlyJuly. A total of 39 rock chip samples were collected, all assays are stilloutstanding. Approximately 12 km of prospective strike length has beenidentified representing potential host extensions or repetitions ofepidosite-pegmatoid layers. Regional exploration resulted in the identification of a single pegmatite some6.3km in length and 50m wide at Mt Mary. Two rock chips taken from 'hot spots'in this area returned elevated uranium values ranging from 107 to 246ppm. Asecond pegmatite, which also has an extensive strike of 2km and an average widthof 63m has been identified to the north-east. This requires furtherinvestigation. Ongoing exploration will also cover the Snaf and Kelly Prospects, located to thenorth and south of Mt Mary. Historic rock chip sampling by PNC at theseprospects returned very high-grade uranium assays ranging from 550-1,580 ppm U. Bundey River Project Three radiometric anomalies have been identified in the eastern part of theBundey River Project area from airborne radiometric survey. Reconnaissance exploration was completed along the eastern portion of the BundeyRiver tenement; two samples were taken from this area with disappointing uraniumresults. While no calcrete samples were able to be taken, a consistently highscintillometer count was taken over the main drainage channel. Sampling returnedan anomalous thorium value in exposed lateritic remnants, confirming thepotential for tertiary basin and drainage hosted uranium. Hale River Project The first and second phases of a comprehensive uranium exploration program atHale River have been completed. The first phase of the program comprised a helicopter borne Hoist EM surveycovering the Company's Hale River and Plenty Highway tenements, which cover some1,200 sq km of tertiary basin sediments. The Hale River data has indicated a complex south easterly striking channelstructure. Zones of conductive and resistive sediments (indicating reducing andoxidizing environments) have been interpreted within the main and subsidiarypalaeo-channels within the model. The revised modelling has also incorporatedprevious exploration drilling that has already identified anomalous areas of 'roll front style' uranium mineralisation. Reconnaissance aircore drilling at the Hale River Highway and BundeyaUraniumProject has been completed with a total of 28 holes completed to date for1,549m. The Hoist EM survey was a technical success and identified numerous potential "trap sites" or conductive sediments within the Hale River palaeo drainagesystem. Drilling indicated that the modelled depth to basement was essentiallycorrect and that the conductive horizons identified in the Hoist EM survey wereassociated with carbonaceous sediments, pyritic sands and lignite horizons andwas not due to saline/hyper saline ground water. The drilling was difficult dueto running sands and clay layers and high water flows. Five of the six priority anomalies identified were tested with at least one holeto check the ground conditions however the most prospective Hoist EM trap sitewith coincident surface radiometric anomaly on the eastern side of the tenementcould not be drilled due to access restrictions imposed by the Central LandCouncil. Anomalous scintillometer readings several times background were associated withpyritic sands, carbonaceous clays and lignite. A number of samples returnedassays between than 20 and 100ppm U, these are considered anomalous andcorrelated well when compared to results from similar lignite horizonsidentified in the Hale River Basin by Alcoa in the 1980's. Existing anomalies need further drill testing and work to date has confirmed thepresence of suitable "trap sites" for roll front style Uranium mineralization. Plenty Highway Project A final report and interpretation of the Hoist EM data has been provided byThor's consultants. Two highly prospective areas have been identified atjunctions within a large palaeo - channel drainage system containing abundantconductive sedimentary units. Drilling can begin pending CLC approvals. Approximately 5,000m of drilling willbe required. Minimal previous exploration has been carried out on the tenement. CORPORATE Capital Raising and Listing on ASX In 2006 Thor received shareholder approval to proceed with the acquisition ofHale Energy Ltd. Shareholder approval was also received for a 1-for-3 capitalconsolidation and an issue to existing shareholders of one warrant for every twopost-consolidation shares held ahead of the dual listing of Thor's shares on theAustralian Stock Exchange ("ASX"). The consideration for the acquisition of Hale Energy was the issue of 16 millionfully-paid shares and 8.5 million warrants. Thor closed its A$10.0 million fund raising fully subscribed ahead of the duallisting of its shares on the ASX in September 2006. The successful completion of the fund raising and dual listing marked animportant milestone for Thor. During July 2007 a placement of 6,800,000 shares at 11 pence per share wascompleted on the AIM Market of the London Stock Exchange. The Company's totalissued share capital is now 139,659,508 shares. The funds raised, approximating A$1.7m after costs, will be used to supplementshort term working capital requirements and to provide additional finance forthe development of Molyhil. Thor Mining PLC Executive Chairman's Operating and Financial Review Site Environmental Policy Occupational Health And Safety Policy Molyhil Mine Site is committed to protection and Thor Mining PLC is fully committed to the management of the environment in a responsible manner establishment and maintenance of a safe and healthy during the currency of its operation. The objective of work environment for all employees without management at the site is to minimise adverse impacts compromising employee job productivity. on the environment from planning through development, mining, production and to decommissioning. Thor Mining PLC recognises that the duty of care is the over arching principle for this Policy. To achieve this, Molyhil Mine will: Thor Mining PLC is committed to providing a safe • Comply with all Northern Territory laws, working environment for all employees. regulations and standards or other applicable Federal legislation; • Develop, implement and maintain a Company and Employee Commitment: comprehensive Environmental Management System; • Work environment and conditions for • Promote environmental awareness among the employees are above those proscribed by relevant laws workforce to increase understanding of environmental and statutory regulations. responsibilities and to develop a "stakeholder" interest in the work force for improved environmental protection and management; • The Company will educate all employees in best and safe work practices in their working environment to ensure that they are not exposed to any • Utilise leading practice environmental unnecessary health and safety risk. management procedures in operating and rehabilitation programs; • All employees will support, implement and adhere to the Company Occupational, Health and Safety • Monitor performance of site discharges at a Programme. frequency higher than required by regulations and licences and provide safeguards and contingency plans to detect and prevent any potential adverse impacts; • Develop and train an environmental emergency response team for damage control and rehabilitation at sites where an inadvertent spillage of potentially polluting material has occurred • At the required frequency, report environmental performance to government • Regularly check environmental management performance of Company and contractor operations by internal and external auditing • Require the site employees, contractors and other third parties to exceed or as a minimum conform with the site standards and procedures for environmental management • Minimise waste and maximise the use of re-cycling programs to reduce exploitation of resources • Rehabilitate to current standards or exceed the standards required by government so that the site can be returned to rangelands grazing • At closure, leave the site in a clean, safe, stable and erosion-free condition. Thor Mining PLC Executive Chairman's Operating and Financial Review Corporate Environmental Policy Indigenous People's Policy Thor Mining PLC identifies environmental management Thor Mining PLC wishes to establish and maintain a good as essential to its own future. The company considers working relationship with Indigenous People who may be that sound environmental management benefits all affected by the Company's operations. To achieve this stakeholders, including shareholders, employees, it is Thor's policy to: nearby residents and the broader community. • Respect the culture and heritage of Thor Mining PLC regards environmental care as an Indigenous People affected by the Company's operations. integral part of its business, and is committed to excellence in the management of environmental matters. Thor Mining PLC aims to minimise environmental impacts at every stage of work, from • Undertake appropriate heritage surveys to planning through exploration, development, mining, ensure that sites of cultural heritage to Indigenous production and decommissioning. People are not inadvertently damaged by the Company's operations. The objectives of the company's commitment to environmental management are to: • Regularly consult with relevant Indigenous People to ensure that they are kept informed of the Company's activities and that their concerns are considered in the design and management of the • Comply with all environmental legislation, Company's activities. licences and regulations. • Promote cross-cultural awareness. • Develop, implement and maintain a comprehensive Environmental Management System. • Whenever feasible, provide employment and training for Indigenous People affected by the • Recognise conservation and heritage values. Company's operations. • Identify, manage and monitor potential • The Company can not guarantee a successful environmental impacts, striving to comply with exploration outcome that will benefit all stakeholders international leading practice. (Indigenous People, landowners, the Company and its shareholders and the community at large), but in the event of an economic discovery the Company will engage in open negotiations with Traditional Owners to • Rehabilitate disturbed land surfaces. complete an agreement on the development of the discovery to the satisfaction and benefit of all parties. • Review and evaluate environmental performance. • Seek continuous improvement in exploration, mining, waste management and the use of resources. • Promote cross-cultural awareness, and wherever possible, protect sites of cultural significance. • Have timely and effective communications with landowners, relevant indigenous people and others who may be directly affected by company operations. • Communicate regularly with employees, suppliers, contractors and customers about the aims of the Corporate Environmental Policy and the responsibilities implied. • Provide information to the community, share holders and government authorities about the company's environmental performance. Consolidated Income Statement for the year ended 30 June 2007 Consolidated Company Note 2007 2006 2007 2006 £'000 £'000 £'000 £'000 Administrative expenses (323) (137) (84) (10)Corporate expenses (1,190) (568) (1,066) (432)Other expenses - (19) - -Operating loss 3 (1,513) (724) (1,150) (442) Interest receivable 4 126 33 - -Other income 4 - 7 - -Loss before tax (1,387) (684) (1,150) (442) Tax on loss on ordinary activities 6 - - - -Loss for the financial year (1,387) (684) (1,150) (442) Loss per share - basic 7 (1.27)p (1.13)p Continuing operationsAll items relate to continuing operations Balance SheetsAt 30 June 2007 Note Consolidated Consolidated Company Company 2007 2006 2007 2006 £'000 £'000 £'000 £'000ASSETSNon-current assetsIntangible assets 8 4,191 1,445 - -Investments 9 - - 1,977 700Loan to subsidiaries 10 - - 4,636 1,100Exploration costs 11 726 - - -Plant and equipment 12 95 9 1 -Total non-current assets 5,012 1,454 6,614 1,800 Current assetsCash and cash equivalents 1,836 484 155 268Trade & other receivables 13 96 32 8 12Prepayments 10 19 9 19Total current assets 1,942 535 172 299Total assets 6,954 1,989 6,786 2,099 LIABILITIESCurrent liabilitiesTrade and other payables 14 (181) (88) (43) (13)Provisions 15 (9) - - -Interest bearing liabilities 16 (11) - - -Total current liabilities (201) (88) (43) (13) Non-current liabilitiesInterest bearing liabilities 16 (60) - - -Total non-current liabilities (60) - - -Total liabilities (261) (88) (43) (13) Net assets 6,693 1,901 6,743 2,086 EQUITYIssued share capital 17 399 192 399 192Share premium 18 5,616 1,928 5,616 1,928Foreign exchange reserve 19 431 59 - -Merger reserve 20 1,634 405 1,634 405Option revaluation reserve 21 783 100 783 100Retained losses 22 (2,170) (783) (1,689) (539) Total equity 6,693 1,901 6,743 2,086 These Financial Statements were approved by the Board of Directors on 21 August2007 and were signed on its behalf by: John W Barr - Executive ChairmanJohn A Young - Chief Executive Consolidated Cash Flow Statement for the year ended 30 June 2007 2007 2006 £'000 £'000Cash flows from operating activitiesOperating Loss (1,387) (684)(Increase)/decrease in trade and other receivables (56) 28Increase in trade and other payables 22 81Depreciation 29 3Share options expensed 683 100Unrealised exchange gain 372 36Net cash outflow from operating activities (337) (436) Cash flows from investing activitiesPurchase of property, plant and equipment (38) (12)Payments for mine development expenditure (727) -Payments for exploration expenditure (1,389) (760)Net cash outflow from investing activities (2,154) (772) Cash flows from financing activitiesRepayment of borrowings (5) -Issue of ordinary share capital 4,209 300Share issue costs (361) (112)Net cash inflow from financing activities 3,843 188 Net increase/(decrease) in cash and cash equivalents 1,352 (1,020)Cash and cash equivalents at beginning of period 484 1,504Cash and cash equivalents at end of period 1,836 484 Analysis of changes in net debt At 1 July 2006 Cash flows Non-cash changes 30 June 2007 £'000 £'000 £'000 £'000Cash at bank and in hand 484 1,352 - 1,836 Statements of Changes in EquityFor the year ended 30 June 2007 Foreign Issued Share Share Retained Currency Merger Option Total Capital Premium Earnings Translation Reserve Reserve Reserves £'000 £'000 £'000 £'000 £'000 £'000 £'000ConsolidatedAt 1 July 2005 182 1,750 (99) 23 405 - 2,261Loss for the period - - (684) - - - (684)Foreign currency translation reserve - - - 36 - - 36 Total recognised income and expense - - (684) 36 - - (648) Share based payments expense - - - - - 100 100Share issued 10 178 - - - - 188At 30 June 2006 192 1,928 (783) 59 405 100 1,901 At 1 July 2006 192 1,928 (783) 59 405 100 1,901Loss for the period - - (1,387) - - - (1,387)Foreign currency translation reserve - - - 372 - - 372 Total recognised income and expense - - (1,387) 372 - - (956) Share based payments expense - - - - - 683 683Shares issued 207 3,688 - - 1,229 - 5,124At 30 June 2007 399 5,616 (2,170) 431 1,634 783 6,693 CompanyAt 1 July 2005 182 1,750 (97) - 405 - 2,240Loss for the period - - (442) - - - (442)Total recognised income - - (442) - - - (442)and expenseShare based payments - - - - - 100 100expenseShare issued 10 178 - - - - 188At 30 June 2006 192 1,928 (539) - 405 100 2,086 At 1 July 2006 192 1,928 (539) - 405 100 2,086Loss for the period - - (1,150) - - - (1,150)Total recognised income - - (1,150) - - - (1,150)and expense Share based payments - - - - - 683 683expenseShare issued 207 3,688 - - 1,229 - 5,124At 30 June 2007 399 5,616 (1,689) - 1,634 783 6,743 Notes to the Financial Statements for the period year to 30 June 2007 1. The Directors are not recommending the payment of anordinary share dividend. 2. Loss per share on the net basis is calculated on a loss onordinary activities after taxation of £1,387,000 (2006:£684,000) and on114,014,198 (2006: 60,795,776) ordinary shares being the weighted average numberof shares in issue and ranking for dividend during the period. No diluted lossper share is presented as the effect of exercise of outstanding options is todecrease the loss per share. Prior period comparatives have been restated toreflect the impact of the 1:3 share consolidation in September 2006. 3. The financial information set out in the final results doesnot constitute statutory accounts as defined in section 240 of the Companies Act1985. Results for the period ended 30 June 2007 are abridged from the 2007 AnnualReport and Accounts, which received an unqualified auditor's report and will befiled with the Registrar of Companies following the Annual General Meeting on 20November 2007. 4. The Annual Report will be posted to shareholders on 13 September 2007.Further copies will be available from the Company's registered office: 3rdFloor, 55 Gower Street, London WC1E 6HQ. 5. The Annual General Meeting of the Company will be held at the WyndhamLondon Hotel, Chelsea Harbour, London SW10 0XG England, on Tuesday 20 November2007 at 11.00 a.m. Enquiries: John Young + 61 8 9327 0911 Thor Mining PLC Chief Executive Officer John Simpson 020 7512 0191 ARM Corporate Finance Ltd Nominated Adviser Leesa Peters 020 7429 6600 Conduit PR Limited Public Relations orJos Simson 020 7429 6603 Nicholas Read + 61 (0) 8 9388 1474 Read Corporate Public Relations/ Australia Updates on the Company's activities are regularly posted on Thor's websitewww.thormining.com, which includes a facility to register to receive theseupdates by email. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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