13th Mar 2007 07:00
Thor Mining PLC13 March 2007 THOR MINING PLC Molyhil - MOU entered into with HNG Dated: 13 March 2007 Thor Mining PLC ("Thor" or the "Company") the specialist metals companycurrently focussed on advancing tungsten-molybdenum and uranium projects in theNorthern Territory of Australia, today announced that it has entered into aMemorandum of Understanding with China's Hunan Nonferrous Metals Holdings GroupCo, Ltd ("HNG") in regard to its Molyhil Tungsten-Molybdenum project ("Molyhil"). Highlights • HNG to complete due diligence by 15 April 2007; and • Thor and HNG intend to conclude commercial terms and off take arrangements by 30 April 2007. Summary The Memorandum of Understanding allows for a period of due diligence to beconducted by HNG to 15 April 2007. Should HNG decide to proceed following theirdue diligence it is the intention of both Thor and HNG to complete binding termsand suitable off-take arrangements by 30 April 2007. The Directors believe HNG is a dominant producer of nonferrous and minor metalsin China, owns the world largest deposits of tungsten and bismuth, is theworld's largest producer of cemented carbides, and owns China's largest zinc andantimony smelters. The Directors also believe HNG is a significant producer oflead, silver, indium, tantalum and niobium. HNG is headquartered in Changshacity, Hunan, Peoples Republic of China and is the majority shareholder of HunanNonferrous Metals Corporation Limited, listed in Hong Kong. The Directorsbelieve the HNG group's combined current market capitalisation of over USD2billion Thor has undertaken not to sign binding terms with any other party before 30April 2007, but other interested parties will be conducting due diligence duringthis period. Enquiries: John Young + 61 (0)419 954 020 Thor Mining PLC Chief Executive OfficerJohn Simpson 020 7512 0191 ARM Corporate Finance Nominated Adviser Limited Leesa Peters 020 7429 6600 Conduit PR Limited Public Relations/UK or 020 7429 6603 Jos SimsonNicolas Read + 61 (0) 8 9388 1474 Jan Hope & Partners 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:
Thor Energy