Thor Mining completes sale of Australian gold project

Maryam Cockar Sharecast | 17 Feb, 2017 11:04 | | |

gold nuggets
  • 1.17
  • 4.44%0.05
  • Max: 1.24
  • Min: 1.09
  • Volume: 3,107,130
  • MM 200 : n/a
15:45 23/03/17
  • 15,887.18
  • -1.61%-260.75
  • Max: 16,265.51
  • Min: 15,869.93
  • Volume: 0
  • MM 200 : n/a
16:20 23/03/17
  • 916.93
  • 0.33%3.04
  • Max: 917.26
  • Min: 914.16
  • Volume: 0
  • MM 200 : n/a
16:20 23/03/17

Thor Mining has completed the sale of its Australian gold project to miner PC Gold in order to start drill programmes at other projects.

The AIM-listed company has completed the sale of the Spring Hill gold project with a final settlement of AU$1.5m.

Last February, Thor said it would sell Spring Hill for AU$3.5m, of which the AU$1.5m was for the remaining 40% stake in the project.

The deal also includes royalties of AU$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to AU$1,500 per ounce, and AU$14 per ounce of gold produced where the gold produced is sold for over AU$1,500 per ounce.

Executive chairman Mick Billing said the AU$1.5m received will allow the company to accelerate its exploration programmes starting with the Pilot Mountain drilling program, due to start in the next two weeks, and the new drilling programme planned at the Dundas gold project in the first half of 2017.

He also said that the strengthened balance sheet will also provide Thor with greater financing flexibility as its assesses new project opportunities.

Billing added: "Based on work carried out to date, we believe that PC Gold plans to advance the Spring Hill gold project into production in the medium term, an outcome which would generate a potentially substantial royalty stream for Thor."

Shares in Thor Mining were down 0.86% to 0.694p at 1046 GMT.

More news

16:56 China Africa Resources formal name change delayed

Shares fell in China Africa Resources on Thursday as the miner said there was a delay to its formal name change to Pembridge Resources.

16:41 Friday preview: Euro and US PMIs, Smiths Group results

Survey data on European and US services and manufacturing industries should give a good macroeconomic steer, while for UK corporate watchers Smiths Group is the biggest name reporting.

16:20 FTSE 100 movers: Next cuts a dash in dull market

Clothes retailer Next led the FTSE 100 risers despite reporting underlying pre-tax profits fell 3.8% to £790.2m last year and warned 2017 will be "another tough year" due to a shift away from spending on clothing and a squeeze on UK wages.

15:11 Facebook begins to roll out fake news alert tool

Facebook began its push against the tide of fake news in earnest on Thursday, as the social media giant rolled out a third-party developed fact checking tool which would alert a user if shared content was ‘disputed’.

14:55 Eddie Stobart Logistics plans AIM float to accelerate growth

Eddie Stobart Logistics has confirmed it plans to float on London's junior market next month to raise £130m to accelerate organic growth and make acquisitions.

13:52 Broker tips: Tullow Oil, Sainsbury's, Tesco, Standard Chartered

Analysts at RBC Capital Markets downgraded Tullow Oil on concerns about the oil and gas explorer's bid to shrink its debt burden through a rights issue.

13:47 Craneware wins sizeable contract extension from US hospital operator

Craneware which is specialises in software for healthcare billing, has won a “significant” contract extension from a US hospital operator.

13:27 Retail sales remain below seasonal trends, CBI finds

Retail sales picked up more than expected up until mid-March, the CBI found in a monthly Distributive Trades survey that backed up earlier official figures but did not fill economic experts with much optimism.

13:11 London midday: Stocks flat but pound pops higher after retail sales

Equity markets in London were little changed by midday, but sterling popped higher following the release of better-than-expected retail sales figures.

12:43 Franchise Brands to buy drains specialist Metro Rod

Franchise Brands has struck a deal to buy drain clearance and maintenance service provider Metro Rod for £28m, which will be partly funded from a £20m discounted equity placing.