Thor Mining PLC USA Lithium Investment Update (5457R)
June 15 2018 - 4:43AM
UK Regulatory
TIDMTHR
RNS Number : 5457R
Thor Mining PLC
15 June 2018
15 June 2018
THOR MINING PLC
USA Lithium Investment Update
Further to its announcements of 29 March 2018, 10 April 2018 and
8 June 2018 the Board of Thor Mining Plc ("Thor" or the "Company")
(AIM, ASX: THR), provides the following update on the proposed
disposal of the Company's interest in USA Lithium Pty Ltd ("USA
Lithium").
The Company notes an announcement on ASX of 15(th) June 2018 by
Hawkstone Mining Limited ("Hawkstone") (ASX: HWK) that the meeting
of shareholders to approve the acquisition of 100% of the shares of
USA Lithium has been cancelled and the parties have mutually
elected to terminate the USA Lithium acquisition agreement.
It is noted that USA Lithium received 12,500,000 deemed option
shares in Hawkstone providing additional working capital of just
over GBP140,000 for USA Lithium operational purposes at the A$0.02
deemed Hawkstone share price.
For clarity, Thor was to receive 15,625,000 shares in Hawkstone
for disposal of its US Lithium holding which at the latest
Hawkstone share price of A$0.022 equated to gross proceeds of
approximately GBP195,000 in Hawkstone shares, or GBP176,000 after
deduction of the 10% return that was due to Pembridge Resources
(AIM:PERE) from whom Thor acquired its USA Lithium interest in June
2017.
Thor retains its holding in USA Lithium and is liaising with the
management team to determine the way forward for the business. This
includes consideration of disposal alternatives, together with
progressing operational opportunities for the projects held. In
this regard we would note that drilling approvals at the Big Sandy
Lithium project have been received from the Bureau of Land
Management in Nevada.
With effect from 14 June 2018 Thor's requirement to return 10%
of disposal proceeds to Pembridge reduces to 5% for a further 12
months.
Thor has a significant cash balance at bank covering all planned
expenditures until well into 2019 in the pursuance of its three key
projects: Molyhil Project, Australia (100% owned
tungsten/molybdenum project), Kapunda Copper Project, Australia
(Thor earning into a 45% effective interest) and Pilot Mountain
Project, Nevada, USA (100% owned tungsten/copper/silver
project).
Further announcements are anticipated shortly in respect of the
Company and its three key projects above.
Enquiries:
Mick Billing +61 (8) 7324 1935 Thor Mining PLC Executive Chairman
Ray Ridge +61 (8) 7324 1935 Thor Mining PLC CFO/Company
Secretary
Colin Aaronson/ +44 (0) 207 383 Grant Thornton UK Nominated Adviser
Richard Tonthat 5100 LLP
Nick Emerson +44 (0) 1483 413 SI Capital Ltd Broker
500
Tim Blythe/ Camilla +44 (0) 207 138 Blytheweigh Financial PR
Horsfall 3222
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on
the AIM Market of the London Stock Exchange and on ASX in
Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the
Northern Territory of Australia, for which an updated feasibility
study in 2015(1) suggested attractive returns.
Thor also holds 100% of the Pilot Mountain tungsten project in
Nevada USA which has a JORC 2012 Indicated and Inferred Resources
Estimate(2) on 2 of the 4 known deposits.
Thor is also acquiring up to a 60% interest Australian copper
development company Environmental Copper Recovery SA Pty Ltd, which
in turn holds rights to earn up to a 75% interest in the mineral
rights and claims over the portion of the historic Kapunda copper
mine in South Australia recoverable by way of in situ recovery.
Thor has a material interest in US Lithium Pty Limited, an
Australian private company with a 100% interest in a Lithium
project in Nevada, USA.
Finally, Thor also holds a production royalty entitlement from
the Spring Hill Gold project(3) of:
-- A$6 per ounce of gold produced from the Spring Hill tenements
where the gold produced is sold for up to A$1,500 per ounce;
and
-- A$14 per ounce of gold produced from the Spring Hill
tenements where the gold produced is sold for amounts over A$1,500
per ounce.
Notes
(1) Refer ASX and AIM announcement of 12 January 2015
(2) Refer AIM announcement of 22 May 2017 and ASX announcement
of 23 May 2017
(3) Refer AIM announcement of 26 February 2016 and ASX
announcement of 29 February 2016
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
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END
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