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Thor Mining brings in £565,000 via financing to advance core assets

Published: 09:54 20 Oct 2017 EDT

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Thor Mining has raised £565.000

Thor Mining PLC (LON:THR) has brought in £565,000 in what it called a strategic financing to advance its key assets and enhance value.

Chairman Mick Billing is to invest £24,000 in the placing, while non-executive director Paul Johnson will put in £25,000.

Billing told investors: "This financing builds on the company's cash position enabling work towards scoping studies on the Pilot Mountain tungsten project in Nevada USA, proof of concept work at the Kapunda copper project in South Australia, and updating the Definitive Feasibility Study for the Molyhil tungsten in the Northern Territory of Australia."

Increasing tungsten and copper prices have accelerated interest in high quality projects concerning these commodities with substantial confirmed resources, the mining firm noted.

Drilling this year has been very favourable, it added, with a significant resource upgrade at Pilot Mountain, while  a resource estimate for Kapunda is anticipated shortly.

"At Molyhil, the company expects that reductions in both capital and operating costs, currently under review, along with recent global tungsten price improvements will result in robust and positive project economic outcomes that we will communicate to the market as appropriate," the company said.

Overall, the firm said the next phase will see it turn from a focus on exploration to building the commericial potential of its projects.

The fundraise sees  the firm place over 29.4mln shares and the conditional placing of more than 41.151mln new shares at 0.8p each.

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