I think,this 'll be the right answer to your question:Dear Investor,
Here, from the Half Yearly Report, are some excerpts selected by the Editor from the executive summary by John Young, CEO of Thor Mining plc
Excerpts selected by us from the Half-Yearly Report by John Young, Chief Executive Officer of Thor Mining
"The Company has continued to focus on the development of its 100% owned Molyhil Tungsten-Molybdenum Project located inCentral Australia.
The strategy of moving the Molyhil Project to production requires an off-take agreement for the planned production and suitable financing to be completed, as well as securing necessary mining approvals. Financing alternatives are currently being considered with several interested parties from Australia and China.
During the period Thor expended in excess of £210,000 on mine development and £430,000 on exploration of the extensive portfolio of tenements.
MOLYHIL TUNGSTEN-MOLYBDENUM PROJECT
The independent geological consultants have completed a revised resource for the Molyhil Project.
The revised resource represented a 55% increase in overall tonnage to 3.73 million tonnes at 0.51% combined tungsten (WO3) and molybdenum (MoS2) with a substantial tonnage upgrade to the Measured and Indicated categories. The revised resource now 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% tonnage 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.
Mining Reserve
The new mining reserve is based on the Measured and Indicated categories of the revised resource. Approximately 73% of these resource tonnages converted to reserve status. This represents a reserve tonnage increase of 98%:
Tonnes Grade WO3 Grade MoS2
Proven 456,000 0.47% 0.30%
Probable 1,690,000 0.49% 0.20 %
Total 2.15 million tonnes 0.49% 0.22%
The mining reserve contains a total of 4.9 million pounds of molybdenum metal and 700,000 mtu’s of tungsten which will be produced over the expected 5.7 year life of the open pit design. The Molyhil deposit itself remains open at depth with potential to increase resources with deeper drilling.
Financial Model
The financial model has been updated with costs based on a processing throughput of 400,000 tonnes per annum. Prices of USD$32 per lb Molybdenum and USD$240 per mtu Tungsten were used.
The capital expenditure totals AUD$71m, including additional working capital and operator fleet, power and camp. Purchase of equipment has the effect of reducing operating costs, now estimated to be AUD$76 per tonne of ore treated.
The net cashflow (prior to capex) of the project is estimated to be AUD$116m, after tax and royalties.
Oorabra Reefs
Assay results have confirmed significant barite (Ba) mineralisation. The area appears to have potential for rare earth (“REE”), barite, fluorite, gold, silver and base metals.
URANIUM EXPLORATION
Harts Range Project
Reconnaissance rock chip samples were taken on pegmatite veins mapped at the Daicos prospect area returned a best assay of 19.37% Uranium from highly radioactive samples with visible uraninite and columbite. Other elements associated included assays up to 28.32% Niobium and 25.52% Tantalum.
Capital Raising
In July 2007 a placement of 6,800,000 shares at 11 pence per share was completed on the AIM market of the London Stock Exchange.
The funds raised, approximating $1.7m after costs, have been used to supplement short term working capital requirements and provide additional finance for the development of the Molyhil Project."
The full report is available from the Thor Mining website at the following link:
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