Dated: 25 September 2007
Thor Mining PLC ("the Company" or "Thor"), AIM, ASX: "THR" the specialist metals
company focused on advancing tungsten-molybdenum and uranium projects in the
Northern Territory of Australia, today releases an update on its Molyhil
Molybdenum-Tungsten Project "Molyhil".
Development Highlights
* Optimisation studies based on the JORC compliant resource of 3.7 million
tonnes at 0.17% MoS2 and 0.34% WO3 indicate a potential mine life of in
excess of 5 years at a revised processing rate of 400,000 tpa.
* As a result of initial optimisation studies Thor has commissioned a review
of the CAPEX estimation completed as part of the DFS with instructions to
make use of second-hand equipment purchased in 2006 and to factor in the
revised processing rate of 400,000 tpa.
* New JORC compliant reserve and results of financial modelling targeted
for completion by mid October 2007.
* Off-take agreement with a major metals trader expected to be concluded
shortly. Thor has short listed potential partners who are now awaiting the
final reserve and financial results.
* Agreement has been reached with the Central Land Council and traditional
owners, a final meeting and signing ceremony is planned for October.
* No objections received during the Public Environment Review period,
the Mining Management Plan is being prepared and will be submitted in due
course
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