molyhil off take signed announcement, page-2

12th March 2008
• Life-of-Mine off-take agreement signed for Molybdenum and Tungsten
concentrates to be produced at Molyhil.
• Final development approvals for Molyhil Project expected during the second
quarter of 2008
• Signing of off-take agreement triggers next stage of the process for Molyhil
development.
• Alternative financing also under consideration
Thor Mining PLC (AIM/ASX: THR) is pleased to announce that it has signed an off-take
agreement with CITIC Australia Commodity Trading Pty Ltd, a subsidiary of CITIC
Australia Trading Limited (ASX:CAL), to take 100% of the Molybdenum and Tungsten
concentrates to be produced from its 100%-owned Molyhil Tungsten-Molybdenum
Project located in the Northern Territory of Australia.
CITIC Group is one of China’s largest state-owned companies with assets in excess of
US$180 billion. The activities of the CITIC Group include banking and financial businesses,
industrial investments (including energy and raw materials) and international trade.
The CITIC Group in Australia, comprising CITIC Australia Pty Ltd and CITIC Resources
Australia Pty Ltd, has assets and annual sales of over A$1.2 billion. Its operations include a
22.5% interest in the Portland Aluminium Smelter Joint Venture in Victoria, a 17.66%
shareholding in Macarthur Coal Limited, a 7% direct interest in the Coppabella/Moorvale
Coal Joint Venture, a 76.35% shareholding in the ASX-listed CITIC Australia Trading
Limited, and interests in a series of exploration projects.
Final approvals for the development of the Molyhil Project are expected in during the second
quarter of 2008, with the mine management plan currently under review by the Department
of Primary Industries Fishing and Mining in the Northern Territory.
The Molyhil Project has a current resource of 3.73 million tonnes at 0.51% combined
tungsten (WO3) and molybdenum (MoS2). The mining plan provides for the development of
an open pit mining operation and a new processing facility. 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.
Commenting on the signing of the off-take agreement, Thor’s Chief Executive Officer, Mr
John A. Young, said: “The long running negotiation for the off-take agreement has been a
critical factor in progressing the development of the Molyhil Project. We are very pleased to
have secured CITIC as a partner and, with this off-take agreement now in place, we will
move forward with funding arrangements.”
Mr Ting Hu Guo, the executive director of CITIC Resources Australia Pty Ltd, said he was
very pleased to sign this agreement with Thor.
Off-take Agreement Signed with China’s CITIC