A few weeks old now but maybe of interest in that it confirms that THR are going nowhere and the gurgling sounds of money disappearing down the drain are becoming louder.
Thor Mining to commence Molyhil development in midterm
Monday, 05 Oct 2009
Proactive Investor reported that specialty minerals exploration and development company Thor Mining conditions remained difficult in the full year to end June 2009 and the low molybdenum and tungsten prices still did not justify imminent construction and development at its flagship project Molyhil which it said still had sound fundamentals. It is still expecting development to commence in the mid term, projecting further improvement in prices.
Thor said that its pre tax losses increased to EUR 1.23 million from last year’s EUR 1.07 million while losses per share inched up to 0.77 pence from 0.76 pence as exploration work at its Molyhil molybdenum and tungsten project in Australia continued.
The company noted that the changes in metal prices due to the movement in the debt and equity markets. Molybdenum fell to USD 8 per pound by April 2009 from USD 34 per pound in August 2008 while tungsten also lost value. Although both metals have seen a modest recovery, Thor said that the current price levels did not justify imminent commencement of construction and development at Molyhill.
Thor projects construction to start in the medium term, expecting molybdenum and tungsten prices to strengthen as demand stiffens. All of the 16 holes drilled as part of the reverse circulation drilling campaign at Molyhil in January intersected significant widths of molybdenum and tungsten mineralization. The project is estimated to have a total resource of 3.75 million tonnes graded at 0.19% MoS2, 0.32% WO3 and 28% Fe2O3 including measured and indicated resources of 540,000 tonnes graded 0.24% MoS2, 0.33% WO3 and 29.4% Fe2O3 and 2.3 million tonnes graded at 0.18% MoS2, 0.38% WO3 and 29.4% Fe2O3 respectively.
In the past year the company focused on reviewing the operating methodology to reduce capital and operating costs. The capital reduction program and investigation into the reduction of operating costs is currently ongoing.
(Sourced from Proactive Investors)
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