Thor Mining plc extending its M0U with big Chinese group
06:47, Wednesday, April 18, 2007
Thor Mining plc (AIM,ASX:THR) has announced an update on its Memorandum of
Understanding with with China's Hunan Nonferrous Metals Holdings Group Co
Ltd.
Thor is a specialist metals company focusing on advancing
tungsten-molybdenum and uranium projects in the Northern Territory of
Australia.
The MOU update is related to the Molyhil project.
The original terms of the MOU allowed for a period of due
diligence to be conducted by HNG until April 15, 2007.
Subsequently, if HNG decided to proceed, it was the
intention of both Thor and HNG to complete binding terms and suitable
off-take arrangements by April 30, 2007.
HNG has approached Thor, to consider extending the above
deadlines as the due diligence was not yet complete and the revised
JORC resource for Molyhil is due shortly.
Thor has today agreed with HNG to:
* Postpone the date to conclude due diligence until April 30,
2007; and
* Postpone the date for completion of commercial negotiations
until May 11, 2007.
Thor and HNG continue to work closely together on the outstanding
due diligence matters, and Thor is optimistic that all outstanding
matters will be resolved.
The parties are scheduled to meet in Perth, to commence
commercial negotiations, on Monday April 30, 2007.
In preparation for those discussions Penfold Marketing are
currently visiting HNG in China; and Thor's taxation and other advisors
are preparing various briefing documents.
Thor's consultants will determine a revised JORC resource as soon
as the assay results from the recent drilling become available.
Thor is endeavouring to have this completed within the
above time restrictions.
HNG is a dominant producer of nonferrous and minor metals in
China.
Thor understands that HNG owns the world largest deposits of
tungsten and bismuth, is the world's largest producer
of cemented carbides, and owns China's largest zinc and antimony
smelters.
HNG is also a significant producer of lead, silver, indium,
tantalum and niobium.
HNG is headquartered in Changsha City, Hunan, Peoples Republic of
China (PRC) and is the majority shareholder of Hunan Nonferrous Metals
Corporation Limited (HNC), listed in Hong Kong in May 2006 with a current
market capitalisation believed to be in excess of US$2 billion.
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