announcement

  1. 741 Posts.
    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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