hardmans latest report, page-3

THOR MINING
Thor Mining experienced changes in its shareholding
following the acquisition by Western Desert Resources
(ASX: WDR) of the loose stock from the collapse of
the Australian stockbroker Opes Prime. WDR now
holds 15.47% equity in Thor Mining making it
majority shareholder and chair of the company. This
has resulted in the introduction of a new board
and management led by Michael Billing as nonexecutive
chairman, who also chairs WDR.
The coming of WDR and Michael Billing, who is
renowned for his mining industry experience, appears
to have revamped the direction of Thor’s Molyhil
project, which now looks set to enter into production
in 2009 at a reasonable profit. The introduction of
the BOOT (Build, Own, Operate, and Transfer) financing strategy is expected to cut capital costs for the Molyhil venture from the planned AUS$63m in the Feasibility Study to a hoped for AUS$25m. Elsewhere, exploration continues at Thor’s other prospects. The Hatches tungsten, gold copper project is now in the clear after aboriginal issues were sorted while drilling at Bundey uranium project
was expected to start in June under a JV agreement
following target generation from geophysical data.


..ends