Announced on AIM
THOR MINING PLC
HUNAN WITHDRAW FROM MOU
Dated: 26 April 2007
Thor Mining PLC, AIM, ASX: “THR” (“the Company” or “Thor”), the specialist metals company focused on advancing tungsten-molybdenum and uranium projects in the Northern Territory of Australia, has today received written notification from Hunan Nonferrous Metals Holding Group Co Ltd (“Hunan”) that they will not participate in the development of the Molyhil Tungsten-Molybdenum Project (“Molyhil”). Hunan gave no indication of the reasons for their actions. This notice effectively terminates the Memorandum of Understanding and the exclusivity agreement signed with Hunan in March this year.
The Company has executed Confidentiality Agreements with several other parties who have been awaiting a decision from Hunan before being able to proceed to full due diligence. Thor will immediately accelerate discussions with these parties and anticipates a fresh series of due diligence to commence shortly.
The Company has requested a trading halt in its shares and warrants on the Australian Stock Exchange (the “ASX”) pending the release of this announcement on the ASX. The announcement will be released on the ASX prior to the start of trading tomorrow, Friday 27 April 2007.
Price up slightly - not sure what to make of this, but does explain recent price action.
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