tale of woe...the year that wasn't

A summary of the year that was...or wasn't...

On the 6th July 2012, an announcement was made which highlighted the possibility of a large deposit of gold (Callie Style deposit) which the company boasted may exist under it’s Spring Hill tenement. The same bold claims were made in their Investor Presentation released to market on 20th July 2012. Subsequent assays from Spring Hill have revealed that such a deposit does not exist (see announcement made on 17th September 2012).

On the 9th May 2012, with respect to their Tungsten project, Mr Billing made bold claims to miningmaven.com as follows:

Later this year we expect to commence development of a robust tungsten project which we expect will deliver returns well in excess of our current market capitalisation. In addition we will be drilling at Spring Hill right next to significant known gold mineralization. I could be accused of bias, but the Thor story is very compelling. It does not get much better than this!!

Since then, this Tungsten project has not progressed and Spring Hill did not reveal the Callie style gold deposit mentioned above. For the full text of the interview, see here: http://www.miningmaven.com/companies/aim-mining/thor-mining/thor-mining-update-q-a-with-chairman-mick-billing/

Finally, Mr Billing has made public the resource estimate he expects will be achieved at Spring Hill before any assays have been analysed by experts. See here:

http://www.brrmedia.com/event/102028/michael-billing-executive-chairman

For his comments about the Callie Style deposit, start at 9:03 into the interview. For his comments on growing the resource to over 500,000 ounces, start at 10:06 into the interview. Needless to say, the resource at Spring Hill is not 500,000 ounces.

The share price performance of Thor Mining over the last 6 months has been woeful, in stark contrast to what the Chairman would have us believe about the prospects of Thor Mining.

So why were such bold claims made? I don't see many other companies making claims like this...