Thor Mining PLC ("the Company" or "Thor"), AIM, ASX: "THR" the specialist metals company focused on advancing tungsten-molybdenum and uranium projects in the Northern Territory of Australia, today releases an update on its Molyhil Molybdenum-Tungsten Project "Molyhil".
Development Highlights
* Optimisation studies based on the JORC compliant resource of 3.7 million tonnes at 0.17% MoS2 and 0.34% WO3 indicate a potential mine life of in excess of 5 years at a revised processing rate of 400,000 tpa.
* As a result of initial optimisation studies Thor has commissioned a review of the CAPEX estimation completed as part of the DFS with instructions to make use of second-hand equipment purchased in 2006 and to factor in the revised processing rate of 400,000 tpa.
* New JORC compliant reserve and results of financial modelling targeted for completion by mid October 2007.
* Off-take agreement with a major metals trader expected to be concluded shortly. Thor has short listed potential partners who are now awaiting the final reserve and financial results.
* Agreement has been reached with the Central Land Council and traditional owners, a final meeting and signing ceremony is planned for October.
* No objections received during the Public Environment Review period, the Mining Management Plan is being prepared and will be submitted in due course
THR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
