Thor Mining reaches 51 per cent stake in Spring Hill

THE BOURSE WHISPERER: Thor Mining (ASX: THR) (AIM: THR) has made significant progress in its staged acquisition of the Spring Hill gold project south of Darwin in the Northern Territory.
 

Thor has received a signed instrument of transfer from Western Desert Resources (ASX: WDR), its co-venturer in the project, for the transfer of a further 26 per cent interest in the Spring Hill gold project to be lodged with the Northern Territory Department of Resources for approval.

 

Thor Mining project locations. Source: Company announcement

 

Thor is confident it will get the required nod of Ministerial approval to the transfer.

Once this has been achieved the company’s total interest in the Springhill gold project will increase to 51 per cent.

“We are delighted to have achieved this increase in equity ownership of the Spring Hill project,” Thor Mining executive chairman Mick Billing said in the company’s announcement to the Australian Securities Exchange.

“Our exploration to date has confirmed extensions to the mineralisation, and added to the value of the project, and we still `have more targets to test.

“In addition we will be investigating all options to realise value from the project at an early stage.”

Thor Mining indicated the terms of the staged acquisition have been varied to set the timing of the pricing of the securities that are to be issued to Western Desert Resources in consideration for the acquisition, in order to meet the date the companies have agreed upon.

As a result, 21.7 million Thor Chess Depositary Interests (CDIs) in total will be issued to Western Desert Resources upon receipt of ministerial approval to the transfer.