20th June 2007
• Further results received from resource drilling at the Molyhil Project, with all
assay results now received.
• Updated resource estimation in progress to be followed by revised mining
reserve.
• Final metallurgical results received, confirming expected concentrate
specifications, indicating primary concentrate grades of MoS2 at @ 51.4%
Mo with a recovery of 77.8% and WO3 at 72.9% with a recovery of 65.4%.
• Reconnaissance aircore drilling at the Hale River Uranium Project now 50%
complete, with 24 holes drilled for 1,549m.
Thor Mining PLC (AIM/ASX: THR) is pleased to announce an update on drilling and exploration programs at both its Hale River Uranium Project and its Molyhil Tungsten-Molybdenum Project in the Northern Territory.
Final assay results from the recently completed resource drilling program at Molyhil have been received and will be incorporated into a new resource model now due for completion at the end of June.
Final results from concentrate assays have been received from detailed metallurgical work commissioned in February (Table 2), confirming expected concentrate specifications. These final concentrate specifications have now been issued to prospective off-take parties. Thor is aiming to complete off-take negotiations by the end of August 2007. The Company is also pleased to advise that reconnaissance air core drilling at its Hale River Uranium Project is approximately 50% complete, despite relatively slow drilling progress due to difficult ground conditions. A number of prospective zones have been intersected and the results from this initial work are expected to be received in late June.
Commenting on the recent progress, Thor’s Chief Executive Officer, Mr John A. Young, said: “Work is progressing steadily at both our uranium and tungsten-molybdenum projects. The resource drilling program at Molyhil has been very successful, and we are looking forward to completion of a revised resource and mining reserve estimate shortly, in parallel with ongoing off-take negotiations. At Hale River, our drilling has intersected a number of prospective zones which will provide a focus for our ongoing uranium exploration.”
HIGHLIGHTS
MOLYHIL AND URANIUM PROJECTS
UPDATE
John Young
Chief Executive Officer
Thor Mining PLC
John Simpson
Nominated Adviser
ARM Corporate Finance Ltd
Leesa Peters
Public Relations
Conduit PR Ltd
+ 61 (0)419 954 020
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Nicholas Read
Jan Hope & Partners
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