Thor Mining released today its activities report for the quarter ending 31 December 2009.
Thor is a minerals exploration and development company which focuses on exploring and developing specialty metals projects and advancing tungsten-molybdenum projects in the Northern Territory of Australia.
The Australian mining company today announced that the depressed tungsten-molybdenum prices, together with the strength of the Australian dollar against the US dollar, have resulted in further delays in the development of its Molyhil project.
According to the report, Tungsten prices are still 'substantially below levels required for development with confidence.’ As a result, no exploration activities were conducted during the December 2009 quarter.
Going forward, the company says it has initiated a search for new exploration projects focusing on gold and base metals.
During the quarter the CEO's services were terminated and his duties were currently being carried out by executive chairman Mick Billing.
