REG - Thor Mining PLC - US LITHIUM UPDATE <Origin Href="QuoteRef">THRL.L</Origin>

Thor EnergyAnnouncement

16/01/2018 07:40

RNS Number : 9780B
Thor Mining PLC
16 January 2018
16 January 2018
THOR MINING PLC
US LITHIUM UPDATE
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to provide an update on the Company's interest in US Lithium Pty Ltd ("US Lithium"), which hold lithium exploration interests in Arizona in the USA. This follows receipt of advice from US Lithium outlining project progress and corporate activities.
Highlights
 A capital raise, issuing 2,000,000 shares @ A$0.12/share raising A$240,000 before expenses associated with the raise. This compares with the Thor acquisition of 2,500,000 shares @ US$0.03/share (approximately A$0.04/share). Thor equity has been diluted to a 20.83% interest in US Lithium.
 Commencement of activities associated with preparation to list on ASX in Australia.
 Additional claims have been lodged to the south of the Big Sandy project in Arizona, to approximately double the area of the project.
 Recent field exploration work including additional auger drilling and site mapping. Assay results are pending from this auger drilling.
 The appointment of MDS of California, USA to complete first stage metallurgical test work. MDS are reported to have considerable experience with lithium processing from clay based projects.
Mick Billing, Executive Chairman, commented:
"US Lithium has made very positive progress in recent months, and we welcome the additional investment at a substantial premium to the original Thor investment."
"The market for lithium continues to grow, and quality assets will be rewarded. We look forward to a successful listing of US Lithium on ASX in due course."
"We look forward to updating investors further as news becomes available."
Enquiries:
Mick Billing
+61 (8) 7324 1935
Thor Mining PLC
ExecutiveChairman
Ray Ridge
+61 (8) 7324 1935
Thor Mining PLC
CFO/Company
Secretary
Colin Aaronson/
Richard Tonthat
+44 (0) 207 383 5100
Grant Thornton UK LLP
Nominated Adviser
Nick Emerson
+44 (0) 1483 413 500
SI Capital Ltd
Broker
Tim Blythe/ Camilla Horsfall
+44 (0) 207 138 3222
Blytheweigh
Financial PR
Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.
About Thor Mining PLC
Thor Mining PLC is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in 2015 suggested attractive returns. 
Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate on 2 of the 4 known deposits.
Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.
Thor has a material interest in US Lithium Pty Limited, an Australian private company with a 100% interest in a Lithium project in Nevada, USA. 
Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project of:
 A$6perounceofgoldproducedfromtheSpringHilltenementswherethegoldproducedissoldforup to A$1,500 per ounce;and
 A$14 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 perounce.
Notes
 ReferASXandAIMannouncementof12January2015
 ReferAIMannouncementof22May2017andASXannouncementof23May2017
 Refer AIM announcement of 26 February 2016 and ASXannouncementof29February2016
 AtthedateofthisannouncementgoldistradingatapproximatelyA$1,680/oz

This information is provided by RNS
The company news service from the London Stock Exchange
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