Thor Mining To Acquire Dundas Gold Project

12th Jul 2010 08:02

LONDON (Dow Jones)--Thor Mining PLC (THR.LN), a resources company with projects in Australia, announced Monday for the quarter ended Jun. 30, the company finalized the agreement to acquire the Dundas Gold Project in the Albany-Fraser Orogen at the margin of Western Australia's gold-rich Archaean Yilgarn Craton. MAIN FACTS: -Initial calcrete sampling assay results include clusters of elevated gold values which have identified five previously unknown areas of gold anomaly in addition to previously known targets. -The best of these contain the greatest concentration of high gold values encountered in the project to date. -At Harts Range (NT), interpretation of results from a 314 line kilometer AEM survey has identified potential drill targets. -The selling price of Tungsten APT has continued to increase to between $237/mtu and $240/mtu, however the price of Molybdenum Roasted Concentrates has eased back to $15.00/lb. -The improvement in the tungsten price is particularly encouraging and Directors continue to believe that the fundamental drivers of the project are sound and that prices will in time recover to economic levels leading to the development of the Molyhil project. -During the quarter the company raised additional funds via a placement of 10,000,000 voting CDI's to Western Desert Resources Limited raising an additional A$150,000, before costs associated with the issue. -Shares closed Friday at 0.88 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires July 12, 2010 03:02 ET (07:02 GMT)