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Thor Mining is focussing on Pilot Mountain, Molyhil and Kapunda

Thor's main investment decisions will now be “strictly focused on Pilot Mountain, Molyhil or Kapunda
Thor expects to have £1.6mln of cash

Thor Mining PLC (LON:THR) updated investors on the findings of a new strategic review which puts the company’s focus on the group’s three key properties - Pilot Mountain, Molyhil and Kapunda.

“The recently published progress achieved in respect of each project has been considerable and we are of the view that the best outcome for shareholders will be achieved from the absolute concentration on our core interests each of which is in the Board's view capable of delivering company transforming outcomes," said Mick Billing, Thor Mining executive chairman.

READ: Thor Mining accelerates commercial activities for tungsten project in Nevada 

Billing told investors that the group’s main investment decisions will now be “strictly focused on Pilot Mountain, Molyhil or Kapunda".

He added: “The company has access to numerous additional opportunities including precious and strategic metals projects, and in the event of an opportunity considered truly outstanding its value will not be disregarded. 

“The company will consider transferring such new opportunities into a separate unit from which value can be extracted but which will not draw materially upon the company's financial resources or its management time resource."

The company added that it has £1.6mln of cash at the bank, which would be enough working capital to carry its planned activities into 2019.

"Further news will follow across our business in what is increasingly an exciting period for the company,” Billing said.

“Make no mistake there is plenty of work still to do, however with a fair wind and robust commodity markets we are exceptionally well positioned."

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