logo-loader
viewThor Mining PLC

Thor Mining PLC - Molyhil - Grant of Mining Leases

RNS Number : 3994V Thor Mining PLC 28 May 2008 THOR MINING PLC MOLYHIL - GRANT OF MINING LEASES Dated: 28 May 2008 Thor Mining PLC (the 'Company' or 'Thor'), AIM, ASX: 'THR' the specialist metals company focused on advancing tungsten-molybdenum and uranium projects in the Northern Territory of Australia, today announces that the three mining leases required for the development of the Company's 100%-owned Molyhil Tungsten-Molybdenum Project in the Northern Territory of Australia ('Molyhil') have been granted. The three granted mining leases, ML 23825, ML 24429 and ML 25721, cover a total area of 246ha. The initial focus of mining at Molyhil will centre on the eastern half of ML 23825, with the areas covered by both ML 24429 and ML 25721 required for infrastructure purposes. The grant of the three mining leases marks a further key milestone in the approvals process for Molyhil, following the signing of a native title mining agreement with the area's traditional owners in October 2007. The final review of the Mine Management Plan ('MMP') by the Department of Primary Industries, Fishing and Mining ('DPIFM') in the Northern Territory has been completed and official approval is expected following the granting of the mining leases. Earlier this year Thor signed an off-take agreement with CITIC Australia Commodity Trading Pty Ltd to take 100% of the Molybdenum and Tungsten concentrates to be produced at Molyhil. Molyhil will produce a total of 4.9 million pounds of molybdenum metal and 700,000mtu's of tungsten over an expected 5.7 year mine life. Both metals are experiencing record demand and prices. Commenting on the announcement, Thor's Chief Executive Officer, Mr John A. Young, said: 'The granting of these mining leases by the DPIFM clears the way for the MMP to be approved, marking another important milestone for Molyhil which has been strongly supported by the DPIFM.' Enquiries: John Young +61(0)419 954 020 Thor Mining PLC Chief Executive Officer John Simpson 0207 489 4500 Blomfield Corporate Nominated Adviser Finance Ltd 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. This information is provided by RNS The company news service from the London Stock Exchange END MSCKGGZKGRVGRZM

Quick facts: Thor Mining PLC

Price: 0.24

Market: AIM
Market Cap: £2.24 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Thor Mining 'powering ahead at Kapunda' as it talks to...

Thor Mining PLC's (LON:THR) (ASX:THR) Mick Billing tells Proactive London's Andrew Scott they've recently begun talks with potential investors about a second of its projects - Pilot Mountain. He adds that they're also expecting an initial resource estimate from the Bonya prospect in Australia...

2 weeks, 2 days ago

RNS

Holding(s) in Company

1 week, 5 days ago

Notice of AGM

2 weeks, 1 day ago

Appendix 3B

2 weeks, 4 days ago