Thor Explorations Ltd (CVE:THX) has named veteran engineer Michael Kelly general manager at its Segilola gold project in Nigeria as it enters the engineering, procurement and construction (EPC) phase.
Segilola is considered to be the most advanced gold project in Nigeria.
"Michael brings a wealth of gold mining project construction and operational experience to the company, and furthermore he has taken a long term view and will remain with the company, transitioning to general manager operations on commissioning of the plant," said Segun Lawson, CEO at Thor. "He is a seasoned and respected mining professional who has worked across Africa, building projects and teams and has a track record of delivering projects on time and under budget, most recently having delivered the Koka Gold Mine in Eritrea, which was commissioned ahead of time and under the budget of USD150 million”
READ: Thor Explorations to raise up to $20 million to bolster projects in Nigeria and Senegal
A feasibility study of an open pit mine there has a life of five years, cashflow of $178 million and a pre-tax NPV (net present value) of $138 million. Production was put at an average of 80,000 ounces over the life of mine. The pre-tax value of an underground mine in a preliminary economic assessment (PEA) was put at $35 million.
Vancouver-based Thor holds a 100% interest in the Segilola gold project in the Osun state of Nigeria and a 70% interest in the Douta gold project in south-eastern Senegal.
Thor also holds a 49% interest in the Bongui and Legue gold permits located in Houndé greenstone belt, south west Burkina Faso.
Shares in Canada slipped around 9% on the day to $0.14.
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