Thor Mining PLC - Australia-focused mineral explorer - Through its wholly-owned subsidiary Molyhil Mining Pty Ltd, signs a heads of agreement with mineral exploration and development company Investigator Resources Ltd. Agreement is signed to fund the exploration of Thor's 100%-owned Molyhil tenements in the Northern Territory of Australia and the sale of Thor's interest in the Bonya tenement.
Investigator Resources' subsidiary Fram Resources will earn-in, via a three-stage process, a 80% interest in the Molyhil tenements and acquire Thor's 40% interest in the Bonya tenement. It will provide expenditure of up to AUD8 million, around GBP4.5 million, to explore for minerals within the tenements and manage joint-venture exploration activities.
Thor will receive up to a total of AUD100,000 in cash and AUD500,000 in Investigator Resources shares.
Thor says the agreement enables it to focus on its priority US uranium assets and the multi-commodity Ragged Range project in Western Australia.
Current stock price: 0.48 pence, up 13% in London on Thursday
12-month change: down 40%
By Heather Rydings; firstname.lastname@example.org
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