Ann. released in AIM
THOR MINING PLC
Memorandum of Understanding
Hunan Nonferrous Metals Holding Group
Dated: 17 April 2007
Thor Mining PLC (“Thor” or the “Company”) the specialist metals company currently focussed on advancing tungsten-molybdenum and uranium projects in the Northern Territory of Australia, today announced an update to the Memorandum of Understanding (the “MOU”) with China's Hunan Nonferrous Metals Holdings Group Co, Ltd (“HNG”) in regard to its Molyhil Tungsten-Molybdenum project (“Molyhil”).
The original terms of the MOU allowed for a period of due diligence to be conducted by HNG until 15 April 2007. Subsequently, if HNG decided to proceed it was the intention of both Thor and HNG to complete binding terms and suitable off-take arrangements by 30 April 2007.
HNG approached Thor, late Friday afternoon 13 April 2007, to consider extending the above deadlines as the due diligence was not yet complete and the revised JORC resource for Molyhil is due shortly.
Thor has today agreed with HNG to:
1. Postpone the date to conclude due diligence until 30 April 2007; and
2. Postpone the date for completion of commercial negotiations until 11 May 2007.
Thor and HNG continue to work closely together on the outstanding due diligence matters, and Thor is optimistic that all outstanding matters will be resolved.
The parties are scheduled to meet in Perth, to commence commercial negotiations, on Monday 30 April 2007. In preparation for those discussions Penfold Marketing are currently visiting HNG in China; and Thor’s taxation and other advisors are preparing various briefing documents.
Thor’s consultants will determine a revised JORC resource as soon as the assay results from the recent drilling become available. Thor is endeavouring to have this completed within the above time restrictions.
The Directors believe HNG is a dominant producer of nonferrous and minor metals in China. Thor understands that HNG owns the world largest deposits of tungsten and bismuth, is the world's largest producer of cemented carbides, and owns China's largest zinc and antimony smelters. The Directors also believe HNG is a significant producer of lead, silver, indium, tantalum and niobium. HNG is headquartered in Changsha City, Hunan, Peoples Republic of China and is the majority shareholder of Hunan Nonferrous Metals Corporation Limited, listed in Hong Kong in May 2006. The Directors believe the HNG group’s combined current market capitalisation to be in excess of US$2 billion.
The Company has requested a trading halt in its shares and warrants on the Australian Stock Exchange (the “ASX”) pending the release of this announcement on the ASX. The announcement will be released on the ASX prior to the start of trading tomorrow, Wednesday 18 April 2007.
Enquiries:
John Young
+ 61 (0)419 954 020
Thor Mining PLC
Chief Executive Officer
John Simpson
020 7512 0191
ARM Corporate Finance Limited
Nominated Adviser
Leesa Peters
or
Jos Simpson
020 7429 6600
020 7429 6603
Conduit PR Limited
Public Relations/UK
Nicolas Read
+ 61 (0) 8 9388 1474
Read Corporate
Public Relations/Australia
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.
END
THOR MINING PLC
Memorandum of Understanding
Hunan Nonferrous Metals Holding Group
Dated: 17 April 2007
Thor Mining PLC (“Thor” or the “Company”) the specialist metals company currently focussed on advancing tungsten-molybdenum and uranium projects in the Northern Territory of Australia, today announced an update to the Memorandum of Understanding (the “MOU”) with China's Hunan Nonferrous Metals Holdings Group Co, Ltd (“HNG”) in regard to its Molyhil Tungsten-Molybdenum project (“Molyhil”).
The original terms of the MOU allowed for a period of due diligence to be conducted by HNG until 15 April 2007. Subsequently, if HNG decided to proceed it was the intention of both Thor and HNG to complete binding terms and suitable off-take arrangements by 30 April 2007.
HNG approached Thor, late Friday afternoon 13 April 2007, to consider extending the above deadlines as the due diligence was not yet complete and the revised JORC resource for Molyhil is due shortly.
Thor has today agreed with HNG to:
1. Postpone the date to conclude due diligence until 30 April 2007; and
2. Postpone the date for completion of commercial negotiations until 11 May 2007.
Thor and HNG continue to work closely together on the outstanding due diligence matters, and Thor is optimistic that all outstanding matters will be resolved.
The parties are scheduled to meet in Perth, to commence commercial negotiations, on Monday 30 April 2007. In preparation for those discussions Penfold Marketing are currently visiting HNG in China; and Thor’s taxation and other advisors are preparing various briefing documents.
Thor’s consultants will determine a revised JORC resource as soon as the assay results from the recent drilling become available. Thor is endeavouring to have this completed within the above time restrictions.
The Directors believe HNG is a dominant producer of nonferrous and minor metals in China. Thor understands that HNG owns the world largest deposits of tungsten and bismuth, is the world's largest producer of cemented carbides, and owns China's largest zinc and antimony smelters. The Directors also believe HNG is a significant producer of lead, silver, indium, tantalum and niobium. HNG is headquartered in Changsha City, Hunan, Peoples Republic of China and is the majority shareholder of Hunan Nonferrous Metals Corporation Limited, listed in Hong Kong in May 2006. The Directors believe the HNG group’s combined current market capitalisation to be in excess of US$2 billion.
The Company has requested a trading halt in its shares and warrants on the Australian Stock Exchange (the “ASX”) pending the release of this announcement on the ASX. The announcement will be released on the ASX prior to the start of trading tomorrow, Wednesday 18 April 2007.
Enquiries:
John Young
+ 61 (0)419 954 020
Thor Mining PLC
Chief Executive Officer
John Simpson
020 7512 0191
ARM Corporate Finance Limited
Nominated Adviser
Leesa Peters
or
Jos Simpson
020 7429 6600
020 7429 6603
Conduit PR Limited
Public Relations/UK
Nicolas Read
+ 61 (0) 8 9388 1474
Read Corporate
Public Relations/Australia
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.
END