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  • Thor Mining Acquires Larger Stake In Spring Hill Gold Project 0 comments
    Apr 8, 2013 3:43 AM

    Thor Mining (ASX:THR) has finalised the acquisition of an additional 26% equity in the Spring Hill gold project in Northern Territory taking its ownership to 51%.

    It plans to acquire an 80% interest in the project and is looking at development options.

    The increase in ownership comes after the transfer of the stake from Western Desert Resources (ASX:WDR), which is Thor's co- venture partner in the project, was approved by the Northern Territory Department of Resources.

    Thor is now likely to issue 21.66 million Thor CDIs to Western Desert Resources at London's AIM exchange potentially later today, with the CDIs subject to trading restrictions for 12 months form the date of issue.

    "We are very pleased to finalise this increase in equity ownership of the Spring Hill project, towards our objective of an 80% interest. We expect that seasonal conditions will allow the re-commencement of field work within the next 2 months when we plan to test a number of shallow drilling targets," Thor's executive chairman Mick Billing said.

    The Spring Hill project is highly prospective for additional near surface mineralisation at previously identified satellite targets as well as new targets identified from evaluation of recently flown high resolution aeromagnetic (helimag) data.

    Satellite targets have being identified in several locations close to the main Spring Hill resource based on high grade intercepts from Ross Mining/Billiton joint venture drilling undertaken in 1989-92.

    Significant intercepts from historic drilling include 26 metres at 2.56 grams per tonne gold from 59 metres; and 6 metres at 0.26g/t gold from 0 metres and 13 metres at 0.77g/t gold from 26 metres.

    They recently secured a 3 year $1 million secured debt facility from a private sophisticated investor.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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