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Thor Mining Raises A$600,000 For Exploration And Assessment Of Projects

Thor Mining (ASX: THR, AIM: THR) has raised A$600,000 to fund the continued exploration and assessment of all its gold, tungsten and molybdenum projects.

The funds were raised through a placement of 50 million new shares to sophisticated clients of Patersons Securities at A$0.012 each, a 25% discount from the last traded price of A$0.016.

The company has been focused on extending mineralisation at its Spring Hill gold project in the Northern Territory.

Assays from drilling into the main Hong Kong Zone have confirmed further improved grades and extensions of known gold mineralisation at Spring Hill.

This paves the way for an upgrade to the current JORC Resource of 3.6 million tonnes at 2.3 grams per tonne (g/t) for a contained 274,000 ounces of gold to be undertaken during the next three months, once check-assaying has been completed.

At the Molyhill tungsten and molybdenum project, Thor is focused on securing offtake agreements for the sale of concentrates of tungsten and molybdenum, and also securing finance for project development.

This is targeted at starting site development before the end of 2012 and first production of concentrates early in 2014.

Molyhill has an Open Cut Reserve of 1.64 million tonnes at 4.2% tungsten and 0.13% molybdenum.

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