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Thor Mining rebuts media speculation on potential takeover, shares rally 46%

Thor Mining (ASX: THR, AIM: THR) has updated the market following certain media speculation that may be attributable to the price movement and increase in volume of Thor securities traded both yesterday and today.

Shares climbed 46% intra-day today to a high of $0.035 on the exchange of 18.4 million shares, following yesterday's 40% jump to an intra-day high of A$0.028.

Thor confirmed today it is not in any discussions regarding a potential takeover offer for the company.

It has, however, held discussions with a number of parties to secure concentrate offtake agreements and project financing for the Molyhil tungsten and molybdenum project in the Northern Territory.

Thor also said the company does not expect any discussions relating to concentrate offtake agreements and project financing to result in offers prior to the completion and publication of the results of the Molyhil Definitive Feasibility Study.

The company is currently awaiting the results of metallurgical test work, due this month, before it can complete the updated Feasibility Study for the Molyhil project.

In January, Thor lifted Molyhil's tonnage by 25% to 4.7 million tonnes, with contained tungsten growing 10% to greater than 13,100 tonnes, while contained molybdenum increased 46% to more than 10,400 tonnes.