Thor looks to exploration after Spring Hill stake sale

Thor Mining plans to accelerate its exploration programmes as it notes the completion of the sale process of its residual interest in the Spring Hill Gold project.

It said formal documents for completion had been executed and final settlement funds of A$1.5m had been received. Executive chair Mick Billing said those funds would allow Thor to accelerate its exciting exploration programmes.

This would start with the Pilot Mountain drilling programme, due to commence within the next two weeks, followed by the new drilling programme planned at the Dundas gold project in the first half of 2017.

"The strengthened balance sheet will also provide us with much greater financing flexibility as we continue to assess new project opportunities," said Billing in a statement.

"Based on work carried out to date, we believe that PC Gold plans to advance the Spring Hill gold project into production in the medium term, an outcome which would generate a potentially substantial royalty stream for Thor."

At 9:35am: (LON:THR) Thor Mining PLC share price was +0.08p at 0.78p