Thor Mining 0.57m H1 loss

Australian gold, tungsten and molybdenum explorer and developer Thor Mining plc reported a loss of 0.57m for the six months to December, compared with a 5.34m loss for the previous first half.

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Thor Mining Plc
Quote Charts News Fundamentals Impairment of exploration assets was 0.12m, down from 0.21m. Post-period, the company raised 1.46m before costs via a share placing.

The funds will be directed towards the company's exploration programme, the Dundas gold prospect, further drilling and evaluation of Molyhil in the Northern Territory, acquisition costs relating to the Spring Hill gold project and day-to-day running costs.

Thor said that during the half-year the price of tungsten rallied strongly, providing encouragement for medium-term development of the Molyhil project, while the price of molybdenum remained relatively static.

It was preparing for a drilling program to test Molyhil further at depth, in an effort to demonstrate the potential for a significant increase in the size of the resource.

The program proposed was likely to be conducted during the June 2011 quarter.