First-half losses widen at Thor Mining

published 1 March 2013

AIM-listed mineral and development company Thor Mining has unveiled its half yearly report for the six months ended December 31st showing an operating loss of 750,000 pounds.

The group reported a loss for the period of £744,000, compared to a loss of £469,000 in the six months ended December 31st 2011.

An impairment of exploration assets was recorded at £259,000 compared to £117,000 in the corresponding period one year earlier.

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A basic loss per share of 0.09p was recorded.

Thor Mining reported that it was "well positioned for discussions with third parties on potential off-take agreements for the Molyhil Tungsten project."

It said that it had funding throughout the period with a A$1m secured debt facility from a private investor and the group reported a resource upgrade at its Spring Hill gold project.

In its review of operations, the company stated: "The company has continued to make progress on its projects and whilst this has been slow and at times frustrating, the company remains well positioned in its discussions with third parties on potential off-take agreements for the Molyhil Tungsten project and the prospects for Spring Hill and Dundas continuing to improve.

"We reported a resource upgrade at the Spring Hill gold project and elevated levels of nickel and copper being found at Dundas. Importantly, the company has been able to attract additional funds to progress these projects and the directors were delighted to recently announce further funding after the period end."

Thor Mining's share price was down 2.08% to 0.47p at 13:43 on Friday.