25 May 2012

Thor poised for uranium search

07/09/2006 Robert Tyerman

Aussie-focused Thor Mining is raising £4.2 million Down Under and intends to start drilling for uranium next month.

Backed by entrepreneurial Australian chairman John Barr's Tennant Creek mining and investment group RAB Capital, AIM-quoted Thor is raising the cash in a fully-underwritten new issue at 20 cents (8.4p) on the Australian Stock Exchange with a package of warrants. The issue, accompanied by a one-for-three share consolidation, will fund the purchase of Barr-linked Hale Energy, owner of uranium prospects in Australia's Northern Territory, and to develop Thor's Molyhil tungsten and molybdenum project in the same state.

Barr says he hopes for production from Molyhil to start in the first quarter of next year, assuming a current feasibility study justifies it, and in that case envisages cashflow from sales to Chinese steel makers to fund uranium development. The Aussie funding will still leave a significant stake in the hands of Tennant Creek, itself quoted at the equivalent of 11p Down Under and, says Barr, sitting on a potentially lucrative lead/zinc prospect.

At a depressed 2.88p, Thor could repay a gamble in today's climate if its projects look like paying off.

Sector: Industrial Engineering

Companies: Thor Mining

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