Ann: Quarterly Activities Report , page-2

Outlook...

Molyhil -
• Continue off-take discussions for balance of concentrate production.
• Continue negotiations to secure project finance.

Springhill -
MB- "At Spring Hill, achieving the 80% expenditure threshold along with results of screen fire assays and CVL testwork provide a launching pad for significant value adding from this project.”

'value adding' but no production?

from Nov 2012 ...
"In its favour, Springhill is only 5km from a main road, 400 metres from a power line and 15km from a gold processing plant with spare capacity for toll processing."

Dundas -
• Aircore drilling program contingent upon available funds.

cash raise anyone?

can we not have some 'value adding' to thor's share price?

"The Equity Swap Agreements enable the Company to secure much of the potential upside arising from anticipated near term news flow."

and shareholders get the potential downside from the silence, i guess...

MT