Mr Mick Billing, Executive Chairman of Thor Mining:
“The gold price now sits above A$1,500/ounce, and the Spring Hill project has potential for development at low capital and operating costs. Holding 100% of Spring Hill places Thor in a good position to secure maximum benefit, and a number of strategies are being explored to progress to near term development.”
Among many many historic suggestions of 'near term' development/production there was this gem from Jan 2011, MB said...
"The existing (springhill) resource is significant and we will be very active in assessing the potential for open pit production in the near term." - 4 years on and zilch!
Maybe 'near term' is MB speak for 'not in my lifetime, or yours' sadly...
Hats off to MB though for getting a chunky loan from some shmuk..
"Consideration for the acquisition has been agreed at A$210,000 (approximately UK£109,000) plus Thor CDIs to the value of A$100,000, payable upon Ministerial agreement to the title transfer. As previously stated, Thor has agreed terms with an Australian investor for loan finance for the cash component of the acquisition."
I wonder if the aussie investor is looking for 'near term' repayment? ;-)
Aug 2014 on Crocodile Gold mou withdrawal MB said.
"The focus of Thor has increasingly, in recent months, shifted towards its tungsten business in the Northern Territory and the United States. The Molyhil (NT) tungsten project is key to the future of Thor," said Thor executive chairman Mick Billing.
But now the focus is back on Springhill?
I feel like i'm stuck in a perpetual game of 'find the lady' with the devil himself...what now?...
a resource upgrade for springhill?
another DFS?
a new mou with a gold processing plant?
not forgeting the 3B and 5B conveyor...
There remains potential here both for investors and for MB to be rewarded....however my gut feeling is that MB will continue to be rewarded at the expense of investors...
hope i'm proved wrong, MT
THR Price at posting:
0.2¢ Sentiment: None Disclosure: Held
