THOR ENERGY PLC

Board/Management Information • Sep 16, 2014

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RNS Number : 7700R

Thor Mining PLC

16 September 2014

16 September 2014

THOR MINING PLC

Acquisition of Pilot Mountain Tungsten Project - Nevada USA

The directors of Thor Mining PLC' ("Thor") (AIM, ASX: THR) are pleased to announce the execution of a formal Share Sale and Purchase Agreement for the acquisition of the Pilot Mountain tungsten project in the US state of Nevada.

As announced on 10 June 2014, Thor had signed a Term Sheet with Black Fire Minerals Limited ("Black Fire") (ASX: BFE) in relation to the potential acquisition of the Pilot Mountain Tungsten Project. The Term Sheet was subject to normal due diligence and the necessary shareholder and regulatory approvals.

Consideration for the acquisition remains unchanged from that which was previously announced, being $1,675,000 to be settled by the issue of 418,750,000 ordinary shares of 0.01p each ("Ordinary Shares") in Thor at an agreed issue price of A$0.004 per share.  The Ordinary  Shares are subject to a 12 month escrow period.

On 31 July 2014, Thor shareholders approved the issue of 418,750,000 Ordinary Shares to Black Fire.

The acquisition remains subject to Black Fire obtaining the necessary approval from their shareholders by 30 October 2014.  We understand Black Fire are currently finalising preparations for a General Meeting to seek the required shareholder approval and a further announcement will be made in due course.

Enquiries: 

Mick Billing	+61 (8) 7324 1935	Thor Mining PLC	Executive Chairman
Ray Ridge	+61 (8) 7324 1935	Thor Mining PLC	CFO/Company Secretary
Colin Aaronson/ David Hignell/ Jamie Barklem	+44 (0) 207 383 5100	Grant Thornton UK LLP	Nominated Adviser
Andrew Monk/ Bhavesh Patel	+44 (0)20 3005 5000	VSA Capital Limited	Broker
Alex Walters	+44 (0) 7771 713608 +44 (0) 207 839 9260	Cadogan PR	Financial PR

Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email.

This information is provided by RNS

The company news service from the London Stock Exchange

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