Thor Mining - Higher grade gold results confirmed at Spring Hill

Thor Mining Higher grade gold results confirmed at Spring Hill Thor Mining, the Australia focused gold and base metals explorer, has just announced its Annual Results for the twelve months to 30 June 2012, a period where there was substantial progress made both at the Molyhil tungsten and molybdenum project and the Spring Hill gold project. Molyhil has been demonstrated to be able to deliver attractive returns by the Definitive Feasibility Study. Before the end of 2012, the Board is seeking to commence site development activities which would allow the first production of concentrates in early 2014. Drilling at the Spring Hill gold project shows that the mineralising system extends 100 metres further down at the important Hong Kong lode which would suggest that a healthy increase in the resource may be on the cards. It is not too difficult to place a valuation of £32 million based on the potential value of the gold interests and risking the NPV for Molyhil, which equates to a target price of 4.1p. Click to Download Full Report Table: Financial overview Year to 31st June 2010A 2011A 2012E 2013E Revenue (£000) 0.00 0.00 0.00 0.00 PBT (£000) (1,762) (2,852) (959) (1,200) EPS (p) (0.79) (0.65) (0.15) (0.17) Dividend p) 0.00 0.00 0.00 0.00 Yield (%) 0.00 0.00 0.00 0.00 Source: GECR and company Speculative Buy Target price 4.1p Key data Price 1.03p 52 week high/low 2.28p/0.95p Primary exchange AIM EPIC THR Shares in issue 806m Market Cap £8.26m Sector Mining Valuation EV/EBITDA n/a P/E n/a NAV / Share 1.10p TNAV / Share 0.19p Affiliations: None Important: All disclaimer information can be found on the last page of the document

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