by Michael on April 27, 2012

RNS out today confirming that the Feasibility Study report is delayed – already the share price is down 15% in (over)reaction.

Maybe the SP is down as PI’s are concerned that there is a “reason” for such a delay, but personally, coming from a construction (oil & gas) background, such delays are really a common occurrence.

The assessment and preliminary findings were really good at MOLYHIL and THOR will be looking at developing this as soon as possible. I think with MOLYHIL the Share Price has support and if anything this is going to provide buying opportunities for maybe the big institutions if PI’s get cold feet.

I remain fully invested and whilst the 51p targets that I have seen quoted are a little bit too optimistic for me I am hoping for double figures (multibagger) this year.

RNS below:

THOR MINING PLC –  Molyhil Project – Update on Feasibility Study – Dated: 27 April 2012

 The Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR), has been advised today that the feasibility study being undertaken for the assessment of the Molyhil tungsten and molybdenum project in Australia’s Northern Territory (“Molyhil”) is continuing in a satisfactory manner but there remains a substantial amount of due process and procedural work to be completed.

As a result it is now estimated that the full report, which will include a total ore reserve calculation and mining schedule, will be not be published before June 2012.

Commenting, Mick Billing, Executive Chairman of Thor Mining said, “We are obviously disappointed by this further delay, which is administrative in nature and is not a result of any adverse findings for the prospects for Molyhil.

In April we published information which substantially improved the level of expected tungsten recovery at Molyhil to 85% and are looking forward to the development phase as soon as possible.”

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