Thor Mining is a mineral and development company with an advanced tungsten/molybdenum project (that can win you a lot of scrabble points!!) poised for development as well as other exciting precious and base metal exploration projects.
Thor is listed on the Alternative Investment Market (AIM) inLondon and the Australian Stock Exchange (ASX).
I have some of these shares in my ISA (to be honest I have found it is not that often you can buy AIM companies in an HSBC ISA, or at least the ones I want to!!) that I bought in the summer and I decided today I would have a look at what is happening. Post Note: I believe rules have changed and now even this is ineligible for ISA ! I will check.
The share price has basically fallen out of favour with share holders from their recent highs of 4.8p in March 2011 to lows of 1p in early August (not helped by director resignation and a placement for funds that increased the number of shares in circulation and diluted the share price). Since they have seemed to bounce off this support level several times. Today they fell 8.33% to 1.10p on no news. But maybe that is the problem: no news !
However, when I last bought them it was for a reason, not just for what I considered to be a low price and trawling through their website below you can find the extract. Basically news is due soon, so maybe this is time to top up or at least hold onto your pants, pray to those Viking gods and hope for some good assay results:
Dated: 26 July 2011
The Directors of Thor Mining PLC (“Thor” or the “Company”) (AIM, ASX: THR) the Australian gold, tungsten and molybdenum explorer and developer, are pleased to advise the commencement of a drilling program at the Molyhil Tungsten and Molybdenum Project in Australia’s Northern Territory (“Molyhil”).
The two stage program has been designed to extend the known resource and to enhance resource confidence. The first stage of the program will comprise 6 to 8 reverse circulation holes (depending upon results) which will target potential southern extensions to the known lodes.
The second stage will comprise a series of six diamond drill holes designed to improve the confidence of earlier drilling and as a result enhance the confidence in the overall resource model.
The overall program will take in the order of 8 weeks to complete, subject to drilling performance with assay results expected in October.