Thor Mining PLC said that an investigation of alternatives to reduce capital and operating costs for the Molyhil tungsten molybdenum development project in Australia's Northern Territory continues and is expected to be finalized at the end of August 2009.
In its quarterly update for the period to end June 2009, it said that the price of molybdenum roasted concentrates has increased by 87% to USD 15 per pound since April 2009. Molybdenum prices have steadily strengthened on tight European supply and strong Chinese demand.
Development of Molyhil and in particular financing has been the main focus for the period. The Thor management team continues to meet with many potential financiers and partners with a view to getting the project into operation. The discussions have been positive to date, however the mood is still very cautious in the current financial climate.
First pass reconnaissance reverse circulation drilling is planned at Hatches Creek during the next quarter.
(Sourced from www.proactiveinvestors.co.uk)
Monday, August 10, 2009
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