Thor Mining makes progress in sale of Spring Hill gold royalty, in spite of coronavirus hurdles
Thor Mining PLC (LON:THR)(ASX:THR) said it has received indicated offers and has entered into an exclusivity agreement with regard to the sale of the royalty it holds in respect of the Spring Hill gold project in spite of the coronavirus pandemic.
The royalty entitlement comprises A$5.70 per ounce of gold produced from the Spring Hill tenements, where the gold produced is sold for up to A$1,500 per ounce, and A$13.30 per ounce of gold produced from the Spring Hill tenements, where the gold produced is sold for amounts over A$1,500 per ounce.
The gold is currently trading at around A$2,600 per ounce.
Because aspects of the due diligence process, in particular a site visit, have been delayed due to coronavirus travel restrictions, Thor has extended the timeframe for due diligence completion to April 30.