Thor Mining lower directors' pay in cost cutting effort

Resources company Thor Mining has taken steps to reduce its directors' remuneration, making an estimated annual savings of nearly £100,000 in the process.

In addition to lowering the remuneration of its directors, Thor also implanted further cost savings by deferring non-essential project expenditure - which will conserve cash resources as the firm progresses discussions with potential investors for its Molyhil and Pilot Mountain projects.

On the exploration front, Thor had now completed a 19-hole second drill program at its Bonya joint-venture and has received "very encouraging preliminary XRF results".

Laboratory assay results were expected to be received in mid-December, with work on a maiden mineral resource estimate set to commence immediately after receipt.

"We look forward to our initial resource estimate at Bonya scheduled for January 2020," said chief executive Mick Billing.

As of 1300 GMT, Thor Mining shares were up 10.42% at 0.26p.