Thor Mining's Spring Hill buyer gets financing

Thor Mining said on Wednesday the company buying its Spring Hill gold project for A$3.5m has received an unconditional financing officer from a San Francisco-based precious metal private equity fund.

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“Thor has been advised that the financier and PC Gold have completed their technical due diligence, and have moved towards finalisation of formal agreements.”

The AIM-listed mineral and development company expects the settlement of the initial 60% interest in Spring Hill to take place this month.

Thor announced in December that it had signed an option agreement to sell its interests in the Spring Hill gold project and Dundas gold projects to Australia’s PC Gold. However, in January the group said the sale would no longer include the Dundas project.

At 1400 GMT, Thor shares were up 17.4% to 0.03p.