Thor Mining's deal with PC Gold to exclude Dundas project

AIM-listed mineral and development company Thor Mining updated the market on the progress of the sale of its gold interests to private Australian company PC Gold for A$3.5m, plus royalties, saying the deal will no longer include the Dundas project.

PC Gold’s offer for Thor’s gold interests is subject to receipt of an unconditional financing offer.

Thor said it has been advised by PC Gold that a decision on whether it will receive financing from a San Francisco-based precious metal private equity fund should come late next week.

Following that determination, PC Gold will advance the balance of the A$150,000 deposit, with A$25,000 already received, and move to completion of definitive documentation for the proposed acquisition.

In addition, Thor said on Friday that the deal will now exclude the Dundas gold project rights, with PC Gold restricting its acquisition to the Spring Hill gold project.

At 0951 GMT, Thor shares were down 8.4% to 0.03p.