Thor Mining
(ASX:THR) Executive Chairman Mick Billing discusses the company's signing of an option agreement to sell $3.5 million of gold assets at its Spring Hill gold project in the Northern Territory and the Dundas Gold Project in Western Australia to PC Gold.
Under the agreement PC Gold will pay royalties to Thor of $6 per ounce if the gold is sold below $1,500 per ounce, and royalties of $14 per ounce if the gold price is sold above that level.
The company says the sale of the Spring Hill and Dundas Gold projects will allow Thor to focus on its core tungsten projects in Australia and the United States. This includes the Molyhil Tungsten & Molybdenum Project and the Pilot Mountain Tungsten Project.
