Thor Explorations Appoints General Manager FOR Segilola GOLD Project
Page 1 of 2
Suite 1010, 1075 West Georgia Street
Vancouver, BC, Canada V6E 3C9
Tel: 1.778.373.0102 Fax: 1.604.639.4670
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
FOR IMMEDIATE RELEASE TSXV: THX
May 7, 2019 Shares Outstanding: 370,682,965
Vancouver, British Columbia
THOR EXPLORATIONS APPOINTS GENERAL MANAGER FOR SEGILOLA GOLD PROJECT
Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce the
appointment of Mr Michael Kelly as General Manager at its 100% owned Segilola Gold Project (“Segilola” or
the “Project”) in Nigeria.
Michael Kelly is a mining engineer with over thirty years experience and a proven track record in developing
mining projects from feasibility though Engineering Procurement and Construction (“EPC”) to production and
also has a proven track record in operations and leadership.
Mr Kelly has achieved success in delivering projects and operating mines in several locations in Africa and
Asia with wide ranging industry experience focused on gold, having managed mining operations, in both
production and technical roles and having been involved in the planning and optimisation of several open pit
mines. More recently as a General Manager, Mine Manager, Project Manager & Chief Engineer for Open Pit
Gold operation’s in Ghana, Mongolia, Philippines, Eritrea and Egypt.
Mr Kelly also has significant experience of underground operations, in both production and technical roles,
having worked as a lead manager of technical services for AngloGold Ashanti’s Obuasi mine where the mine
produced gold from both open pit and underg round operations and more than doubled its underground
production rate during his time there.
Mr Kelly has worked in key senior mining positions for Zara Mining, Centerra Gold, AngloGold Ashanti and
also as a mining contractor.
Segun Lawson, President & CEO, commented:
“We are very pleased to have Michael join the senior managment team at Thor as we enter into the EPC phase
at Segilola. He is a seasoned and respected mining professional who has worked across Africa, building
projects and teams and has a track record of delivering projects on time and under budget, most recently
having delivered the Koka Gold Mine in Eritrea, which was commissioned ahead of time and under the budget
of USD150 million.
Michael brings a wealth of gold mining project construction and operational experience to the company, and
furthermore he has taken a long term view and will remain with the Company, transitioning to General Manager
Operations on commissioning of the plant.”
The Segilola Gold Project
The Segilola Gold Project is considered the most advanced gold project in Nigeria. Thor recently completed
a DFS on the Segilola Open Pit Reserve and a Preliminary Economic Assessment (“PEA”) on the Segilola
Underground Resource.
Feasibility Study
Segilola Open Pit Mine
Preliminary Economic Assessment
Segilola Underground Mine
Cashflow $178m $43m
NPV Pre-tax NPV5% of $138m Pre-tax NPV5% of $35m
Page 2 of 2
About Thor
Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and
development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100% interest
in the Segilola Gold Project located in Osun State of Nigeria and a 70% interest in the Douta Gold Project
located in south-eastern Senegal. Thor also holds a 49% interest in the Bongui and Legue gold permits located
in Houndé greenstone belt, south west Burkina Faso. Thor trades on the TSX Venture Exchange under the
symbol “THX”.
THOR EXPLORATIONS LTD.
Segun Lawson
President & CEO
For further information please contact:
Tel: 778-373-0102
Fax: 604-434-1487
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This press release does not constitute an offer to purchase securities. The securities to be offered in t he
offering have not been and will not be registered under the United States Securities Act of 1933, as amended,
or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or
account of, a U.S. person, except pursuant to an available exemption from such registration requirements.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented constitutes “forward
looking statements” within the meaning of certain securities laws, and is subject to important risks,
uncertainties and assumptions. Such forward-looking statements, including but not limited to the completion
of the acquisition of the Segilola Gold Project and the use of the proceeds of the private placement. The words
“may”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “anticipate”, “estimate”, “expect”, “intend”,
“plan”, “target” and similar words and expressions are used to identify forward -looking information. The
forward-looking information in this news release describes the Company’s expectations as of the date of this
news release and accordingly, is subject to change after such date. Readers should not place undue
importance on forward-looking information and should not rely upon this information as of any other date.
While the Company may elect to, it does not undertake to update this information at any particular time.
Post-tax NPV5% of $138m Post-tax NPV5% of $35m
IRR Post-tax IRR of 50% N/A
Payback Post-tax 1.4 years on initial capital N/A
Capex Pre-production capital of $87.5m Development capital of $13m
Production Average of 80,000oz LOM Average of 33,000oz LOM
Production Cost LOM All-in sustaining cost of $662/oz LOM All-in sustaining cost of $756/oz
Mine Life 5 years N/A
Probable Mineral
Reserves
3.0Mt @ 4.2 g/t Au containing
405,600oz Au at 0.77 g/t cut off
N/A
LOM Recoveries 97.0% for 395,400oz 96.0% for 102,000oz