Thor Announces Construction Update at Segilola GOLD MINE
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
FOR IMMEDIATE RELEASE TSXV: THX
August 10, 2020 Shares Outstanding: 621,195,975
Vancouver, British Columbia
THOR ANNOUNCES CONSTRUCTION UPDATE AT SEGILOLA GOLD MINE
Thor Explorations Ltd. (TSX VENTURE: THX) (“ Thor” or the “Company”) is pleased to announce that
concrete has been poured on the Segilola process plant site, construction and procurement are
progressing on schedule and on budget with first gold pour expected in Q2 2021.
Highlights:
First concrete has been poured at the process plant
Water Storage Facility is at final height and is starting to fill
Detailed design 80% complete
Main Camp buildings are at roof level
Procurement 60% complete, with SAG and Ball mills scheduled for delivery in early in 2021
Over 200 members of the local communities have been employed by the project
No Lost Time Injuries to date
COVID -19 monitoring and mitigation measures continue at site
Segun Lawson, President & CEO, stated:” Our construction team and EPC contractor, Norinco
International Cooperation Limited, are continuing to deliver on our targets in a challenging operating
environment due to the COVID-19 pandemic. I cannot speak highly enough of the professionalism being
displayed day in and day out by our workforce and contractors.”
Figure 1: Segilola Gold Project, Osun, Nigeria
Construction Update
The first concrete has been poured by Norinco International Ltd (“Norinco”), the LSTK EPC Contractor,
for the foundations for the plant at Segilola and the CIP tank foundation pouring is in process.
Figure 2: Leach tank construction progress
The Water Storage Facility has been constructed to final height and the spillway construction is
progressing. The facility is filling well and is expected to reach full capacity before the end of the year.
Figure 3: Water Storage Dam and Water Storage Facility
Construction at the main camp is continuing with the main buildings at roof level. Handover of the
administration, technical services, dining facilities, clinic and recreational facilities is expected in Q4
2020.
Figure4: Camp and main buildings
Procurement is 60% complete, with vendors re-confirming delivery times. The first shipment of materials
recently arriving at Lagos port. Long lead items are scheduled to arrive on site in Q4 2020 and Q1 2021.
Local employment is a key aspect of the Company’s development approach and during this initial period
over 360 jobs have been created, with 92% being Nigerian nationals and approximately 56% being from
the local communities.
The Company has a strong and proactive approach to health and safety and to date the Project
completed over 220,000 man hours with no lost time injuries.
COVID-19
As the COVID-19 (Coronavirus) pandemic continues to have a global effect, the health and safety of
our employees, communities and contractors are our utmost priority. The Company is taking steps and
precautions to address the effects of the pandemic responsibly and to limit potential exposure to the
rapidly changing situation. Measures have been put in place to monitor and mitigate against the spread
of COVID -19 which includes testing, monitoring, and all-round practices of cleanliness and washing to
ensure any instances of COVID-19 are instantly monitored and identified. A handbook has been
provided for all personnel and both HSE teams from Thor and Norinco continue to report on this on a
daily basis following constant monitoring. All government and regulatory rules are also adhered to.
Exploration
Both the contracted RC and diamond rigs have arrived on site and exploration drilling has commenced
in parallel with construction. Both rigs will be running concurrently and will be targeting the down dip
extension of the Segilola Deposit and satellite targets identified within the licence. The first drilling
results are expected in mid-September.
Qualified Person
The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM,
CP), who is designated as a “qualified person” under National Instrument 43-101 and has reviewed
and approves the content of this news release. He has also reviewed QA/QC, sampling, analytical
and test data underlying the information.
Further details can be found on the Company’s website: www.thorexpl.com
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:
Thor Explorations Ltd
Email: [email protected]
Fig House Communications (Investor Relations)
Tel: +1 416 822 6483
Email: [email protected]
Blytheweigh
Camilla Horsfall / Megan Ray / Rachael Brooks
Tel: +44 207 138 3203
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
the 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 that could cause the actual results of the Company to differ
materially from the forward-looking statements. Such forward-looking statements, including but not
limited to, the Company’s ability to fully finance the Project, to bring the Project into operation or to
produce gold from the Project, and the use of the proceeds. 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.