Name and Location
Pilot Mountain tungsten project, Nevada, US.

Client
Thor Mining.

Project Description
A three-stage development plan, which will eventually bring the project into production, has been announced for Pilot Mountain.

The development plan has been designed to optimise, develop and permit the existing Desert Scheelite resource and project exploration targets to project development-ready status.

The project consists of five deposits – Desert Scheelite, Garnet, Desert Scheelite East, Gunmetal South and Good Hope – all within close proximity of one another, and has a total exploration target of between 11-million and 23-million tonnes, grading between 0.3% and 0.5% tungsten.

The Desert Scheelite deposit has a Joint Ore Reserves Committee-compliant resource of 6.8-million tonnes, grading 0.31% tungsten, while the Garnet deposit has an exploration target of between 1.5-million and 2-million tonnes at between 0.35% and 0.4% tungsten.

The three-stage development plan will comprise:
• confirmatory drilling of Tier 1 targets, enabling an updated resource estimate, initial scoping studies and advancement of project permitting;
• the expansion and infill of Tier 1 resource drilling and the testing of Tier 2 targets, including the upgrade of resource estimates to enable the initial assessment of reserves, the continuation of project permitting, feasibility and associated studies; and
• the completion of resource drilling and studies for the reserve estimate, as well as the definitive feasibility study and project permitting.

Net Present Value/Internal Rate of Return
To be determined.

Value
A value for the project has not yet been confirmed.

Duration
Not stated.

Latest Developments
None stated.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Thor Mining, tel +61 8 7324 1935, fax +61 8 8351 5169 or email corporate@thormining.com.