VANCOUVER, British Columbia, Sept. 17, 2018 (GLOBE NEWSWIRE) — Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce it has signed a Memorandum of Understanding with NORINCO International Cooperation Ltd (“NORINCO International”) to enter into an EPC contract on a comprehensive lump sum turnkey basis (“LSTK”) to build the required plant and associated infrastructure for the Company’s Segilola Gold Project in Nigeria (“The Project”).
Thor is currently undertaking a Definitive Feasibility Study (“DFS”) which will be compiled in accordance with the guidelines set out in Canadian National Instrument (“NI”) 43-101. The DFS is being prepared through the collaboration of a number of specialist consulting firms including Roscoe Postle Associates Inc., GR Engineering Services Limited, NORINCO International, Auralia Mining Consulting and Knight Piesold Consulting.
The Company expects to complete the DFS in Q4 2018, which will be supported by the EPC Turnkey Contract. The final terms of the EPC Contract are to be negotiated following the completion of the DFS.