VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
Thor Explorations Ltd. (TSX VENTURE:THX) ("Thor") is pleased to announce that its wholly owned subsidiary African Star Resources Incorporated ("African Star") has entered into an option agreement ("Option Agreement") with AFC Constelor Panafrican Resources SARL ("Constelor"), to acquire an 85% interest in the Bongui and Legue gold permits (the "Option") located in Houndé greenstone belt, south west Burkina Faso.
In consideration of Constelor granting the Option, African Star paid US$42,000 to Constelor on execution of the Option Agreement. The Option is exercisable within a twelve month period with the payment to Constelor of an additional US$250,000 in cash or equivalent value of Thor shares at the greater of C$0.15 and the volume weighted average trading price for the 20 trading days preceding the exercise date, subject to the approval of the TSX Venture Exchange. Subsequent to exercising the Option, African Star will be required to pay 100% of expenditures relating to the activity on the permits until 30 days following the drilling of the first exploration hole. The two contiguous Bongui and Legue gold permits covering an area of 233 km2, form part of Thor's Central Houndé Project, located within the Houndé belt, 260km south west of the capital Ouagadougou, in western Burkina Faso.
The Houndé greenstone belt is highly prospective and hosts approximately 10Moz of significant gold discoveries including the 180,000 ounce per annum Mana gold mine (6.0 million ounce project) and the 430,000 ounce Bondi project. Thor's Central Houndé Project is surrounded by established projects being explored by TSX listed companies, including Orezone, Avion and Ampella. The Central Houndé Project consists of prospective underexplored greenstone, providing significant scope for exploration success. Initial exploration focus will be on a number of untested artisanal mining areas within the permits. Further targets have also been identified through remote sensing. The Company considers these licence areas to be highly prospective and plans to begin exploration fieldwork shortly.
"These two gold exploration permits greatly expand on Thor's exploration interests in western Africa and provides further exploration opportunities in a prospective region that contains economic gold discoveries," commented Segun Lawson, President and CEO of Thor.
Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Senegal and Burkina Faso. Thor holds a 70% interest in the Douta Gold Project located in southeastern Senegal. The Douta Gold Project lies within the Kéniéba Inlier which hosts in excess of 40Moz of gold and has attracted major international mining companies.
Further information on Thor Explorations Ltd. can be accessed on the Company's website at http://www.thorexpl.com.
THOR EXPLORATIONS LTD.
Segun Lawson, President & CEO
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". Such forward-looking statements, including but not limited to those with respect to the expected time period for the free carry interest, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Shares Outstanding: 64,798,597
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.