Thor Explorations Announces That It Has Commenced Definitive Feasibility Study Work at Its Segilola Gold Project, Nigeria and Increase and Extension of Private Placement

Thor Explorations (TSX VENTURE:THX) (Thor) is pleased to announce that it has commenced Definitive Feasibility Study (DFS) work and pre-development workstreams at its 100% owned Segilola gold project (the “Project”) in Nigeria.

The DFS workstreams are targeted towards de-risking and optimising the Project following the completion of the Preliminary Feasibility Study (“PFS”) in October 2017. The PFS returned robust economics with an after tax NPV^5% of USD138m and IRR of 53%, with a number of specific opportunities with the potential to enhance the Project economics.

Segun Lawson, President & CEO, commented:

“The PFS not only returned solid economics at a low capital cost, but also identified several specific opportunities for further Project optimisation. These are the focus areas of the DFS, as we strive to enhance the Segilola Project’s value for all of our stakeholders.

In addition to the DFS work and near term development of Segilola, we are continuing with exlporation at Segilola and progressing our pipeline opportunities both in Nigeria and Senegal, with a focus on generating medium-long term value”

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