NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
Thor Explorations Ltd. (TSX VENTURE:THX) ("Thor" or the "Company") is pleased to announce that its wholly-owned subsidiary, African Star Resources Incorporated ("African Star"), has exercised its option to acquire an 85% interest in the Bongui and Legue gold permits (the "Option") located in Houndé greenstone belt, south west Burkina Faso, pursuant to the terms of an option agreement between African Star and AFC Constelor Panafrican Resources SARL ("AFC Constelor") and Constelor Panafrican Resources Holdings Ltd. ("Constelor Holdings") .
As consideration for the exercise of the Option, Thor issued to Constelor Holdings, 1,666,667 Thor common shares for value of US$250,000 at C$0.15 per share. In consideration of Constelor granting the Option, African Star had paid US$42,000 to Constelor on execution of the Option Agreement.
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.
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 significant gold resources and has attracted major international mining companies. Thor trades on the TSX Venture Exchange under the symbol "THX".
THOR EXPLORATIONS LTD.
Per: "Segun Lawson"
President & CEO
For further information please contact:
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". 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.