IN BRIEF: Thor Explorations sales rise; cuts outlook due to rainfall

Thor Explorations Ltd - Vancouver, Canada-based gold miner targeting Senegal, Nigeria and Cote d'Ivoire - Provides trading update for the third quarter. Sells 19,000 ounces of gold, up from 19,650 ouces a year ago. Revenue climbs to USD81.3 million from USD69.9 million, based on an average gold price USD4,280 per ounce, up from USD3,535 a year ago. Net profit rises to USD47.3 million from USD43.1 million. Earnings before interest, taxes, depreciation and amortisation edged up to USD56.9 million from USD51.4 million. Looking ahead, cuts annual gold output target to between 70,000 ounces and 72,000 ounces, from 75,000 oz to 85,000 oz before. This is due to severe rainfall at Segilola in late August impacting mining operations. Its focus is to advance exploration programs across its portfolio, including near-mine, underground and regional programs at Segilola, assessing regional potential targets in Nigeria and Cote d'Ivoire, and acquiring new concessions and joint partnership options on potential targets. The company is in the final stages of discussions with the Government of Senegal for the issuance of the Douta mining convention.

Chief Executive Segun Lawson says: "This financial strength supports our continued investment in extending Segilola’s mine life and advancing the exploration and the development of the Douta Project whilst continuing exploration across our portfolio." Adds: "We approach the end of the year with a strong financial position and active exploration programs across our entire portfolio whilst maintaining our quarterly dividend policy of CAD0.0125 per share. We look forward to updating shareholders during the quarter with further Segilola drilling results, an updated Douta mineral resource estimate as well as the Douta mining convention."

Current share price: 52.80 pence, closed up 7.8% in London on Thursday

12-month change: down 4.0%

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