IMC Ibero Mining Corp

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 (the "Option") to acquire a 70%
interest in the Douta Gold Project pursuant to the terms of an option agreement
between African Star and International Mining Company ("IMC").


As consideration for the exercise of the Option, Thor issued to IMC 11,646,663
common shares, based on a volume weighted average price for the 20 trading days
preceding the Option exercise date of C$20.14 (or US$ 20.18) per share. The
share payment includes consideration paid to IMC for extending the time period
for exercise of the Option. 


African Star and IMC intend to set up a property company ("Property Company") to
hold each of the parties' interest in the Douta Gold Project and, in accordance
with the Senegal Mining Code, the government of Senegal would be granted a 10%
"free carry" interest in the Property Company.


Pursuant to the terms of the Option Agreement, IMC's 30% interest will be a
"free carry" interest until such time as the Company announces probable reserves
on the Douta Gold Project (the "Free Carry Period"). Following the Free Carry
Period, IMC must either elect to sell its 30% interest to African Star at a
purchase price determined by an independent valuator commissioned by African
Star or fund its 30% share of the Property Company's expenses.


About the Douta Gold Project

The Douta Gold Project currently consists of an early stage gold exploration
licence located in southeastern Senegal, approximately 700km east of the capital
city Dakar. The permit lies within the Kenieba Inlier which hosts in excess of
40Moz of gold and has attracted major international mining companies.


The permit covers an area of 103 km2, and lies in proximity to recent
discoveries of significant gold deposits. Access to the permit is by road from
Dakar and the closest town is Kedougou which is approximately 60 km from site.


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

Ibero Mining (TSXV:IMC)
Historical Stock Chart
From Dec 2024 to Jan 2025

Ibero Mining (TSXV:IMC)
Historical Stock Chart
From Jan 2024 to Jan 2025