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Thor Mining, Condor Gold, Polo Resources, Lemur Resources news briefs

Contributed by Fox-Davies Capital

Thor Mining PLC announced that further assay results have now been received from the 2012 Spring Hill drill programme at its Spring Hill Gold Project south of Darwin in Australia's Northern Territory. The highlights include SHDD008B with 8.4m at 1.47 g/t Au from 189.5m including: 0.5m at 5.45 g/t Au from 189.5m, 0.25m at 22.73 g/t Au from 193.0m and 3.0m at 4.70g/t Au from 217.8m including: 0.6m at 22.1 g/t Au from 219m and 39.7m at 0.49 g/t Au from 326.2m  SHDD010 7.0m at 2.34 g/t Au from 385m including: 1.0m at 12.73 g/t Au from 387m and 21.0m at 1.02 g/t Au from 397m including: 3.0m at 4.08 g/t Au from 404m and: 1.0m at 2.12 g/t Au from 417m. The results for these two holes indicate depth extension in the order of 100m to the gold mineralising system for the Hong Kong lode. Resource estimation modelling will follow final assays to determine the grade distribution within the lode.

Condor Gold has reported a 46% increase in the resource update for the La India Project, Nicaragua. The CIM compliant, Mineral Resource of 2,375,000 oz gold at 4.6 g/t actually exceeds the Company's own target of 2Moz by the end of the year. The resource is split at 0.751Moz in Indicated and 1.624Moz in Inferred and with 0.954Moz @ 3.6g/t in the initial open pit resource and 1.418Moz @ 5.5g/t classed as underground. The resource update is based on some 40,298 m of drilling, 7,200 m of trench sampling and over 9,000 original underground mine grade control channel samples on nine of the veins within the La India Project area. The Company completed fifty-nine drill holes for 7,096 m and 2,500 m of trenching between mid-April and the end of July 2012 on the India-California vein trend with the aim of increasing the confidence in the estimates to an Indicated category by targeting areas considered to have open pit and underground mining potential.

Polo Resources has released further drilling results for Nimini, its 90% Sierra Leone gold development company. The drilling focussed on extending the strike and depth at Komahun and infill drilling of the main zone. Highlights include 5.34 g/t over 2.00 m from 75 m and 6.06 g/t over 4.00 m from 66 m to the west of the Komahun Main Zone suggesting a greater extent to the Fault Zone wireframe than currently modelled. Results from infill drilling of the Main Zone include 22.32 g/t over 2.55 m from 173.25 m, 5.66 g/t over 9.00 m from 245.00 m and 31.12 g/t over 5.45 m from 314.90 m. The Company is currently carrying out trenching and pitting over previously untested targets on the Nimini East and Nimini West Licences which will continue into 2013. In addition, a further drill programme of 7,500 m has been initiated to test strike extensions of Main Zone with a fourth drill now on site to accelerate the overall programme. The Company has now been granted an Environmental Licence and an application has been submitted to the Ministry of Mineral Resources for a large-scale Mining Licence which includes the Nimini East and West exploration licences. The project currently has an Indicated resource of 521koz at 4.59 g/t and an Inferred resource of 263koz at 3.64 g/t. A Prefeasibility Study is currently underway and is expected to be completed early next year.

Lemur Resources has released a 5th batch of laboratory results for its Imaloto coal project in Madagascar. The results from a further 23 core samples, confirm the consistency of coal quality across the basin, with the yield of the main seam only varying by 3%. The composite coal quality for the main seam is for a 67% yield for a primary export thermal coal product, with the secondary product for domestic power station feedstock giving a theoretical yield of 100% for the main entire main seam. The results for the Top and Upper seams are consistent with previous results indicating it would produce a power station feedstock as the yields would be too low to produce an export product. Interestingly, the results included intersections of the lower seam, a split from the main seam, although there has been insufficient analysis for it to be quantified. Seven samples remain outstanding from the laboratory and once these are released, the Company expects to produce the updated resource statement a couple of weeks later. This is expected to improve the resource classification rather than the size of the resource base. The results of this will be incorporated into the mining scoping study which, along with the already completed port and infrastructure scoping studies, will be released approximately 4 weeks after the resource update.