Thor Explorations Ltd announces it has signed a Memorandum of Understanding with NORINCO International Cooperation Ltd to enter into an EPC contract on a comprehensive lump sum turnkey basis to build the required plant and associated infrastructure for the company’s Segilola gold project in Nigeria. The scope of the EPC Turnkey Contract covers the design, engineering, procurement, site preparation, construction, commissioning, performance testing and hand-over of the Project and its associated infrastructure.

Thor is currently undertaking a Definitive Feasibility Study which will be compiled in accordance with the guidelines set out in Canadian National Instrument (NI) 43-101. The DFS is being prepared through the collaboration of a number of specialist consulting firms including Roscoe Postle Associates Inc, GR Engineering Services Ltd, NORINCO International, Auralia Mining Consulting and Knight Piesold Consulting. The company expects to complete the DFS in Q4 2018, which will be supported by the EPC turnkey contract. The final terms of the EPC contract are to be negotiated following the completion of the DFS.

Segun Lawson, President & CEO, stated “We have been working with NORINCO International for the past year and there is an excellent level of cooperation and understanding between Thor and NORINCO International. NORINCO International have provided a competitive EPC proposal priced on the Preliminary Feasibility Study design, which provides confidence that the project can be delivered on time and on budget by a well-established EPC contractor. The MOU offers a clear path to Thor achieving gold production at Segilola in 2020.

NORINCO International Cooperation Ltd is an incorporated company affiliated to China North Industries Corporation. The company is listed on the Shenzhen Stock Exchange with a market capitalisation of CNY6.3 billion ($930 million). NORINCO International has built projects in multiple industrial sectors in Asia, Africa and Europe.