NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR
DISTRIBUTION TO US WIRE SERVICES

VANCOUVER, British Columbia, 01 Dec. 2020 (GLOBE NEWSWIRE) – Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor“or the”Society“) is pleased to announce that its subsidiary Segilola Resources Operating Limited (” SROL “) has completed the financial close of the US $ 54 million senior debt facility previously announced by Africa Finance Corporation for the construction of the Segilola gold project in Nigeria.

After closing, SROL received a disbursement of US $ 21.5 million, representing 40% of the facility.

The draw coincides with the arrival of the first shipments of equipment at the port of Lagos and the shipment of SAG and ball mills from China under the LSTK EPC contract with Norinco International.

The company has a strong and proactive approach to health and safety and has recently completed over 500,000 person-hours without lost time injury.

Segun Lawson, President and CEO, said: “Our long-standing relationship with our partners at Africa Finance Corporation and Norinco International has allowed us to continue the project on schedule throughout this difficult period. . The drawdown of the senior debt facility is an important step in the construction schedule which is on track to pay first gold in the second quarter of 2021. Exploration work is also underway around Segilola and on our Douta project in Senegal and we expect the next round of drilling results shortly.

Qualified person

The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM, CP), who is referred to as a “qualified person” under National Instrument 43-101 and has reviewed and approved the contents of this press release. Press. It also examined the QA / QC, sampling, analysis and testing data underlying the information.

Further details can be found on the Company’s website: www.thorexpl.com

About Thor

Thor Explorations Ltd. is a Canadian mining exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor owns a 100% interest in the Segilola gold project located in Osun State in Nigeria and a 70% interest in the Douta gold project located in south-eastern Senegal. Thor also owns a 49% stake in the Bongui and Legue gold permits located in the Houndé greenstone belt in southwestern Burkina Faso. Thor trades on the TSX Venture Exchange under the symbol “THX”.

THOR EXPLORATIONS LTD.
Segun Lawson
President and CEO

Neither the 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 any securities. The securities offered under the Offer have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities law and cannot be offered or sold in the United States or to, or for the benefit or account of a person of the United States, except under an available exemption from these registration requirements.

Caution Regarding Forward-Looking Statements
With the exception of the statements of historical fact contained in this document, the information presented constitutes “forward-looking statements” within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions which could cause a difference. material between the actual results of the Company.rom forward-looking statements. These forward-looking statements, including, but not limited to, the ability of the Company to fully finance the Project, to bring the Project into service or to produce gold from the Project, and the use of the proceeds. The words “may”, “could”, “should”, “should”, “suspect”, “consider”, “believe”, “anticipate”, “estimate”, “expect”, “intend” de ”,“ plan ”,“ target ”and similar words and phrases are used to identify forward-looking information. The forward-looking information contained in this press release describes the Company’s expectations as of the date of this press release and, therefore, is subject to change after this date. Readers should not place undue importance on forward-looking information and should not rely on such information as of any other date. Although the Company may choose to do so, it does not undertake to update this information at any given time.


        

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