Thundermin Resources Inc. (TSX:THR) is pleased to provide additional information regarding the status of its listing on the Toronto Stock Exchange. On August 12, 2013, Thundermin announced that the Continued Listings Committee of the TSX had notified Thundermin of its intention to delist Thundermin’s securities from trading on the TSX at the close of market on September 12, 2013 . The delisting was imposed for failure of Thundermin to meet the continued listing requirements of the TSX. In particular, Thundermin’s market capitalization fell below $3.0 million for 30 consecutive trading days and had not sufficiently recovered to regain compliance with continued listing requirements of the TSX.
On September 12, 2013, the TSX issued a bulletin extending the Delisting Deadline to the close of market on October 10, 2013. Thundermin is currently making use of the streamlined listing procedure to seek approval for the listing of its common shares on the TSX Venture Exchange. This extension to the Delisting Deadline is intended to allow Thundermin sufficient time to complete the transition to the TSX-V with no disruption in trading of the common shares of Thundermin. Approval for the listing of Thundermin’s shares on the TSX-V remains subject to Thundermin completing the TSX-V application process and successfully meeting all TSX-V listing requirements.
Thundermin is a Canadian-based mineral exploration company focused on the exploration for and the discovery of economically viable base metal and gold deposits in Canada. Thundermin has an interest in, or the right to earn an interest in, 12 base metal and gold properties in Canada. The most significant of these is the Little Deer copper property in the Springdale area of Newfoundland that hosts the Little Deer and Whalesback copper deposits. Thundermin and 50% joint venture partner Cornerstone Resources Inc. have outlined Indicated Resources of 1,911,000 tonnes grading 2.37% copper and Inferred Resources of 3,748,000 tonnes grading 2.13% copper at Little Deer and Indicated Resources of 797,000 tonnes grading 1.67% copper and Inferred Resources of 443,000 tonnes grading 1.57% copper at Whalesback. A positive Preliminary Economic Assessment undertaken by P&E Mining Consultants Inc. was announced for Little Deer, on a stand-alone basis, in November 2011. On July 17, 2013, Thundermin received a binding offer from Cornerstone to sell its 50% participating interest in Little Deer to Thundermin for $550,000 and a 0.75% NSR. The purchase price may, at Thundermin’s election, be paid in cash only or alternatively with $200,000 in cash and the balance in shares of Thundermin. Thundermin will assess the Cornerstone offer and make a decision prior to the expiry of the offer on September 15, 2013. Thundermin owns a 100% interest in the Lebel Township gold property, which is located on the Kirkland Lake Main Break in the prolific Kirkland Lake gold camp. Thundermin has royalty interests in 12 base metal and gold properties located in Manitoba, Saskatchewan, British Columbia and Quebec, the most significant being a 2.5% net smelter return royalty in the Pelletier Lake gold deposit which is under option to QMX Gold Corporation. Thundermin also has various shareholdings in twelve other junior resource companies that are actively exploring for base metal, gold, chrome, vanadium-titanium and diamond deposits in Canada.
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We acknowledge the [financial] support of the Government of Canada.