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From what I can tell, they're Danish futhark: click! and says: thur uiki thisi hamar. The A's don't match up perfectly from the picture in the OP, but everything else matches.
And I'd have to say from just looking at the words that it's gotta do with Thor's Hammer. Just a wild guess though
This should help immensely: Dryad Design, Ltd. Jewelry Detail
It apparently means "Thor hallow this hammer."
I take it this is the same pendant that you posted?