Thring Creek Project

Highlights

· Thor completed 50 RAB holes for 1433m covering nine aeromagnetic targets;
· Drilling intersected a combination of magnetic rocks with low metal values, no magnetite Skarns were detected by the RAB program.

Thring Creek Project – Exploration Summary

Thring Creek is located about 24km east of the Molyhil Project. The area is generally flat, but is dissected by the Elua Ranges and Oorabra quartz reefs. In spring 2005, Thor’s wholly owned subsidiary Sunsphere completed a ground magnetic survey over the aeromagnetic anomalies defined from the regional aeromagnetic survey. This resulted in nine anomalies worthy of follow up RAB drilling. The magnetic model is based on the nearby Molyhil deposit (located 20km to the west). This is a magnetite-rich skarn that comprises a JORC compliant resource of 2.4 million tonnes grading 0.8% combined tungsten and molybdenum.

In April-May 2006 at total of 50 RAB holes were completed for 1433m covering the nine anomalies. The samples were assayed for W, Mo, Pb, Cu, Fe, and Zn, all of the anomalies resulted in low tungsten and molybdenum values. A combination of magnetic granites, magnetite bands in gneissic rocks, and minor magnetite in a quartz-chlorite schist explains all but one of the anomalies. One drill hole was of particular interest, hole TCR49 recorded 11m of magnetite – biotite rich rock. Minor amounts of Ti and Cr were identified. One sample from this hole was submitted for whole rock analysis and the entire hole was also analysed for broad multi-element geochemistry. This appears to have similarities to the magnetite-rich (Fe-Ti-V) rocks discovered by other companies in the region. No economic mineralisation was intersected by the drilling. The maximum tungsten grade received was 4m @ 60ppm. The highest Mo result was 4m @ 5ppm. Base metal and indicator mineral assays were likewise low.

As a result of this the prospectivity for Tungsten – Molybdenum ”“ Magnetite Skarn related mineralisation within this tenement has been downgraded. In light of the results and field observations, the prospect is under review.

JORC Compliance

The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by John Young, who is a Member of The Australasian Institute of Mining and Metallurgy. John Young has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ”˜Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

John Young consents to the inclusion in this RNS announcement of the matters based on his information in the form and context in which it appears.

Enquiries:

John W Barr +61 418 912 885 Thor Mining PLC Executive Chairman

John Simpson 020 7512 0191 ARM Corporate Finance Ltd Nominated Adviser

Abigail Singleton 020 7429 6606or07739 461 061 Conduit PR Public Relations

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