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Thor Mining Announces Exploration Progress Update

Tuesday, August 14th, 2007

Thor Mining PLC has announced an update on exploration progress on its Hale River Uranium project and an outline of the proposed exploration plan for the second half of the field season.

Hale River Air Core Results

A total of 24 air core and 4 mud rotary holes were drilled for 1,829m by Orbit Drilling during the March Quarter. All assay results from the recent air core and mud rotary reconnaissance drilling at the Hale River tenement have been received, with all assays returning results of <100ppm Uranium. The Hoist EM survey was a technical success and identified numerous potential “trap sites” or conductive sediments within the Hale River palaeo-drainage system. Drilling indicated that the modelled depth to basement was essentially correct and that the conductive horizons identified in the Hoist EM survey were associated with carbonaceous sediments, pyritic sands and lignite horizons and was not due to saline/hyper saline ground water. The drilling was difficult due to running sands and clay layers and high water flows. Five of the six priority anomalies were tested with at least one hole each to check the ground conditions. However, the most prospective Hoist EM trap site, with a coincident surface radiometric anomaly on the eastern side of the tenement, could not be drilled due to access restrictions imposed by the Central Land Council. Anomalous scintillometer readings several times background were associated with pyritic sands, carbonaceous clays and lignite. A number of samples returned assays between 20ppm U and 100ppm U. These are considered anomalous and correlated well when compared to results from similar lignite horizons identified in the Hale River basin by Alcoa in the 1980’s. Existing anomalies need further drill testing and work to date has confirmed the presence of suitable “trap sites” for roll front style Uranium mineralisation. Harts Range Project Harts Range consists of six granted tenements covering a total area of 362km. Two reconnaissance programs were completed during the second half of 2006. One of the prospects, Mount Mary on EL24734, was recommended for a follow up program to aid in the delineation of drill targets. Exploration Update Reconnaissance rock chip sampling and mapping was completed on the Daicos, Haddock, Mount Mary (SNAF & Indiana) and Starlight prospects in early July 2007. A total of 39 rock chip samples were collected and assay results should be available in late August. The Haddock prospect and the newly identified Indiana prospect in a valley at the base of Mount Mary are both worthy of further exploration including reconnaissance RC drilling. The Haddock prospect covers the base of a large hill over a fold structure containing highly radioactive epidosite altered country rock and pegmatite. Previous trenching in the 1990’s also returned highly anomalous uranium results from trenches across the base of the hill. The full extent of the Indiana prospect is still not known. The Indiana prospect is associated with pegmatite intrusions in sheared country rock in a valley at the base of Mount Mary. Highly anomalous scintillometer readings were returned from numerous samples in the area. Further mapping, sampling and reconnaissance drilling will be based on the initial rock chip assay results when they are available. Plenty Highway and Bundey River Project The Plenty Highway Project contains part of the Tertiary Waite and Huckitta basins. Late in 2006 a helicopter borne Hoist EM survey was flown, and two major channels have been identified for follow up drilling. Unfortunately a delay in ground inspection and clearance from the Central Land council has delayed the start up of the Plenty Highway reconnaissance air core drilling. The Mining Management Plan was approved by the Department of Primary Industry Fisheries and Minerals (DPIFM) several weeks ago and the CLC were notified of the requirement of the clearance work nearly 2 months ago. The contracted drilling rig is now being used by another company and will now only be available in September. At Bundey River it is planned to complete a helicopter borne Hoist EM survey as soon as possible to locate subsurface palaeochannels. This part of the Waite basin is virtually unexplored and is known to contain oxidised and unoxidised sands. The proposed second stage exploration will comprise systematic drill testing of targets. Curtis Pound Digital terrain data has been purchased to allow reconnaissance work to be carried out and it is envisaged that initial exploration of this remote area will occur at the same time as the Hatches Creek work to utilise the same field camp. Ground scintillometer surveys will be carried out over nine radiometric anomalies discovered by Pechiney (Australia) Exploration Pty Ltd. Molyhil - Exploration Having just completed an update of the JORC compliant resource estimate for its Molyhil Tungsten-Molybdenum project, work will commence next week on the new mining reserve studies. Thor has also commissioned Peter O’Brien and Associates, specialists in geotechnical and mining engineering, to complete a conceptual underground study for the Molyhil Project based on the updated resource and reserve estimate. The focus of this study will be to consider extensions to mine life beyond the current proposed open pit operation. Recently Thor has been advised that the Department of Primary Industry, Fisheries and Minerals assessment of the Public Environmental Review document for the Molyhil development has been concluded, and it is considered that the Molyhil Tungsten-Molybdenum Project can be managed in a manner that avoids any unacceptable environmental impacts. Thor’s consultants are now preparing the final Mining Management Plan, which is the last hurdle for mining authorisation. A detailed high power dipole-dipole IP survey at the south end of the Molyhil deposit is due to start late August. This type of survey is expected to identify magnetite skarn lode positions down to a vertical depth of 300 - 350m. The program should take approximately one week to complete and will outline the down plunge position of the Southern and Yacht Club Lodes and identify any additional lodes that may be present in the Hanging Wall and Footwall positions. The recent 55% increase in the resource base was attributable to two small RC programs completed in 2006 and early 2007. The targeting of this 2006 drilling was based on projected down dip positions and holes have not intersected the optimal lode positions based on the current interpretation. It is anticipated that electrical ground based geophysical surveys will help guide any additional drilling. Hatches Creek Hatches Creek Project is made up of two Exploration License Applications ELA22912 & ELA23463) and one granted EL22913 which are located in the central portion of the Northern territory. The Exploration License Applications cover 63 km2 which fall within the Anurrete Aboriginal Land Trust under the provisions of the Aboriginal Land Rights (NT) Act 1976. An agreement was signed for Exploration License Applications with the traditional owners and Thor is waiting on the grant of these tenements before initiating ground exploration. Tungsten was mined intermittently over Wolfram Field until 1961 and produced some 2,840 tonnes of concentrate. Exploration will begin as soon as the initial clearance meeting can be completed. Numerous quartz reefs occur within clastic sediments with Tungsten values of between 1% and 5% (WO3). Reconnaissance field work including a trial dipole-dipole IP survey is recommended, this will identify any potential down dip or blind targets located close to the historic mines. It is expected that RC drilling will be required as historic hard rock mining here only occurred to depths of 80m.

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