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Company Information for Thor Mining Plc

FRANKFURT-T5MA; AIM-THR; ASX-THR

www.thormining.com

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Company Statement

Thor is a minerals exploration and development company focused on exploring and developing specialty metals projects. The Board seeks to increase shareholder value by systematically exploring its resource portfolio.

Thor’s Directors are experienced in the mineral and finance sectors. They are practised in: evaluating mining assets; raising funds on international capital markets; evaluating acquisition and investment prospects and the day to day management of public companies.

Thor has a portfolio of properties in the Northern Territory of Australia.

THE MOLYHIL TUNGSTEN-MOLYBDENUM PROJECT
The Molyhil deposit occurs in two adjacent skarn bodies that contain outcropping molybdenite and scheelite mineralisation. Since mid 2004 it has been the subject of systematic testwork comprised of geophysical exploration, diamond and RC drilling programmes, surface and underground bulk sampling, metallurgical testwork and a geotechnical study.

URANIUM ASSETS
Thor acquired a number of project areas in the Northern Territory of Australia with prosepectivity for uranium mineralisation with a history of exploration and proximity to existing discoveries. Several of the projects have had prior exploration, which was in most cases inadequate. The projects are at various stages of evaluation.

Hale River Project
The Hale River project covers 160km2 of Tertiary basin sediments. These sediments are prospective for palaeochannel roll-front type uranium deposits. Previous exploration of this project area, undertaken between 1979 and 1981, delineated a redox front within sands containing anomalous uranium.

The tenement constituting this project is granted. The Company’s exploration program commenced with an airborne HoistEM survey over the interpreted redox boundaries and was followed by drilling of target zones. Previously identified lignite seam will also be drilled as these represent for high-grade uranite of coffinite where lignite has been replaced by black uranium oxides.

Harts Range Project
The Harts Range project cover 362km2 of the Proteerozoic Harts Range Metamorphic Complex. The tenements were explored for uranium between 1992 and 1995 following the flying of the airborne radiometric and magnetic surveys. Numerous occurrences of uranium mineralisation were found, many of which were associated with alteration along structural breaks or contacts.
Thor’s proposed exploration program at Harts Range will initially focus on structurally controlled high-grade mineralisation and will comprise detailed field mapping, ground surveys and follow up drilling.

The tenements on which this project if located are granted tenements.

Plenty Highway and Bundey River Projects
Thor’s contiguous Plenty Highway and Bundey projects contain about 1,200 km2 of Tertiary sediments which cover ion internally drained area within the Proterozoic Arunta Block. The sediments have the potential to host economic palaeochannel uranium mineralisation.

The Plenty Highway tenement has been granted. The Bundey River tenement is still under application.

Curtis Pound Prospect
The Curtis Pound project is situated over Proterozoic rocks of the Tennant Inlier and contains a number of identified radiometric anomalies.

The tenements on which this project is located are granted.

Current Operations

The Molyhil Tungsten - Molybdenum Project
Final results of the recently completed drilling program at Molyhil were received in July 2007 and incorporated into the new resource model, which was completed by independent geological consultants.

The updated resource represents a 55% increase in overall tonnage to 3.73 million tonnes at 0.51% combined tungsten (WO3) and molybdenum (MSO2) with a substantial tonnage upgrade to the Measured and Indicated categories - increasing the overall level of confidence in the resource. The revised resource now comprises:

Measured Resource of 530,000 tonnes at 0.42% WO3 and 0.27% MOS2, a 43% tonnage increase over the previous measured resource.
Indicated Resource of 2.4 million tonnes at 0.39% WO3 and 0.17% MOS2, a 37% increase over the previous Indicated resource and
Inferred Resource of 800,000 tonnes at 0.15% WO3 and 0.1% MOS2, more than three times higher than the previous resource.

The resource model now contains 8.3 million pounds of molybdenum metal and 1.3 million mtu’s of tungsten, representing a similar metal content to the previous resource but at a higher JORC resource category following the conversion of significant tonnage from the Indicated to Measured category.

This increases the overall confidence in the upper parts of the block model.

Metallurgical
As part of the Feasibility, metallurgical test work was undertaken and the resultant process flow sheet was incorporated into the economic and technical assessment. The studies indicated that a saleable concentrate could be produced.

Subsequently, additional metallurgical tests to further optimise the floatation conditions and concentrate grade and recoveries has been completed by independent consultants.

Primary Molybdenum Concentrate assayed 51.4% with a recovery of 77.8% and Primary Tungsten Concentrate assayed 72.9% WO2 with a recovery of 65.4 and they have now been established as the base to produce a saleable concentrate.

Uranium Assets
Thor has a number of project areas in the Northern Territory of Australia with prosepectivity for uranium mineralisation with a history of exploration and proximity to existing discoveries. Several of the projects have had prior exploration, which was in most cases inadequate. The projects are at various stages of evaluation.

Hale River Project
The Hale River project covers 160km2 of Tertiary basin sediments. These sediments are prospective for palaeochannel roll-front type uranium deposits. Previous exploration of this project area, undertaken between 1979 and 1981, delineated a redox front within sands containing anomalous uranium.

The tenement constituting this project is granted. The Company’s exploration program commenced with an airborne HoistEM survey over the interpreted redox boundaries.

The first and second phases of a comprehensive uranium exploration program at Hale River have been completed.

The first phase of the program comprised a helicopter borne Hoist EM survey covering the company's Hale River and Plenty Highway tenements, which cover some 1,200 sq km of tertiary basin sediments.

The Hale River data has indicated a complex south easterly striking channel structure. Zones of conductive and resistive sediments (indicating reducing and oxidizing environments) have been interpreted within the main and subsidiary paleo-channels within the model. The revised modelling has also incorporated previous exploration drilling that has already identified anomalous areas of 'roll front style' uranium mineralisation.

Reconnaissance air core drilling at the Hale River Uranium Project has been completed with a total of 28 holes completed to date for 1,549m.

The Hoist EM survey was a technical success and identified numerous potential "trap sites" or conductive sediments within the Hale River paleo 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 the carbonaceous sediments, pyritic sands and lignite horizons and were 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 identified were tested with at least one hole to check the ground conditions, however the most prospective Hoist EM trap site with the 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 20 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 mineralization.

Harts Range Project
The Harts Range project covers 362km2 of the Proteerozoic Harts Range Metamorphic Complex. The tenements were explored for uranium between 1992 and 1995 following the flying of the airborne radiometric and magnetic surveys. Numerous occurrences of uranium mineralisation were found, many of which were associated with alteration along structural breaks or contacts.

Reconnaissance sampling of the Harts Range tenement area was completed during October and November 2006, with several areas traversed. The main objective of the sampling program was to identify known prospects and determine optimal access routes and logistics for follow-up exploration. The project includes six tenements.

In the October program, eleven rock chips were taken on two out of the six granted tenements. Analysis was completed for 39 elements.

Five samples were taken at the Ryoma and Casper prospects, with results confirming the prosepectivity of this area returning elevated uranium values ranging from 121ppm to 227ppmU. Results were also elevated in rare earth elements ("REE") such as Yttrium and Zirconium. Sample HR8 also returned up to 1.62% Pb.

The results included a single sample result of 31.6% U. This hand-picked sample contained a significant portion of visible uraninite. Significantly, a number of large pegmatite bodies are located within the Harts Range Project.

Work to date in the Harts Range Project indicates that sporadic high uranium grades occur along NW trending structural corridors, suggesting a vein-type model for mineralisation such as that at Schwartzwalder in Colorado (USA). Mineralisation here occurs in numerous lenses associated with a major shear fault network and along contacts between mica schist and gneissic rocks.

Hatches Creek
Thor’s Hatches Creek Project comprises two contiguous exploration licences EL22912 and EL23463. It is located in the central portion of Australia’s Northern Territory, about 325km northeast of Alice Springs and 160km southeast of Tennant Creek. Access from Stuart Highway is via unsealed dirt roads for a approximately 165km.

The two tenements cover an area of 63.41km2 and together cover the historical Hatches Creek Wolfram Field. Numerous underground mines exploited quartz veins containing wolframite (tungsten) until the 1950’s when the mineral field closed due to falling tungsten prices.

Mining of eluvial deposits containing wolframite, gold and copper also occurred. The Hatches Creek Wolfram Field has not been systematically explored for tungsten and other commodities such as gold and copper since the field closed in the 1950’s tested for gold mineralisation. Vein and shear structures together with eluvial and alluvial sediments can now be systematically tested for tungsten, gold and copper mineralisation using modern exploration techniques.

Tungsten is used in tool steels and specialist industrial applications. For more information see the Tungsten Fact Sheet.

Initial reconnaissance mapping and sampling has been completed together with a thorough literature review of all historical data covering the area. Detailed photography and low level aeromagnetics have been compiled covering the area.

An agreement has been made with traditional owners allowing exploration activities to commence on the tenements now that both exploration licences are granted.

Geographical Spread

Northern Australia

Board of Directors and Key Management

DIRECTORS/SECRETARIES:
Michael Billing, B Bus ASA	Non Executive Chairman
Michael Ashton	Non-Executive Director
Norman Gardner	Non-Executive Director
Greg M Durack B.App.Sc. MAusIMM	Non-Executive Director
Laurie Ackroyd	Chief Financial Officer and joint Company Secretary
Stephen F Ronaldson	Joint Company Secretary

SENIOR MANAGEMENT:
Ian Sheffield-Parker, B.Eng (Hons) ACSM MAICD	Chief Executive Officer
Stuart Till	Exploration Manager

Company Address

Thor Mining
55 Gower Street
London, United Kingdom WC1E 6HQ


Telephone:	+61 8 8177 8800
Facsimile:	+61 8 8272 2838
Email:	corporate[at]thormining.com
Website:	http://www.thormining.com

Additional Address/Key Contact

Australian Registered Office
Level 1
26 Greenhill Road
Wayville SA 5034
AUSTRALIA

Phone Numbers:
Phone +61 8 8177 8800
Fax      +61 8 8272 2838

Perth Operations Office
571A Canning Highway
Alfred Cove WA 6154
AUSTRALIA

Phone Numbers:
Phone +61 8 7123 4050
Fax      +61 8 7123 4050

Capital

Ordinary Shares on Issue;216,557,096
29/06/10 Unlisted Options Exercise Price 6p 455,000
15/09/11 Unlisted (Director) Options Exercise Price 18cents 5,000,000

Nominated Brokers

Daniel Stewart & Company plc

Nominated Advisors