Exploration Update

Thor Mining PLC
26 April 2007


                                  THOR MINING PLC

                                   Molyhil Update

Dated: 26 April 2007

Thor Mining PLC (the 'Company' or 'Thor'; AIM/ASX: THR) the specialist metals
company focused on advancing tungsten-molybdenum and uranium projects in the
Northern Territory of Australia announce that it has received positive initial
results from the resource extension drilling program completed at its 100% owned
Molyhil Tungsten-Molybdenum Project ('Molyhil') in March 2007.

Highlights
     
•    Initial results from resource extension drilling confirm continuity
     and grade of the current Molyhil reserve.

•    Three holes return combined tungsten-molybdenum grades in excess of 1%, 
     significantly above the current indicated resource grade.

•    Drilling confirms high-grade depth extensions of the Yacht Club ore-body.

The reverse circulation ('RC') drilling program comprising 25 holes drilled for
2,586m, has identified extensions of the mineralisation outside of the current
mining reserve and is expected to lay the foundations for an increase in the
resource and reserve inventory at Molyhil. The Definitive Feasibility Study on
the Molyhil Project was based on a JORC compliant resource of 2.4 million tonnes
grading 0.8% combined tungsten WO3 and molybdenum MoS2.

Initial results received from the program of infill RC drilling have confirmed
the continuity and grade of the current reserve with results from three of the
eight RC holes received to date returning combined MoS2 + WO3 grades in excess
of 1%.

Drill hole 07MHRC022 which was designed to test southern zone extensions has
returned combined assays of MoS2 and WO3 in excess of 1%, which is substantially
higher than the indicated resource grades. These results have again highlighted
the difficulty in determining average head grades for Molyhil due to the
irregular distribution of mineralisation

Holes 07MHRC013 and 07MHRC014 were drilled beneath the Yacht Club ore zone,
below the current ore reserve and base of the proposed open pit. The results
indicate that the extensions of the Yacht Club ore-body are of high grade and
lie to the east of the current block model, therefore requiring a
re-interpretation of the Yacht Club ore-body model. Results from these three
holes are shown below:

                                                        MoS2 +    
 Hole ID      Width(m)    From     To    MoS2    WO3     WO3      Ore Zone
                                                                               
07MHRC013       10         117    127    0.43   0.52     0.97    Yacht Club
07MHRC022        7         114    121    0.69   0.48     1.17     Southern
                 2         138    140    0.43   0.66     1.09     Southern
07MHRC014        1         108    109    0.73   1.19     1.92    Yacht Club
                10         111    121    0.61   1.04     1.65    Yacht Club

The results received to date were prioritised in order to expedite the assay
process. Based on current indications, the Company does not expect to receive
the remaining assay results from the resource drilling program for a further
three weeks. The Directors believe the completion of a revised JORC resource is
critical in establishing more accurate project valuations which will ultimately
have an effect on commercial negotiations regarding financing and off-take
terms.

The full set of assay results are expected to be received during May 2007 and
the Company expects the new resource estimates to be completed by the end of
June.

Thor's Chief Executive Officer, Mr John A. Young, said the initial results from
the resource extension drilling program were very encouraging, with the higher
combined tungsten-molybdenum grades returned to date reinforcing the potential
for the new drilling to underpin an upgrade to the existing resource.

'The results will be fed into a revised block model interpretation and resource
estimation, which will in turn be passed on to Australian Mining Consultants for
completion of a new pit optimisation,' Mr Young said. 'We expect this process to
be completed by mid-year.'

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 is a
director of Thor Mining PLC.  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 the report of the matters based on his information in the
form and context in which it appears.


Enquiries:

John Young     + 61 (0)419 954 020  Thor Mining PLC            Chief Executive
                                                               Officer

John Simpson   020 7512 0191        ARM Corporate Finance Ltd  Nominated Adviser

Leesa Peters   020 7429 6600        Conduit PR Limited         Public Relations
    or
Jos Simson     020 7429 6603

Nicolas Read   + 61 (0) 8 9388 1474 Read Corporate             Public Relations/
                                                               Australia


Updates on the Company's activities are regularly posted on Thor's website
www.thormining.com, which includes a facility to register to receive these
updates by email.


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