JORC Resource Estimation

Thor Mining PLC
23 January 2006



                                THOR MINING PLC

                       JORC compliant resource estimation



Dated: 23 January 2006


Thor Mining PLC ('Thor') the mineral exploration and development company
focussed on advancing tungsten and molybdenum projects in the Northern Territory
of Australia today announced an updated JORC compliant resource estimation for
the Molyhil Tungsten and Molybdenum Project (the 'Molyhil Project') following
the underground mining and bulk sampling programmes carried out last year.



Highlights

•         The Molyhil Project global JORC compliant resource increased to 2.4
million tonnes at 0.80% combined Tungsten (WO3 - Tungsten Oxide) and Molybdenum
(MoS2 - Molybdenum Sulphide) after completion of 2005 bulk sampling programme;

•         JORC compliant resource grade increased by over 50% from that of the
previous indicated resource, estimated from drilling data alone;

•         Global JORC compliant resource now contains 6,200 tonnes MoS2 and
13,000 tonnes WO3 representing an increase of 66% and 104% respectively;

•         The Molyhil Project deposit remains open at depth with potential to
increase resources with deeper drilling;

•         Current prices for molybdenum and tungsten remain high; and

•         Studies advanced for a 300,000 tonnes per annum mining operation with
a minimum five year mine life.



The Molyhil Project - detailed resource update

The Molyhil Project is located 220km north east of Alice Springs within the
prospective polymetallic province of the Proterozoic Eastern Arunta Block of the
Northern Territory of Australia.

Independent geological consultant, Continental Resource Management Pty Ltd ('CRM
') has completed an updated estimation of the resources at the Molyhil Project
in accordance with 2004 JORC guidelines. The resource update was based on the
results of a comprehensive underground trial mining and bulk sampling programme
(including the sinking of three shafts into the ore body) completed during the
second half of 2005 to evaluate the true head grade and mineralogical
characteristics of the deposit.

The Molyhil Project deposit consists of two adjacent outcropping iron-rich skarn
bodies that contain scheelite and molybdenite mineralisation.  The
mineralisation is coarse-grained and its distribution is irregular.  CRM used
information form the recent bulk sampling programmes to update its December 2004
resource estimation.

The updated 2006 global uncut mineral resource is presented below:


                                          UNCUT
                        Tonnes           WO3 %           MoS2 %      Combined %
Measured               370,000           0.52             0.32          0.85
Indicated             1,750,000          0.52             0.26          0.77
Inferred               250,000            0.7             0.2            0.9
TOTAL                 2,380,000          0.54             0.26           0.80

Note: Totals may differ from sum of individual items due to rounding.



The resource with a lower block cut of 0.10% Mo-equivalent is estimated as set
out in the table below. (Mo-equivalent is Mo% plus 0.25W%):


                                  0.10% LOWER BLOCK CUT
                        Tonnes           WO3 %           MoS2 %      Combined %
Measured               340,000           0.57             0.35          0.92
Indicated             1,200,000          0.70             0.34          1.04
Inferred               150,000            1.1             0.3            1.4
TOTAL                 1,730,000          0.70             0.34           1.04

Note: Totals may differ from sum of individual items due to rounding.



This resource has only been estimated to a depth of 150m (RL 250m). The measured
resource is estimated to a depth of 45m (RL 355m).

The Molyhil Project previously had an indicated resource of 1,530,000 tonnes at
0.32% WO3 and 0.19% MoS2 (combined grade 0.52%) and an inferred resource of
500,000 tonnes at 0.25% WO3 and 0.15% MoS2 (combined grade 0.4%).

The 2005 underground exploration programme included the sinking of three shafts
and cross cuts at the base of each shaft to extract bulk samples from the ore
body. The samples from all cross-cuts were assayed at Australian Laboratory
Services in Perth. In addition, surface bulk sampling data from three costeans
were utilised.

Resource Methodology

The resources were estimated by geo-statistical interpolation using the inverse
distance squared method. Block sizes were 5m x 5m x 5m for the southern body and
15m x 5m x 5m for the Yacht Club body. The resources were estimated within wire
frames, constructed to contain the significant bodies of iron-rich skarn. The
bulk sampling programmes demonstrated that the previous drill samples
underestimated the grade of the deposit. Consequently, the grades of those parts
of the deposit that were estimated solely from drill analyses have been adjusted
to account for this underestimation.

Preliminary mine designs and planning will now commence and the scoping study is
due to be completed in the March 2006 quarter.

JORC Compliance

CRM consents to the inclusion of the information relating to the mineral
resources in this announcement in the form and context in which it appears.

Enquiries:


John W Barr        [phone]   Thor Mining PLC            Executive Chairman

John Simpson       020 7512 0191     ARM Corporate Finance Ltd  Nominated Adviser

Abigail Singleton  020 7429 6666     Conduit PR                 Public Relations



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




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