Molyhil Resource Update

Thor Mining PLC
07 August 2007

                                THOR MINING PLC

                            MOLYHIL RESOURCE UPDATE


Dated: 7 August 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, announces today an updated JORC compliant
resource estimate for its 100%-owned Molyhil Tungsten-Molybdenum Project in the
Northern Territory of Australia ('Molyhil') incorporating the results of the
resource drilling programs completed in 2006 and 2007.



Highlights



•   Updated resource completed with 55% increase in overall tonnage to 3.73 
    million tonnes;



•   Significant increase in measured and indicated categories to 530,000t
    at 0.42% WO3 and 0.27% MoS2 and 2,400,000t at 0.39% WO3 and 0.17% MoS2
    respectively;



•   Metal content of resource model remains steady at 8.4 million pounds
    of molybdenum and 1.3 million mtu's of tungsten due to application of more
    conservative grade estimation parameters; and



•   Potential to upgrade lower grade portions of the resource at depth
    with diamond drilling.



The updated resource represents a 55% increase in overall tonnage to 3.73
million tonnes at 0.51% combined tungsten (WO3) and molybdenum (MoS2) compared
with 2.4 million tonnes at combined grade of 0.8% WO3 and MoS2 previously, with
a substantial tonnage upgraded 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 resource;

•   Indicated resource of 2.4 million tonnes at 0.39% WO3 and 0.17% MoS2, a 37% 
    increase over the previous 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.



Final results from the recently completed resource drilling program at Molyhil
were received in July and incorporated into the new resource model, which was
completed by independent geological consultants, Continental Resource Management
Pty Ltd ('CRM').



The resource model now contains 8.4 million pounds of molybdenum metal and
1,276,200 mtu's of tungsten, representing a similar metal content to the
previous resource but at a higher JORC resource category and following the
conversion of a significant tonnage from the indicated to measured category,
reflecting increased overall confidence in the upper parts of the block model.
This is a positive result which should translate to increased confidence in the
mining reserve.



The significant increase in the overall resource tonnage is a direct result of
the two recent drilling campaigns, which have improved the geological model and
increased confidence in the continuity of the mineralisation.



The significant increase in the inferred category incorporates the results from
a number of deeper holes completed in 2006. These deeper intersections require
further testing as the lodes are open at depth to the south east, albeit at a
lower grade. This volume of lower grade material has influenced the overall
grade of the current resource estimate, and the Company believes that the grade
in this zone can be improved by using large diameter diamond drilling.



Commenting on the updated resource estimate, Thor's Chief Executive Officer, Mr
John A. Young, said: 'Once again, further drilling has validated our belief that
the resource at Molyhil continues well below the existing drilling. This recent
update of the resource has produced a more predictable and conservative model on
which to progress our mining reserve, and pit optimisation studies are now
underway with results due shortly. The overall improvement in the quality of
this resource is expected to assist greatly in the off-take arrangements that
are currently being negotiated.'



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)8 9327 0911   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


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



Updates on the Company's activities are regularly posted on Thor's website
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updates by email.


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