Drilling Report

Thor Mining PLC
10 July 2006


                                THOR MINING PLC

                   Exploration Update - Thring Creek Project


Dated: 10 July 2006


Thor Mining PLC ('Thor' or the 'Company') the specialist metals company
currently focussed on advancing molybdenum and tungsten projects in the Northern
Territory of Australia announces exploration results at the Thring Creek
Project. The Thring Creek Project is located approximately 24km east of the
Molyhil Tungsten - Molybdenum Project (the 'Molyhil Project').


Highlights


•         Thor completed 50 RAB holes for 1433m covering nine aeromagnetic
targets;

•         Drilling intersected a combination of magnetic rocks with low metal
values, no magnetite Skarns were detected by the RAB program.



Thring Creek Project - Exploration Summary

Thring Creek is located about 24km east of the Molyhil Project. The area is
generally flat, but is dissected by the Elua Ranges and Oorabra quartz reefs. In
spring 2005, Thor's wholly owned subsidiary Sunsphere completed a ground
magnetic survey over the aeromagnetic anomalies defined from the regional
aeromagnetic survey. This resulted in nine anomalies worthy of follow up RAB
drilling. The magnetic model is based on the nearby Molyhil deposit (located
20km to the west). This is a magnetite-rich skarn that comprises a JORC
compliant resource of 2.4 million tonnes grading 0.8% combined tungsten and
molybdenum.

In April-May 2006 at total of 50 RAB holes were completed for 1433m covering the
nine anomalies. The samples were assayed for W, Mo, Pb, Cu, Fe, and Zn, all of
the anomalies resulted in low tungsten and molybdenum values. A combination of
magnetic granites, magnetite bands in gneissic rocks, and minor magnetite in a
quartz-chlorite schist explains all but one of the anomalies. One drill hole was
of particular interest, hole TCR49 recorded 11m of magnetite - biotite rich
rock. Minor amounts of Ti and Cr were identified. One sample from this hole was
submitted for whole rock analysis and the entire hole was also analysed for
broad multi-element geochemistry. This appears to have similarities to the
magnetite-rich (Fe-Ti-V) rocks discovered by other companies in the region. No
economic mineralisation was intersected by the drilling. The maximum tungsten
grade received was 4m @ 60ppm. The highest Mo result was 4m @ 5ppm. Base metal
and indicator mineral assays were likewise low.

As a result of this the prospectivity for Tungsten - Molybdenum - Magnetite
Skarn related mineralisation within this tenement has been downgraded. In light
of the results and field observations, the prospect is under review.

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 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 this RNS announcement of the matters
based on his information in the form and context in which it appears.

Enquiries:


John Young         [phone]  Thor Mining PLC            Chief Executive 
                                                               Officer

John Simpson       020 7512 0191    ARM Corporate Finance Ltd  Nominated Adviser

Abigail Singleton  020 7429 6606    Conduit PR                 Public Relations

                   or

                   07739 461 061



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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