Final Results

Thor Mining PLC
07 August 2006


                                THOR MINING PLC


             Preliminary Results for the period ended 30 June 2006


Dated: 7 August 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 its preliminary results for the period ended 30
June 2006.

Executive Chairman's operating and financial review

Thor is a mineral exploration and development company focused on advancing its
specialty metals projects. Thor assets include projects situated in the southern
section of Australia's Northern Territory. The most developed, the Molyhil
Project, contains the Molyhil tungsten-molybdenum deposit.

Thor is seeking to acquire uranium exploration projects in the central region of
Australia's Northern Territory, the Hale River, the Plenty Highway, the Bundey
River, the Harts Range, and the Curtis Pound Projects. Thor's other project, the
Hatches Creek Project, is prospective for both tungsten and gold.

Thor will then have two groups of projects, tungsten - molybdenum and uranium.

Tungsten - molybdenum

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 test-work: comprised of geophysical exploration, diamond and RC
drilling programmes, surface and underground bulk sampling, metallurgical
test-work and geotechnical studies. Subsequent to the 2005/6 bulk sampling
programme, Continental Resource Management Pty Ltd estimated resources for the
deposit.

The updated 2006 Uncut Mineral Resource is presented below:
                            Tonnes              WO(3) %              MoS(2) %            Combined %

Measured                          370,000         0.52                 0.32                 0.85
Indicated                       1,750,000         0.52                 0.26                 0.77
Inferred                          250,000         0.70                 0.20                 0.90
TOTAL                           2,380,000         0.54                 0.26                 0.80



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

This resource was used as the foundation of the Scoping Study, that was
completed during the year. That was completed during the year.

Thor has now commissioned a Definitive Feasibility Study which is due for
completion in the last quarter of 2006 and proposes to begin exploration for
tungsten and gold within its Hatches Creek Project.

Uranium

Thor will shortly hold a shareholders meeting to consider the acquisition of
Hale Energy Limited which owns uranium projects as detailed below.

The Hale River Project covers 160 km(2) of Tertiary basin sediments. These
sediments are prospective for palaeochannel roll-front type uranium deposits.
Previous exploration of the project area, undertaken between 1979 and 1981,
delineated a redox front within sands containing anomalous uranium.

The Plenty Highway and Bundey River Projects contain about 1,200km(2) of
Tertiary sediments, which cover an internally drained area within the
Proterozoic Arunta Block. The sediments have the potential to host palaeochannel
uranium mineralisation.

The Harts Range Project covers 362km(2) of the Proterozoic Harts Range
Metamorphic Complex. The tenements were explored for uranium between 1992 and
1995 following the flying of airborne radiometric and magnetic surveys. Numerous
occurrences of uranium mineralisation were found, many of which were associated
with alteration along structural breaks or contacts.

Further north, the Curtis Pound Project, situated over Proterozoic rocks of the
Tennant Inlier, contains a number of identified radiometric anomalies.

Operating review

During the year £760,281 was spent on Molyhil being £647,819 on exploration and
£112,462 on the Scoping Study. This compares with the respective budgets of
£410,000 and £200,000.

The exploration program included sinking three shafts and crosscuts to enable
bulk samples to be extracted to evaluate the true head grade and mineralogical
characteristics of the Molyhil deposit.  The results were utilised to generate a
new JORC Code compliant resource and provide the final resource for the Scoping
Study.

The results of the Scoping Study were released in early 2006. The highlights of
the outcomes for the Molyhil Project Scoping Study included:

  • 300,000 tonne per annum open pit mining operation for the initial 4 years
    production.
  • Forecasted cash operating cost of AUS$80 per tonne.
  • Estimated capital cost of AUS$20M.

Based on the above and other outcomes and assumptions the Scoping Study
indicates that the Molyhil Project could have a positive pre tax operational
cash flow of up to AUS$140m over a 4 year mine life.

As a result of the completion of the Scoping Study, the Directors of Thor
decided to proceed immediately with the Definitive Feasibility Study.

As part of this study, additional drilling will be undertaken. The objectives of
this drilling include:

•           Selected deep drilling to test below the proposed open pit.

•           Geotechnical holes, for the proposed tailings dam and open pit.

•           Borefield set up.

The Definitive Feasibility Study is being undertaken to complete further studies
and drilling and do a sensitivity analysis to verify all of the outcomes and
assumptions identified during the Scoping Study. Until the Definitive
Feasibility Study has been completed Thor cannot make any representation or
warranty (express or implied) as to the accuracy, reliability, reasonableness or
completeness of the Scoping Study outcomes and assumptions.

In addition to the work at Molyhil, low level airborne photography and magnetic
surveys have been flown at Hatches Creek to enable an exploration program for
2006/07 to be finalised.  This program will be submitted to the traditional
owners for approval and is anticipated to result in an agreement being executed
and thereafter the grant of title.

At Thring Creek a detailed ground magnetic survey was undertaken.  The agreement
with the Traditional Owners was executed, and drilling was undertaken. No
significant mineralisation was located.

Finally, the Board welcomes Mr John Young to the position of Chief Executive
Officer. John will be primarily responsible for driving the Company forward and
we welcome his involvement.

John W Barr

Executive Chairman



Consolidated Income Statement for the year ended 30 June 2006


                                                                       Consolidated            Company
                                                                     2006        2005       2006      2005
                                                                    £'000      £'000      £'000      £'000


Administrative expenses                                             (137)       (99)       (10)      (97)
Corporate expenses                                                  (568)          -      (432)         -
Other expenses                                                       (19)          -          -         -
Operating loss                                                      (724)       (99)      (442)      (97)
                                                                                              -         -
Interest receivable                                                    33          -          -         -
Other income                                                            7          -          -         -
Loss before tax                                                     (684)       (99)      (442)      (97)

Tax on loss on ordinary activities                                      -          -          -         -
Loss for the financial year                                         (684)       (99)      (442)      (97)

Loss per share - basic                                            (0.36)p    (0.15)p


Continuing operations
All items relate to continuing operations



The comparatives are for the period 3 November 2004 to 30 June 2005.



Group Statement of Recognised Income and Expense for the year ended 30 June 2006


                                                                        Consolidated             Company
                                                                       2006       2005       2006       2005
                                                                      £'000      £'000      £'000       £'000

Loss for the period                                                   (684)       (99)      (442)        (97)
Unrealised surplus on foreign exchange                                   59         23          -           -
Total recognised gains and losses related to the year                 (625)       (76)      (442)        (97)



Balance Sheets

At 30 June 2006


                                                       Consolidated      Consolidated        Company      Company
                                                           2006             2005              2006          2005
                                                          £'000            £'000             £'000         £'000
ASSETS
Non-current assets
Intangible assets                                         1,445              685                 -            -
Investments                                                   -                -               700          700
Loan Sunsphere Pty Ltd                                        -                -             1,100        1,368
Plant and equipment                                           9                -                 -            -
Total non-current assets                                  1,454              685             1,800        2,068

Current assets
Cash and cash equivalents                                   484            1,504               268          179
Trade & other receivables                                    32               79                12            -
Other                                                        19                -                19            -
Total current assets                                        535            1,583               299          179
Total assets                                              1,989            2,268             2,099        2,247

LIABILITIES

Current liabilities

Trade and other payables                                   (88)              (7)              (13)          (7)
Total liabilities                                          (88)              (7)              (13)          (7)
Net assets                                                1,901            2,261             2,086        2,240

Equity
Issued share capital                                        192              182               192          182
Share premium                                             1,928            1,750             1,928        1,750
Foreign exchange reserve                                     59               23                 -            -
Merger reserve                                              405              405               405          405
Option revaluation reserve                                  100                -               100            -
Retained losses                                           (783)             (99)             (539)         (97)
Total equity                                              1,901            2,261             2,086        2,240



Consolidated Cash Flow Statement for the year ended 30 June 2006


CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2006
                                                                                    2006         2005
                                                                                   £'000        £'000

CASH FLOWS FROM OPERATING ACTIVITIES
Net cash from Operating activities                                                 (476)         (90)
Interest received                                                                     33            -
Sundry income                                                                          7            -
Net cash (used in) operating activities                                            (436)         (90)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment                                           (12)            -
Payments for Exploration& Development Expenditure                                  (760)        (293)
Net cash (used in) investing activities                                            (772)        (293)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds on share issue                                                              300        1,887
Share issue expenses                                                               (112)            -
Net cash received financing activities                                               188        1,887

Net increase/(decrease) in cash held                                             (1,020)        1,504
Cash at beginning of financial year                                                1,504            -
Cash at end of financial year                                                        484        1,504

The accompanying notes form part of these financial statements.



Reconciliation of operating loss to net cash inflow from operating activities


                                                                                            2006        2005
                                                                                           £'000       £'000

Reconciliation of Cash Flow from Operations with Profit from Ordinary
Activities after Income Tax
Loss after income tax                                                                       (684)        (99)
Non-cash flows in profit
       Depreciation                                                                             3           -
       Option issue revaluation                                                               100           -
       Net cash provided by operating activities before changes in assets and               (581)        (99)
       liabilities
Changes in assets and liabilities, net of the effects of purchase and disposal
of subsidiaries
       (Increase)/Decrease in trade and other receivables

                                                                                               28         (3)
       Increase/(Decrease) in trade and other payables                                         81        (11)
       Unrealised exchange gain                                                                36          23
Net cash (used in) operating activities                                                     (436)        (90)


Reconciliation of net cash flow to movement in net debt


                                                                                2006              2005
                                                                               £'000             £'000

(Decrease)/Increase in cash in the year                                      (1,020)             1,504

Cash at beginning of financial year                                            1,504                 -

Cash at end of financial year                                                    484             1,504



Analysis of changes in net debt


                                         At 1 July 2005        Cash flows       Non-cash changes   30 June 2006
                                                  £'000             £'000             £'000               £'000

Cash at bank and in hand                          1,504          (1,020)                 -                  484



Notes to the Financial Statements for the period year to 30 June 2006


1.  The Directors are not recommending the payment of an ordinary share dividend.


2.  Loss per share on the net basis is calculated on a loss on ordinary 
    activities after taxation of £684,000 (2005:£99,000) and on 182,387,329
    (2005: 64,360,000) ordinary shares being the weighted average number of 
    shares in issue and ranking for dividend during the period. No diluted loss 
    per share is presented as the effect of exercise of outstanding options is 
    to decrease the loss per share. 


3.  The financial information set out in this Preliminary announcement does not 
    constitute statutory accounts as defined in section 240 of the Companies Act 
    1985.

Results for the period ended 30 June 2006 are abridged from the 2006 Annual
Report and Accounts, which received an unqualified auditor's report and will be
filed with the Registrar of Companies following the Annual General Meeting on 5
September 2006.


4.  The Annual Report will be posted to shareholders week commencing on 7 August 
    2006. Further copies will be available from the Company's registered office: 
    3rd Floor, 55 Gower Street, London WC1E 6HQ.



5.  The Annual General Meeting of the Company will be held at the Conrad Hotel, 
    Chelsea Harbour, London SW10 0XG England, on Tuesday 5 September 2006 at
    9.30 a.m.


Enquiries:


John W Barr         + 61 418 912 885    Thor Mining PLC                 Executive Chairman

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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