Molyhil Extension of deposits

Thor Mining PLC
06 November 2006

                                THOR MINING PLC

          Molyhil extension of Tungsten-Molybdenum deposits confirmed


Dated: 6 November 2006


Thor Mining PLC ('Thor') the specialist metals company currently focussed on
advancing tungsten-molybdenum and uranium projects in the Northern Territory of
Australia, today announced significant results from a recently completed program
of deep drilling at its Molyhil Tungsten-Molybdenum Project in the Northern
Territory ('Molyhil').


Highlights

  • Significant high-grade drill intercepts within magnetite rich black rock
    skarn zones; and


  • The Hanging Wall Zone, located just above the Yacht Club ore body, has now
    been identified as a significant mineralised zone and can be traced for over
    100m.


The results have confirmed depth extensions at both the Yacht Club and Southern
ore bodies at Molyhil. The results from the resource deeps drilling program
received to date are considered to be significant and highlight the potential of
Molyhil beyond the proposed 4 year open pit development.


The drilling was designed to test for depth extensions of the Molyhil resource,
which currently totals 2.38 million tonnes at a combined Tungsten-Molybdenum
uncut grade of 0.80%.


Results from all intersections greater than 5m wide down hole were tabulated,
the weighted average grade of the intercepts was 0.43% MoS2 and 0.30% WO3, a
drill indicated combined grade of 0.73%. At depth the total combined grade is
similar to the overall resource combined grade of 0.80%, however there does
appear to be a trend of increasing Molybdenum rich zones.


Results from the mineralised horizon (139m to 155m) in TMRC24 initially appeared
to be offset to the east of Yacht Club it now appears to be a down plunge
extension of a the Hanging Wall Zone lying above Yacht Club, this had been
intersected by a single hole in an early drilling campaign in 2004. TMRC31 was
targeted approximately 30m south east of TMRC24 and intersected a similar zone
170m to 189m down hole, some 85m along strike from the original discovery hole.
Further drilling is required to fully delineate this lode which has the
potential to add to the existing JORC resource.


TMRC30 drilled to the south and east of the known Southern ore body intersected
three zones of mineralisation from 135m to 174m. Two of the three zones are
elevated in Molybdenum in comparison to Tungsten, this compares well with zones
intersected inTMRC32, collared 30m to the south east.


The following results confirm the extensions of Molyhil Tungsten-Molybdenum
deposits.



Significant RC Results (> 0.10%)

  Hole ID      Depth From         Depth To        Width        MoS2         WO3
  TMRC24           130              131             1          <0.10       0.33%
                   133              135             2          <0.10       0.16%
                   139              147             8          0.16%       0.45%
                   149              155             6          0.63%       0.10%
  TMRC30           135              141             6          0.13%       0.37%
                   149              154             5          0.60%       0.22%
                   155              174             19         0.64%       0.11%
                 inc 156            161             5          0.74%       0.30%
                   175              177             2         <0.10%       0.19%
                   187              194             7          0.18%       0.12%
  TMRC31           154              156             2          0.09%       0.63%
                   158              159             1          0.10%       0.11%
                   170              189             19         0.33%       0.16%
                 inc 173            180             7          0.57%       0.38%
  TMRC32           145              150             *5         0.38%       1.25%
                   150              151             1          0.16%      <0.10%
                   153              159             6          0.13%       0.16%
                   161              163             2         <0.10%       0.42%
                   164              172             8          0.54%       0.34%
                   176              180             4          0.50%      <0.10%
                   185              186             1         <0.10%       0.21%
                   187              188             1          0.10%      <0.10%
                   192              193             1         <0.10%       0.19%
                   193              194             1          0.14%      <0.10%
                   208              211             3          0.61%       0.16%
  TMRC51           145              148             3          0.12%       0.37%
                   153              155             2          0.16%       0.42%
                   159              169             10         0.23%       0.88%
                 inc 163            168             5          0.43%       1.61%
                   171              173             2          0.08%       0.23%
                   179              180             1          0.95%       1.30%



*5m composite value



Resource Drilling

  Hole ID      Easting      Northing      RL       Mag Az        Dip        Depth
               (GDA 94)     (GDA 94)
  TMRC024       577190      7482937       412        252         -60         258
  TMRC025       577180      7483028       416        252         -60         204
  TMRC026       577196      7483004       416        252         -60         241
  TMRC027       577217      7482977       415        252         -60         280
  TMRC028       577050      7482998       413        252         -60          50
  TMRC029       577082      7483142       414        252         -60         129
  TMRC030       577135      7482836       411        252         -60         204
  TMRC031       577205      7482917       411        252         -60         216
  TMRC032       577155      7482840       410        252         -60         228
  TMRC051       577157      7482819       410        252         -60         228
                                                                            2038



Thor's Chief Executive Officer, Mr John A. Young, said: 'The significance of the
Hanging Wall lode intersected is unknown at this stage, further drilling is
required and may in fact add valuable tonnes to the preliminary open pit model,
increasing mine life and reducing the overall strip ratio. The deeper
intersections below Southern ore body have given us confidence of the potential
to go underground at cessation of open pit mining'.


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, the
Chief Executive Officer of Thor, 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          + 61 (0)419 954 020    Thor Mining PLC                 Chief Executive Officer

John Simpson        020 7512 0191          ARM Corporate Finance Limited   Nominated Adviser

Abigail Singleton   020 7429 6606          Conduit PR Limited              Public Relations/UK
                    or
                    07739 461 061

Nicolas Read        + 61 (0) 8 9388 1474   Jan Hope & Partners             Public Relations/
                                                                           Australia



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