Molyhil Project

Thor Mining PLC
27 March 2007

                                THOR MINING PLC

                                Molyhil Project


Dated: 27 March 2007

Thor Mining PLC ('Thor' or the 'Company') the specialist metals company
currently focussed on advancing tungsten-molybdenum and uranium projects in the
Northern Territory of Australia, today announced that it had completed its
current drilling program at its Molyhil Tungsten-Molybdenum Project ('Molyhil').


Highlights


•   25-hole RC drilling program completed for 2,586m, designed to increase
    current resource and reserve inventory;

•   New resource estimate underway, with drilling successful in identifying
    extensions of the mineralisation outside of the current mining reserve;

•   Progress on Native Title Mining Agreement made as a result of a Board visit
    to Molyhil; and

•   A fifteen person due diligence team from Hunan will visit Molyhil and Perth
    commencing 25 March.


Thor today announced the completion of its recent 25-hole drilling program for
2,586m. The program was successful in identifying extensions of the
mineralisation outside of the current mining reserve and is expected to lay the
foundations for an increase in the resource and reserve inventory.

The reverse circulation ('RC') drilling program - which comprised a total of 25
holes drilled for 2,586m - was designed to in-fill the up-dip extensions of new
zones of Hanging Wall mineralisation discovered last year. In addition, several
deeper RC holes were completed to convert previously identified inferred
resources to the indicated category.

Twenty one of the holes intersected good widths of black rock skarn - the host
rock for the tungsten-molybdenum mineralisation at Molyhil - with a significant
number of holes intersecting mineralisation outside of the current pit design.

Holes 07MHR007 to 07MHR0010 confirmed the up-dip position of mineralisation on
both the Yacht Club and Southern mineralised zones, intersecting good widths of
black rock skarn ('BRS') ranging from 6m to 56m. Drilling also targeted areas at
or near the base of both the stage 1 and stage 2 pit designs, with drill holes
007MHR012 to 007MHR014 in this area, again intersecting significant widths of
black rock skarn up to 26m.

At the southern end of the stage 2 pit design, RC drill holes 007MHR021,
007MHR022 and 007MHR025 all intersected significant widths of black rock skarn
just below 110m, the final depth of the proposed pit. Depending on the results
from this program, the new drilling may result in a change to the final pit
design.

Twenty one of the holes intersected good widths of black rock skarn, the host
rock for the tungsten-molybdenum mineralisation at Molyhil. Significantly, a
number of holes intersected mineralisation outside of the current open pit
design, confirming the potential to increase the current resource/reserve base
and, ultimately potentially extending the mine life of the proposed Molyhil
operation.

Assay results from the drilling should be available in mid-to-late April 2007.
Continental Resource Management has been engaged to commence work on an updated
block and resource model incorporating the recent RC drill data. An updated
resource estimate is expected to be completed by May 2007.

Commenting on the latest results, Thor's Chief Executive Officer, Mr John A.
Young, said: 'I am confident that we have confirmed the potential for the
Hanging Wall zone to deliver an overall increase in contained metal within the
existing pit design. Once all the results are received, our next step will be to
re-model and re-calculate the resource numbers.'

Thor's development of Molyhil Tungsten-Molybdenum Project is being conducted in
parallel with its Northern Territory uranium exploration programs, which are
scheduled to commence in April 2007 subject to final approvals from the Northern
Territory Department of Mines and the Central Land Council.

PROGRESS ON NATIVE TITLE

A meeting was held on site at Molyhil on the 22nd March 2007 with the
Traditional Owners of the area, in conjunction with the Central Land Council 
('CLC'). The main focus of this meeting was to obtain the approval of the
Traditional Owners for the proposed infrastructure locations with the aim of
quickly progressing the Mining Agreement which is currently under negotiation.
Three of Thor's Board members attended this meeting at Molyhil, which resulted
in a favourable outcome with agreement reached on the proposed mining
infrastructure plan as presented by Thor.

A tentative meeting is now scheduled for early April with the CLC team to
finalise the Native Title Mining Agreement.

Hunan Nonferrous Metals Corp Ltd ('HNG')

In accordance with the terms of the recently announced Memorandum of
Understanding ('MOU') with HNG, due diligence commences in Australia this week.
In total, approximately fifteen persons will visit either the Molyhil site or
the Perth office of Thor.

Hunan has until 15 April to complete due diligence and until 30 April to
complete commercial negotiations.  The commercial negotiations are currently
scheduled to proceed in China in the last week of April.

As a result of this, the mandate with Penfold Marketing has now been extended
from 15 March to 30 April 2007.

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)419 954 020      Thor Mining PLC                    Chief Executive Officer
John Simpson         020 7512 0191            ARM Corporate Finance Limited      Nominated Adviser
Leesa Peters         020 7429 6600            Conduit PR Limited                 Public Relations/UK
         or          020 7429 6603
Jos Simpson
Nicolas Read         + 61 (0) 8 9388 1474     Read Corporate                     Public Relations/Australia


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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