Quarterly Report

Thor Mining PLC
14 April 2008

                                THOR MINING PLC

                         QUARTERLY REPORT - MARCH 2008


Dated: 14 April 2008


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, today released its quarterly report for the
period to 31 March 2008.


HIGHLIGHTS


MOLYHIL TUNGSTEN-MOLYBDENUM PROJECT ('Molyhil')


  • Life-of-Mine off-take agreement signed with CITIC Australia; and


  • Final development approvals for Molyhil expected during the second quarter
    of 2008.


URANIUM PROJECTS


  • Assay results were received from soil and rock sampling program over
    Daicos prospect. The highest-grade rock chip sample returned a uranium grade
    of 7.7%;


  • Soil sampling has identified new anomalies which are potential drilling
    targets for 2008; and


  • Raw data received from Bundey EM survey confirms a number of large
    conductive horizons in palaeochanels.


CORPORATE


  • Mark Smyth resigned as a Non-executive Director of the Company on 9 April
    2008.



MOLYHIL TUNGSTEN - MOLYBDENUM PROJECT


Molyhil is a proposed open cut mine and processing facility to be constructed in
the Northern Territory. The main objective of the proposed facility is to
produce scheelite and molybdenite concentrate for sale.


Thor through its wholly-owned Australian subsidiary Molyhil Mining Pty Ltd, owns
100% of the Molyhil Project, which comprises two EL's 22349 and 24392, totalling
829 km2 in area, and includes three Mining Lease Applications, 23825, 24429 and
25712. The combined Mining Lease Applications cover an area of 247 ha.


Off-take Agreement


In March Thor signed an off-take agreement with CITIC Australia Commodity
Trading Pty Ltd, a subsidiary of CITIC Australia Trading Limited ('CITIC') (ASX:
CAL). The CITIC Group is one of China's largest state-owned companies with
assets in excess of US$180 billion. The off-take agreement commits CITIC to take
100% of the Molybdenum and Tungsten concentrates to be produced from Molyhil.


The mining reserve contains a total of 4.8 million pounds of molybdenum metal
and 700,000 mtu's of tungsten which will be produced over the expected 5.6 year
life of the open pit design.


The CITIC Group in Australia has assets and annual sales of over A$1.2 billion.
Its operations include a 22.5% interest in the Portland Aluminium Smelter Joint
Venture in Victoria, a 17.66% shareholding in Macarthur Coal Limited, a 7%
direct interest in the Coppabella/Moorvale Coal Joint Venture, a 76.35%
shareholding in the ASX-listed CITIC Australia Trading Limited, and interests in
a series of exploration projects.


Project Development


Development of Molyhil and in particular financing is now the key priority and
alternatives are now being considered. We are looking at various ways to bring
Molyhil into production offering the best value for shareholders, including
equity finance, debt finance or a debt/equity mix, joint ventures together with
build own, operate and transfer ('BOOT') contracts.  The current state of flux
in the international equity markets, particularly in Australia with the collapse
of the stockbroker, Opes Prime is making the task difficult.


The Molyhil mining development team are continuing to review operating costs by
looking at economies of scale and streamlining of practices within the proposed
operations, Further reductions in costs may occur and as a result there could be
improvements in the economic model.


Thor has participated in a number of meetings regarding the formation of a
training support group in the Harts Range region. The Central Land Council will
be managing the training project which has the support of the Department of
Education, Employment and Workplace relations ('DEEWR') and the Department of
Education, Employment and Training ('DEET') as well as Tangentyere Job Shop in
Alice Springs. Thor's participation in this group is part of our commitment to
support the indigenous people to gain skills and employment skills that will
have long term benefits for communities located in the Eastern Arunta Region.


Environmental and Notice of Intent ('NOI')


Keith Lindbeck and Associates (KLA) completed the Mining Management Plan ('MMP')
and this has been submitted to the Northern Territory mines department.  This
document and the granting of the mining leases are the final formal approvals
required.


Molyhil exploration


Oorabra Reefs


Assay results from the Oorabra Reefs last quarter confirmed significant barite
mineralization with assays up to 9.37% Ba. Others range between 3.5 to 4.5% Ba.
Visually massive fluorite was noted in most samples.


Further check assaying for F as CaF2 (fluorite or fluorspar), was also completed
with a further 58 samples collected from the northern part of the Oorabra Reefs
area on the Jinka Plains.


As stated in previous reports, the most significant mineralisation in the area
is related to the numerous barite (BaSO4) and fluorite (CaF2) veins. Assays
received late march from check sampling, covering the northern Oorabra reefs
area, have returned assays up to 89.36% BaSO4 and 85.48% CaF2.


The area in general seems to be under explored and has potential for Rare Earth
Elements (2REE's'), barite, fluorite, gold, silver and base metals. Given the
recent price increases of Barite and Fluorite and the proximity to potential
infrastructure at Molyhil the area is worthy of further investigation. The
recent phase of work has completed coverage of significant veins in the area.  A
total of 52 samples were collected including other mineral occurrences and '
prospects' on EL 22349.


URANIUM EXPLORATION


Harts Range Project


The Harts Range project area lies on the eastern margin of the Entia Dome. The
Entia Gneiss forms the core of the Entia Dome, which is located on the western
part of the Exploration License area. During the quarter results were received
from the Diacos, Haddock and Indiana prospects. These samples were taken in the
last quarter of 2007 at Daicos prospect, a total of 374 -80 mesh soil samples
were collected over a 100m x 50m grid spacing. A total of 99 additional
reconnaissance rock chip samples were collected in October-November 2007 over
the Daicos, Haddock and Indiana prospects.  These areas had previously returned
a best assay of 19.37% U from highly radioactive samples with visible uraninite
and columbite.


Daicos Prospect


Results from reconnaissance rock chip samples and soil samples were received
this quarter.


Uranium is also noted in soil anomalies corresponding with the interpolated
extension of a number of the pegmatites.



Further reconnaissance rock chip sampling has confirmed earlier high grade
assays with a best of 7.7% U, 13.8% Ta and 8.54% Nb.  Other anomalous elements
included Dy, Er, Gd, Hf, Ho, Nd, Tb, Th, Y and Zr.


Vegetation sampling over the Daicos pegmatite was also conducted in conjunction
with Genalysis Laboratory Services in Perth as part of a study to check the
viability of REE geochemical sampling via vegetation in the area.  Fifteen
vegetation samples were collected from the area in December 2007.  The most
abundant species in the area is known as Kurara bush.  REE response was high in
two samples, the leaves giving a higher response than the twigs.  The highest
assay values came from sample A105767 which returned 416ppm Dy, 407ppm Gd and
1327ppm Nd.


The anomalous rock chip sample assays returned from the Haddock prospect were
additional reconnaissance sampling over the base of the hill in epidote altered
metamorphosed sediments.  A best result of 904.5ppm U was returned from the
sampling.


Further reconnaissance sampling at Indiana prospect has confirmed that anomalous
uranium mineralisation associated with outcropping pegmatite in a shear zone
extends in excess of 600 metres in strike length.  Anomalous rock chip assays
were returned up to 781.3 ppm U.


Bundey River


The airborne EM survey ('SkyTEM') was completed during the quarter.  Initial
height corrected field data indicates the presence of conductors within the
palaeo-drainage system on the eastern side of the tenement.  Final processed
data has now been received. Interpretation and modelling of data is expected to
begin shortly.


Modelling of basement conductors for base metal mineralisation for the Bundey
River survey and previous data collected from the Hale River EL24809 and Plenty
Highway EL24810 tenements will also be undertaken.


Other projects


No work was completed this quarter at the Hatches Creek, Curtis Pound and Hale
River Projects.


CORPORATE


The quarter closed with $3.3M in cash.


Mark Smyth resigned as a Non-executive Director of the Company on 9 April 2008.


The Directors were informed by Mr Salvatore Algeri, Receiver and Manager, on
behalf of the Opes Prime Group that 6,389,869 ordinary shares and 2,551,877
Warrants in the Company were the subject of agreement(s) between the Opes Prime
Group and its customer(s).


This represents 4.5% of the Company's issued ordinary shares and 3.9% of the
Warrants.


The company confirms that no directors hold shares or warrants in the company
through an account with the Opes Prime Group.


Tenements


No changes during the quarter


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         Blomfield Corporate    Nominated Adviser
                                      Finance Ltd

Leesa Peters    020 7429 6600         Conduit PR Limited     Public Relations

        or

Jos Simson      020 7429 6603


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




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


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