Exploration Update

Thor Mining PLC
09 January 2006

                                THOR MINING PLC



                               Exploration Update



Dated: 9 January 2006



Thor Mining PLC ('Thor') the mineral exploration and development company
focussed on advancing tungsten and molybdenum projects in the Northern Territory
of Australia announces exploration results and additional development activities
at its portfolio of tungsten and molybdenum projects in the Northern Territory
of Australia.



Highlights



•    Consistent high grades reported at Molyhil Project in the Northern
     Territory;

•    JORC resource due January 2006

•    Molyhil Project pre-feasibility study continuing.

•    Thring Creek mining tenement now granted;

•    Further exploration at Thring Creek and Hatches Creek scheduled for
     first quarter 2006



Molyhil Tungsten - Molybdenum Project (the 'Molyhil Project')

The Molyhil Project, which is located 220km north east of Alice Springs within
the prospective polymetallic province of the Proterozoic Eastern Arunta Block of
the Northern Territory in Australia.

The Molyhil Project currently has an indicated resource of 1,530,000 tonnes at
0.32% WO3 and 0.19% MoS2 (combined grade 0.51%) and an inferred resource of
500,000 tonnes at 0.25% WO3 and 0.15% MoS2 (combined grade 0.40%).

Thor has concluded a programme of underground bulk sampling at the Molyhil
Project to evaluate the true head grade; and mineralogical characteristics of
the deposit.

The exploration programme included the sinking of three shafts and cross cuts at
the base of each shaft to extract bulk samples form the ore body. The samples
from all cross-cuts have now been assayed at Australian Laboratory Services in
Perth and results include:


                                     Mineralised Skarn Results
                              Width (m)          WO3 %            MoS2%            Combined %


Northern Shaft                   26.1             0.85              0.39                1.24
Central Shaft                    34.0             0.38              0.26                0.64
Southern Shaft                   20.0             0.38              0.51                0.89
Arithmetic Average                 -              0.54              0.39                0.92



The Directors believe that the results obtained from cross-cuts are significant
and confirm their view that current JORC resource estimate understates the true
head grade of the deposit.

The results will now be used to update the JORC resource at Molyhil. This
process is expected to take two to three weeks.

The Company is now collating all results and expediting the pre-feasibility
study on the Molyhil Project which is in progress.

Metallurgical test work is progressing on the northern shaft composite, and
composites have been prepared for both the central and southern shafts. The test
work programme is expected to be totally completed in March 2006.

Preliminary mine designs and planning will commence once the resource modelling
is complete as part of the JORC resource referred to above.

It is also planned to complete a scoping study in March prior to the completion
of the full pre-feasibility study. All sections of the scoping study have now
been resourced and are in progress.

The Directors of Thor have met with the traditional land owners and
representatives of the Central Land Council to keep them updated on site
activities. Once the bulk sampling program is completed the site will be
rehabilitated.

Thring Creek Project

The Thring Creek Project is located approximately 24km east of the Molyhil
Project.

An Exploration Agreement with the Central Land Council has been executed and the
title to the ground has now been formally granted.

The recent ground magnetic survey outlined two target areas in which drill
targets have been identified. A 25-hole drill programme has been planned with 12
holes for 1200m of drilling in the northern target and 13 holes for 1300m of
drilling in the southern target. Drilling is planned for the first quarter in
2006.

Hatches Creek Project

The interpretation of the data from low level airborne photographic and low
level magnetic surveys outlined eight targets, over which a 15 hole, 1500m
drilling programme is proposed. A field trip is planned to verify target
definition before the Company finalises the 2006 exploration plan for the
project.

JORC Compliance

The information in this report that relates to exploration results, mineral
resources or ore reserves is based on information compiled by Neil Biddle, who
is a Member of The Australasian Institute of Mining and Metallurgy. Neil Biddle
is a consultant to Thor. Neil Biddle 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'.

Neil Biddle consents to the inclusion in this press release of the matters based
on his information in the form and context in which it appears.

Enquiries:


John W Barr        [phone]      Thor Mining PLC                  Executive Chairman

John Simpson       020 7512 0191        ARM Corporate Finance Ltd        Nominated Adviser

Abigail Singleton  020 7429 6666        Conduit PR                       Public Relations



Updates on the Company's activities are regularly posted on Thor's website,
which includes a facility to register to receive these updates by email.




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