Exploration Update

Thor Mining PLC
14 August 2007

THOR MINING PLC



                               EXPLORATION UPDATE


Dated: 14 August 2007



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 releases an update on exploration
progress on its Hale River Uranium project ('Hale River') and an outline of the
proposed exploration plan for the second half of the field season.



Hale River Air Core Results



A total of 24 air core and 4 mud rotary holes were drilled for 1,829m by Orbit
Drilling Pty Ltd during the March quarter. All assay results from the recent air
core and mud rotary reconnaissance drilling at the Hale River tenement have been
received, with all assays returning results of <100ppm Uranium.



The Hoist EM survey was a technical success and identified numerous potential '
trap sites' or conductive sediments within the Hale River palaeo-drainage
system.  Drilling indicated that the modelled depth to basement was essentially
correct and that the conductive horizons identified in the Hoist EM survey were
associated with carbonaceous sediments, pyritic sands and lignite horizons and
was not due to saline/hyper saline ground water. The drilling was difficult due
to running sands and clay layers and high water flows.



Five of the six priority anomalies were tested with at least one hole each to
check the ground conditions. However, the most prospective Hoist EM trap site,
with a coincident surface radiometric anomaly on the eastern side of the
tenement, could not be drilled due to access restrictions imposed by the Central
Land Council.



Anomalous scintillometer readings several times background were associated with
pyritic sands, carbonaceous clays and lignite.  A number of samples returned
assays between 20ppm U and 100ppm U. These are considered anomalous and
correlated well when compared to results from similar lignite horizons
identified in the Hale River basin by Alcoa in the 1980's.



Existing anomalies need further drill testing and work to date has confirmed the
presence of suitable 'trap sites' for roll front style Uranium mineralization.



Harts Range Project



The Harts Range project consists of six granted tenements covering a total area
of 362km2. Two reconnaissance programs were completed during the second
half of 2006. One of the prospects, Mount Mary on EL24734, was recommended for a
follow up program to aid in the delineation of drill targets.



Reconnaissance rock chip sampling and mapping was completed on the Daicos,
Haddock, Mount Mary (SNAF & Indiana) and Starlight prospects in early July 2007.
  A total of 39 rock chip samples were collected and assay results should be
available in late August.



The Haddock prospect and the newly identified Indiana prospect in a valley at
the base of Mount Mary are both worthy of further exploration including
reconnaissance RC drilling. The Haddock prospect covers the base of a large hill
over a fold structure containing highly radioactive epidosite altered country
rock and pegmatite.  Previous trenching in the 1990's also returned highly
anomalous uranium results from trenches across the base of the hill.



The full extent of the Indiana prospect is still not known. The Indiana prospect
is associated with pegmatite intrusions in sheared country rock in a valley at
the base of Mount Mary.  Highly anomalous scintillometer readings were returned
from numerous samples in the area.  Further mapping, sampling and reconnaissance
drilling will be based on the initial rock chip assay results when they are
available.



Plenty Highway and Bundey River Project



The Plenty Highway project contains part of the Tertiary Waite and Huckitta
basins. Late in 2006 a helicopter borne Hoist EM survey was flown, and two major
channels have been identified for follow up drilling. Unfortunately a delay in
ground inspection and clearance from the Central Land Council has delayed the
start up of the Plenty Highway reconnaissance air core drilling.



The Mining Management Plan was approved by the Department of Primary Industry
Fisheries and Minerals (DPIFM) several weeks ago and the Central Land Council
were notified of the requirement of the clearance work nearly 2 months ago.  The
contracted drilling rig is now being used by another company and will now only
be available in September.



At Bundey River it is planned to complete a helicopter borne Hoist EM survey as
soon as possible to locate subsurface palaeochannels. This part of the Waite
basin is virtually unexplored and is known to contain oxidised and unoxidised
sands. The proposed second stage exploration will comprise systematic drill
testing of targets.



Curtis Pound



Digital terrain data has been purchased to allow reconnaissance work to be
carried out and it is envisaged that initial exploration of this remote area
will occur at the same time as the Hatches Creek work to utilise the same field
camp. Ground scintillometer surveys will be carried out over nine radiometric
anomalies discovered by Pechiney (Australia) Exploration Pty Ltd.



Molyhil - Exploration



Having just completed an update of the JORC compliant resource estimate for its
Molyhil Tungsten-Molybdenum Project ('Molyhil'), work will commence next week on
the new mining reserve studies. Thor has also commissioned Peter O'Brien and
Associates, specialists in geotechnical and mining engineering, to complete a
conceptual underground study for Molyhil based on the updated resource and
reserve estimate. The focus of this study will be to consider extensions to mine
life beyond the current proposed open pit operation.



Recently Thor has been advised that the Department of Primary Industry,
Fisheries and Minerals assessment of the Public Environmental Review document
for the Molyhil development has been concluded, and it is considered that
Molyhil can be managed in a manner that avoids any unacceptable environmental
impacts.



Thor's consultants are now preparing the final Mining Management Plan, which is
the last hurdle for mining authorisation.



A detailed high power dipole-dipole IP survey at the south end of the Molyhil
deposit is due to start late August. This type of survey is expected to identify
magnetite skarn lode positions down to a vertical depth of 300 - 350m.  The
program should take approximately one week to complete and will outline the down
plunge position of the Southern and Yacht Club Lodes and identify any additional
lodes that may be present in the Hanging Wall and Footwall positions.



The recent 55% increase in the resource base was attributable to two small RC
programs completed in 2006 and early 2007. The targeting of this 2006 drilling
was based on projected down dip positions and holes have not intersected the
optimal lode positions based on the current interpretation. It is anticipated
that electrical ground based geophysical surveys will help guide any additional
drilling.



Hatches Creek



Hatches Creek Project is made up of two Exploration License Applications
(ELA22912 & ELA23463) and one granted Exploration License (EL22913) which are
located in the central portion of the Northern Territory. The Exploration
License Applications cover 63 km2 which fall within the Anurrete Aboriginal Land
Trust under the provisions of the Aboriginal Land Rights (NT) Act 1976. An
agreement was signed for Exploration License Applications with the traditional
owners and Thor is waiting on the grant of these tenements before initiating
ground exploration.



Tungsten was mined intermittently over Wolfram Field until 1961 and produced
some 2,840 tonnes of concentrate. Exploration will begin as soon as the initial
clearance meeting can be completed. Numerous quartz reefs occur within clastic
sediments with Tungsten values of between 1% and 5% (WO3).



Reconnaissance field work including a trial dipole-dipole IP survey is
recommended, this will identify any potential down dip or blind targets located
close to the historic mines. It is expected that RC drilling will be required as
historic hard rock mining here only occurred to depths of 80m.



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          [phone]      Thor Mining PLC                     Chief Executive
                                                                             Officer

John Simpson        020 7512 0191        ARM Corporate Finance Ltd           Nominated Adviser

Leesa Peters        020 7429 6600        Conduit PR Limited                  Public Relations
        or
Jos Simson          020 7429 6603

Nicholas Read       + 61 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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