Feasibility Study on Molyhil

Thor Mining PLC
03 October 2006

                                THOR MINING PLC



        Feasibility Study on Molyhil Project - drilling extends at depth



Dated: 3 October 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 announces the results from a recently completed program of deep
drilling at its Molyhil Tungsten-Molybdenum Project in the Northern Territory
(the 'Molyhil Project').



Highlights

  • Deep reverse circulation drilling program completed at the Molyhil Project
    as part of current definitive feasibility study;



  • Significant widths of Molyhil black rock magnetite skarn intersected in
    four of the deeper holes with visual molybdenum-tungsten mineralisation
    identified; and



  • Results confirm depth extensions of the key Yacht Club and Southern ore
    bodies.



The program of deep reverse circulation ('RC') drilling at Molyhil was completed
on 30 September 2006, with two extra holes completed beneath the Yacht Club and
Southern ore bodies. A total of 9 holes have been completed for 1,809m. 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%. Previous magnetic modelling indicates that the Molyhil
Project resource continues to a depth of at least 450m below surface.

The RC hole, TMRC24 drilled beneath the Yacht Club ore zone to a depth of 258m,
intersected black rock skarn from 133 to 155m down hole with visual
molybdenum-tungsten mineralisation identified. This intersection appears to be
offset to the east and may represent a new zone of mineralisation not previously
identified. In light of the results from this hole, drill hole TMRC31 was
targeted approximately 30m south east of TMRC24 and completed to a depth of
216m. Hornfels skarn and black rock magnetite skarn was intersected from 153m to
190m with two zones of visual molybdenum mineralisation identified between 170m
and 179m, and 182m to 186m.

The RC holeTMRC30, drilled to the south and east of the known Southern ore body
intersected two zones of black rock skarn from 135 to 176m and 188 to 192m.
TMRC32, drilled to 228m was collared 30m south east of TMRC30 and intersected
hornfels and black rock magnetite skarn zones with intermittent visual
molybdenum. A further molybdenum rich zone was intersected from 205 to 210. Full
results are expected to be received by late October.

Further to the above 9 deep holes explained above, a total of 3 short RC holes
have also been completed for 36m on existing run of mine stockpiles, which are
estimated to contain over 300,000 tonnes of material, not included in the
Scoping Study completed in December 2005.

Work on the Moyhil Project definitive feasibility study is continuing with
geotechnical drilling for foundation and tailing studies completed and
hydrogeological investigative drilling currently underway for the development of
a production borefield for the supply of water to the Molyhil Project.

Thor's Chief Executive Officer, Mr John A. Young, said: 'This deep drilling has
confirmed the geometry of the known mineralisation and identified significant
down-plunge extensions below the planned Molyhil Project open pit. In light of
the encouraging results, we completed an extra three holes based on the
information to date and, once all results are received, we will start work on a
new resource estimate for the Molyhil Project.'


Molyhil Deep Hole Summary


     Hole          East      North      RL     Azimuth       Dip      Total Depth
    TMRC24        10160      19990     418       270         -60          258
    TMRC25        10080      19910     413       270         -60          204
    TMRC26        10190      20050     418       270         -60          241
    TMRC27        10200      20020     418       270         -60          280
    TMRC28        10045      20090     410       270         -60          50
    TMRC29        10000      20200     418       270         -60          128
    TMRC30        10220      19990     418       270         -60          204
    TMRC31        10175      19965     415       270         -60          216
    TMRC32        10100      19885     410       270         -60          228
Total                                                                    1809
All hole co-ordinates are estimates only



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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