Final Results for the period ended 30 June 2011

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		Consolidated		Company
	Note	£'000	£'000	£'000	£'000
		2011	2010	2011	2010

Administrative expenses		(175)	(164)	-	-
Corporate expenses		(686)	(446)	(633)	(352)
Other expenses		0	-	-	-
Share based payment expense		(155)	-	(155)	-
Gain (Loss) on disposal of assets		9	(86)		-
Impairment subsidiary loans		-	-	(462)	-
Impairment subsidiary investments		-	-	(1,277)	-
Impairment of exploration assets		(1,834)	(1,016)	-	-
Operating Loss		(2,841)	(1,712)	(2,527)	(352)
Interest received		32	5	-	-
Other income		9	29	-	-
Currency losses		(52)	(84)	-	-
Loss before Taxation		(2,852)	(1,762)	(2,527)	(352)
Taxation	5	-	-	-	-
Loss for the period		(2,852)	(1,762)	(2,527)	(352)

Other comprehensive income:

Exchange differences on translating foreign operations		1,354	1,174	-	-
Other comprehensive income for the period, net of income tax		1,354	1,174	-	-
Total comprehensive income for the period		(1,498)	(588)	(2,527)	(352)


Basic loss per share	6	(0.65)p	(0.79)p


		Consolidated		Company
	Note	£'000	£'000	£'000	£'000
		2011	2010	2011	2010
ASSETS
Non-current assets
Intangible assets - deferred exploration costs	7	7,310	6,986	-	-
Investment in subsidiaries	5	-	-	700	1,977
Loans to subsidiaries	5	-	-	7,162	5,064
Plant and equipment	9	35	28	-	-
Total non-current assets		7,345	7,014	7,862	7,041

Current assets
Cash and cash equivalents		1,585	35	95	4
Trade & other receivables	10	24	28	-	-
Prepayments		5	34	-	-
Total current assets		1,614	97	95	4
Total assets		8,959	7,111	7,957	7,045

LIABILITIES
Current liabilities
Trade and other payables	11	(84)	(162)	(10)	-
Provisions		-	-	-	-
Interest bearing liabilities	12	(9)	(7)	-	-
Total current liabilities		(93)	(169)	(10)	-

Non-current liabilities
Interest bearing liabilities	12	(6)	(13)	-	-
Total non-current liabilities		(6)	(13)	-	-
Total liabilities		(99)	(182)	(10)	-

Net assets		8,860	6,929	(7,947)	7,045

Equity
Issued share capital	13	1,591	729	1,591	729
Share premium		9,687	7,275	9,687	7,275
Foreign exchange reserve		4,012	2,658	-	-
Merger reserve		405	1,634	405	1,634
Option revaluation reserve	14	165	10	165	10
Retained losses		(7,000)	(5,377)	(3,901)	(2,603)

Total equity		8,860	6,929	7,947	7,045

		Consolidated		Company
	£'000	£'000	£'000	£'000
	2011	2010	2011	2010
Cash flows from operating activities
Operating Loss	(2,841)	(1,712)	(2,527)	(352)
Decrease/(increase) in trade and other receivables	33	27	-	-
Increase/(decrease) in trade and other payables	(78)	(25)	10	(14)
Depreciation	23	26	-	-
Exploration expenditure written off	1,834	1,016	-	-
Impairment subsidiary loans	-	-	462	-
Impairment subsidiary investments	-	-	1,277	-
Loss on disposal of development assets		86	-	-
Share based payment expense	155	-	155	-
Sundry income	9	29	-	-
Profit on sale of fixed assets	(9)	(6)	-	-
Net cash outflow from operating activities	(874)	(559)	(623)	(366)

Cash flows from investing activities
Interest received	32	5	-	-
Refund of R & D grant relating to development	-	42	-	-
Proceeds on disposal of development assets	-	176	-	-
Proceeds from sale of fixed assets	12	41	-	-
Purchase of property, plant and equipment	(28)	-	-	-
Payments for exploration expenditure¹	(609)	(440)	-
Loans to controlled entities	-	-	(2,174)	(404)
Net cash outflow from investing activities	(593)	(176)	(2,174)	(404)

Cash flows from financing activities
Repayment of borrowings	(5)	(58)	-	-
Net issue of ordinary share capital	2,888	630	2,888	630
Net cash inflow from financing activities	2,883	572	2,888	630

Net decrease in cash and cash equivalents	1,416	(163)	91	(140)
Non cash exchange changes	134	-	-	-
Cash and cash equivalents at beginning of period	35	198	4	144
Cash and cash equivalents at end of period	1,585	35	95	4

Consolidated	Issued share capital	Share premium		Retained losses		Foreign Currency Translation Reserve		Merger Reserve	Share Based Payment Reserve		Total
	£'000	£'000		£'000		£'000		£'000	£'000		£'000


At 1 July 2009	514	6,860		(3,615)		1,484		1,634	10	6,887
Loss for the period	-	-		(1,762)		-		-	-	(1,762)
Foreign currency translation reserve	-	-		-		1,174		-	-	1,174
Total comprehensive income / (loss) for the period	-	-		(1,762)		1,174		-	-	(588)
Transactions with owners in their capacity as owners
Shares issued	215		465		-		-	-	-	680
Cost of shares issued			(50)		-		-	-	-	(50)
At 30 JUNE 2010	729		7,275		(5,377)		2,658	1,634	10	6,929

Balance at 1 July 2010	729		7,275		(5,377)		2,658	1,634	10	6,929
Loss for the period	-		-		(2,852)		-	-	-	(2,852)
Foreign currency translation reserve	-		-		-		1,354	-	-	1,354
Total comprehensive income / (loss) for the period	-		-		(2,852)		1,354	-	-	(1,498)
Transactions with owners in their capacity as owners
Shares issued	862		2,654		-		-	-	-	3,516
Cost of shares issued	-		(242)		-		-	-	-	(242)
Reserve written back	-		-		1,229		-	(1,229)	-	0
Share options issued	-		-		-		-	-	155	155
At 30 June 2011	1,591		9,687		(7,000)		4,012	405	165	8,860

Company	Issued share capital		Share premium			Retained losses			Foreign Currency Translation Reserve			Merger Reserve	Share Based Payment Reserve							Total
		£'000		£'000			£'000			£'000		£'000			£'000				£'000


At 1 July 2009		514		6,860			(2,251)			-		1,634			10			6,767
Loss for the period		-		-			(352)			-		-			-			(352)
Total comprehensive income / (loss) for the period		-		-			(352)			-		-			-			(352)
Transactions with owners in their capacity as owners
Shares issued		215			465			-			-	-		-			680
Cost of shares issued					(50)			-			-	-		-			(50)
At 30 JUNE 2010		729			7,275			(2,603)			-	1,634		10			7,045

Balance at 1 July 2010		729			7,275			(2,603)			-	1,634		10			7,045
Loss for the period		-			-			(2,527)			-	-		-			(2,527)
Total comprehensive income / (loss) for the period		-			-			(2,527)			-	-		-			(2,527)
Transactions with owners in their capacity as owners
Shares issued		862			2,654			-			-	-		-			3,516
Cost of shares issued		-			(242)			-			-	-		-			(242)
Reserve written back		-			-			1,229			-	(1,229)			-	0
Share options issued		-			-			-			-	-		155			155
At 30 June 2011		1,591			9,687			(3,901)			-	405		165			7,947

Companies

UK 100

Latest directors dealings

Consolidated Statement of Comprehensive Income
For the year ended 30 June 2011

Mick Billing	+61 (0) 414 741 007	Thor Mining PLC	Chairman
Allan Burchard	+61 (0) 8 7324 1935	Thor Mining PLC	CFO/Company Secretary
John Simpson	020 7776 6550	Daniel Stewart & Co Plc	Nominated Adviser
Nick Emerson/ Renato Rufus	+44 (0) 148 3413 500	Simple Investments	Broker
Alex Walters/Emma Wigan	+44 (0) 777 1713 608 +44 (0) 207 8399 260	Cadogan PR	Financial PR