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Tungsten - Molybdenum Assets

The Molyhil Tungsten - Molybdenum Project

Molyhil is located 220 kilometres north-east of Alice Springs (320km by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block in the Northern Territory.

Summary of Rounded Resource Estimates – 15.25% Fe2O3 Lower Cut

Note: Totals may differ from sum of individual items due to rounding

The geological information in this report which relates to Exploration Results and Mineral Resources is based upon information compiled by Mr. J.J.G. Doepel, B.Sc (Hons), Grad Dip For Sc, Dip Teach, Principal Geologist of Continental Resource Management Pty Ltd.  Mr. Doepel is a member of the Australasian Institute of Mining and Metallurgy and has sufficient expertise and experience which is relevant to the style of mineralisation and to the type of deposit under consideration 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”.  Mr. Doepel consents to the inclusion in the report of the matters based on his information in the form and context in which they appear.

Metallurgical
As part of the Feasibility, metallurgical test work was undertaken and the resultant process flow sheet was incorporated into the economic and technical assessment. The studies indicated that a saleable concentrate could be produced.

Subsequently, additional metallurgical tests to further optimise the floatation conditions and concentrate grade and recoveries has been completed by independent consultants.

Primary Molybdenum Concentrate assayed 51.4% with a recovery of 77.8% and Primary Tungsten Concentrate assayed 72.9% WO2 with a recovery of 65.4 and they have now been established as the base to produce a saleable concentrate.

Marketing and off-take Agreement
Thor negotiated an off take agreement with CITIC Australia Trading Limited (”CITIC”), which has now lapsed. The CITIC Group is one of China’s largest state owned companies. The off-take agreement committed CITIC to take 100% of the Molybdenum and Tungsten concentrates to be produced from the Molyhil project.

Efforts to establish a replacement agreement will be made as metal prices improve.

Environmental Approvals
Thor has completed the Public Environmental Report for the Molyhil Tungsten and molybdenum Project. This report has been accepted by the Department of Regional Development, Primary Industry, Fisheries and Resources in the Northern Territory (DRDPIFR). This is a very exhaustive document that covers every aspect and possible impacts that the operations could incur at Molyhil. It is also a very stringent requirement that all aspects are indentified and a suitable management plan is put in place to ensure there is no impact on the Environment by the Operations.

This report was approved on the 15th July 2007 by the DRDPIFR (NT).

Traditional Owner Approvals
THOR Mining PLC has also obtained all the required agreements between the traditional owners of the land, and THOR Mining PLC, to enable the Molyhil operations to proceed with the recognition and support of the traditional owners.

The tripartite deed records the terms of the Agreement between the parties in accordance with the Native Title Act and is between the Arrapere People, The Central Land Council and Molyhil Mining Pty Ltd (formerly Sunsphere Pty Ltd), a subsidiary of Thor Mining PLC.