Thor Energy Regulatory News (THR)

13 August 2013

THOR MINING PLC

Placing of Shares

Thor Mining PLC ("Thor" or "the Company") (AIM, ASX: THR) the Australian tungsten and molybdenum, and gold explorer and developer, today announces that it has, through its broker SI Capital Limited, conditionally placed 148,888,887 Thor ordinary shares at a price of 0.225p per share to raise £335,000 before expenses. Funds raised through the placing will be used by the Company to develop its assets as well as to provide general working capital.

The ordinary shares of the Company have a nominal value of 0.3p per share and, under the UK Companies Act 2006, the Company is unable to issue ordinary shares below their nominal value. Accordingly, the Company will be convening a general meeting, which is expected to take place on 3 September 2013 to, among other things, reorganise its share capital and in doing so reduce the nominal value of its ordinary shares. This will be achieved by converting each ordinary share of 0.3p into one ordinary share of 0.01p and one deferred share of 0.29p. The deferred shares will effectively have no value.

Completion of the placing is dependent on the Company's shareholders passing the resolutions necessary to effect the required reorganisation and reduction in the nominal value of the Company's shares at the general meeting.

Subject to passing of the resolutions by Thor shareholders, application will be made for the admission to trading on AIM of the 148,888,887 new ordinary shares of 0.01p along with the existing shares, of which there are currently 982,814,766, redenominated as ordinary shares of 0.01p, with admission expected to take place on 4 September 2013.

The Thor directors believe that the placing is in the best interest of the Company and will be recommending that shareholders vote in favour of the resolutions at the general meeting, as they intend to do in respect of their own holdings of 53,037,036 shares representing 5.4 per cent of the Company's issued share capital.

Commenting, Mr Mick Billing, Executive Chairman of Thor Mining, said: "In this difficult market raising capital is challenging and we are grateful for the support we have received from investors in this placing. We have several high priority programs to execute in the coming months at both the Molyhil tungsten project, and the Spring Hill gold project, and these can now be scheduled with confidence."

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