LIGHTBRIDGE Corp — Director's Dealing 2006

Nov 4, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Thorium Power, Ltd (THPW.OB)
CIK: 0001084554
Period of Report: 2006-10-06

Reporting Person: MUSHAKOV ANDREY (EVP International Nuclear Oper)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-28	Common Stock	D	640000	$.25	Disposed	860000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-06	Compensatory Stock Option	$0.156	J	961043	Acquired	2010-07-07	Common Stock (961043)	Direct

Footnotes

F1: The issuer redeemed 640,000 shares from Mr. Mushakov on September 28, 2006. The proceeds of this redemption were paid
directly to federal and/or state taxing authorities to cover Mr. Mushakov's tax liability relating to the original grant of
1,500,000 shares to Mr. Mushakov as pursuant to his employment agreement dated July 27, 2006.

F2: Mr. Mushakov held an aggregate of 37,500 compensatory stock option (exercise price of $4) of Thorium Power Inc. prior to a
merger between Thorium Power Inc and Novastar Resources Ltd (now Thorium Power, Ltd.). Pursuant to the merger agreement,
each option of Thorium Power Inc. with a exercise price of $4 was converted into 25.628 options of Novastar Resources Ltd.
with a exercise price of $0.156 Accordingly, on October 6, 2006, Mr. Mushakov received options to purchase 961,043 shares
of the issuer's common stock at $0.156 per share as merger consideration.