THOR ENERGY PLC — Capital/Financing Update 2015

Apr 29, 2015

ASX Code: "THR"

THOR

MINING PLC

Date: 30 April 2015

Company Announcements Office,
ASX Securities Limited,
20, Bridge Street,
Sydney, N.S.W. 2000

THOR ACQUIRES 100% OF SPRING HILL GOLD PROJECT

The Board of Thor Mining Plc ("Thor") (AIM, ASX: THR) is pleased to advise that the Company is moving to full ownership of the advanced Spring Hill Gold Project in Australia's Northern Territory.

Thor has agreed terms to acquire the 49% equity interest in Spring Hill that it did not own from WDR Gold Pty Ltd, a subsidiary entity of Western Desert Resources Limited which is presently in Receivership/Liquidation - the previous equity holder of the gold project stake acquired by Thor. The agreement is subject to ministerial assent, and approval from the Foreign Investment Review Board. Documentation in relation to the acquisition is presently being finalised and is anticipated to be signed shortly.

Consideration for the acquisition has been agreed at A$210,000 (approximately UK£109,000) plus Thor CDIs to the value of A$100,000, payable upon Ministerial agreement to the title transfer, expected within 2 months. Thor has agreed terms with an Australian investor for loan finance for the cash component of the acquisition.

Figure 1: Spring Hill project location

Mr Mick Billing, Executive Chairman of Thor Mining:

"Acquiring the balance of Spring Hill at modest cost is a sound and robust opportunity, particularly with the recent firming of the gold price. Spring Hill is a quality gold project with potential for low cost, near-term profitable development. Thor will be exploring all opportunities to secure maximum benefit from full ownership."

Acquisition Funding

In February 2013, Thor announced a loan package at a 7% pa interest rate from an Australian private sophisticated investor, expiring on 18th March 2016, secured against the Spring Hill project and the Company's Molyhil project. The investor has agreed to extend the loan to cover the cash amount required to secure Thor's additional Spring Hill equity.

Additional terms associated with this further funding are as follows:

THOR MINING PLC

Registered Numbers:
United Kingdom 05 276 414
Australia 121 117 673

Registered Office:
58 Galway Avenue,
MARLESTON SA, 5033
Australia

Postal Address:
PO BOX 458
MARLESTON SA, 5033
Australia

Ph: +61 8 7324 1935
Fax: +61 8 8351 5169

Email:
corporate@thormining.com

Website:
www.thormining.com

Enquiries:

Mick Billing
Executive Chairman
Thor Mining PLC
+61 8 7324 1935

Nominated Advisor
Colin Aaronson
Grant Thornton
+44 (0) 20 7383 5100

ASX Listings:
Shares: THR

AIM Listings:
Shares: THR

Directors:

Michael Billing
Michael Ashton
Gregory Durack
Trevor Ireland
David Thomas

Projects:

• Tungsten
  Molyhil NT
  Pilot Mountain USA
• Gold
  Spring Hill NT
  Dundas WA

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ASX Code: "THR"

THOR

Date: 30 April 2015

• If Thor sells the Spring Hill project within 2 years, the investor will receive 5% of the proceeds of that sale
• If Thor sells the Spring Hill project after 2 years, the investor will receive 5% of the proceeds of the sale, plus a 1% production royalty calculated according to revenue from sales, minus cash operating costs
• If Thor develops the project, the investor is entitled to a 1% production royalty calculated according to revenue from sales, minus cash operating costs.

About the Spring Hill Gold Project

The Spring Hill project is located approximately 150km south of Darwin in Australia's Northern Territory. The location is served by all-weather access and is in close proximity to the sealed arterial Stuart Highway, north-south rail, gas pipeline and trunk powerlines.

Gold mineralisation at Spring Hill occurs mainly in quartz veins concentrated in fracture zones and the axial zones of anticlinal fold structures. Much of the gold is relatively coarse-grained, imparting significant 'nugget effect' to drill samples.

Four main zones of gold mineralisation cover an area of approximately 1,000 x 400 metres. They have been outlined during the early 1990s and mid 2000s by drilling conducted by previous owners of the project around historic workings.

Spring Hill - Summary Cross Section

The 2012 drilling program demonstrated continuous mineralisation for more than 100 metres below the Hong Kong zone adding scope for open pit extensions to the resource. A zone of mineralisation between the Hong Kong zone & the main zones was also identified and extended in the 2013 program.

Hong Kong zone Cross Section - 2012 Drill Program

Spring Hill Cross Section - 2013 Drill Program

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ASX Code: "THR"

THOR

Date: 30 April 2015

The 2013 drilling program extended high grade mineralisation adjacent to, but outside the Spring Hill mineral resource boundaries, including:

• SHRC257 5m at 4.1g/t Au from 22m
• SHRC253 21m at 7.2 g/t Au from 82m
  inc: 10m at 14.1g/t au from 93m
  and: 1m at 105.1 g/t from 99m
  bottom of hole assay 4.1 g/t Au
• SHRC238 6m at 5.6g/t Au from 15m
  inc: 3m at 10.9g/t Au from 15m
• SHRC250 6m at 6.8g/t Au from 15m
  inc: 4m at 10.1g/t Au from 16m

Simplified geological plan & gold deposit outline including results from the 2013 drilling program

Following the receipt of assays from the 2013 drilling program, a selection of 89 samples from the 2013 RC drill program was resubmitted for screen fire assay. The results confirmed that a significant amount of the gold mineralisation is coarse grained and thus is potentially amenable to gravity separation. Additionally, the screen fire assays returned predominantly higher gold grades than from the earlier conventional fire assay, with:

• Upgraded results compared with original fire assays returning over 2.0 g/t averaging a 37% increase in grade, and
• Upgraded results compared with original fire assays returning less than 2.0 g/t, averaging a 57% increase in grade.

While it is premature to assume any upgrade across the Spring Hill resource, it should be noted that subsequent processing testwork using gravity and column leach processing at different laboratory facilities (reported below) also exhibited substantial upgrades.

GOLD PROCESSING

Thor commissioned an independent metallurgical testing laboratory to assess potential gold recovery outcomes from gravity processing, followed by Continuous Vat Leaching as detailed below.

Composite A (Hong Kong zone) was subjected to gravity recovery test only

• 70.6% gravity recovery using Wilfley Tables & Knelson concentrators
• 69% upgrade (1.28 g/t - 2.16 g/t) from assay of a single sub-sample compared with actual recovered gold + tails assay.

Composite B (West, Main, & East zones) subjected to gravity recovery followed by column leach test

• 59.8% gravity recovery using Wilfley Tables & Knelson concentrators
• 98.3% combined recovery from gravity followed by column leaching
• 57% upgrade (4.11 g/t - 6.45 g/t) from assay of a single sub-sample compared with actual recovered gold + tails assay.

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ASX Code: "THR"

THOR MINING PLC

Date: 30 April 2015

Summary of Spring Hill Mineral Resource Estimate - the resource is classified as Indicated (compliant with JORC 2004)

	Tonnes (Mt)	Grade (g/t Au)	Contained Gold (K oz.)
Zone of Oxidation	4.6	1.28	190
Transition Zone	1.3	1.41	59
Unweathered Zone	4.06	1.54	201
Total	10.0	1.4	450

Notes:
- Thor Mining PLC holds equity rights to 80% of this resource, this will increase to 100%
- Cut-off grade: 0.5 g/t;
- Estimate has been rounded to reflect accuracy.
- Estimate: McDonald Speijers, November 2012

The information in this report that relates to the Spring Hill Mineral Resource is based on information compiled by Diederik Speijers who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Speijers is the principal of consulting firm McDonald Speijers. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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'. Diederik Speijers consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Competent Person's Report

The information in this report that relates to exploration results is based on information compiled by Richard Bradey, who holds a BSc in applied geology and an MSc in natural resource management and who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Bradey is an employee of Thor Mining PLC. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Richard Bradey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

For further information, please contact:
THOR MINING PLC
Mick Billing
Executive Chairman
+61 8 7324 1935

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