An overall 25% tonnage increase to 4.7 million tonnes has been announced in a new resource estimate for the Molyhil tungsten and molybdenum project in the Northern Territory, wholly owned by Thor Mining PLC.

Highlights;
1. Overall tonnage increased by 25% to 4.7 million tonnes to 220m depth;
2. Contained tungsten increased by 10% to 13,100 tonnes WO3;
3. Contained molybdenum increased by 46% to 10,400 tonnes MoS and
4. Very high, near surface tungsten grades provide confidence in early payback of project capital.

Next steps at Molyhil;
1. Updated ore reserve estimate & mining plan due February 2012;
2. Capital and operating cost changes to reflect recently announced process improvement, to be confirmed and
3. Updated feasibility study due February 2012.

Molyhil Resource Estimate;
Following the 2011 Reverse Circulation and diamond drilling programs, mining consultancy Runge Limited has prepared an updated resource estimate for the Molyhil deposit of 4.7 million tonnes averaging 0.28% WO3 & 0.22% MoS in Indicated and Inferred categories. The higher revised resource estimate compares very favorably with the previous estimate reported in 2009.

The estimate is reported in compliance with the terms of the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The Molyhil deposit consists of two adjacent outcropping iron rich skarn bodies, marginal to a granite intrusion, that contain scheelite and molybdenite mineralization. Both the outlines of and the banding within the skarn bodies, strike approximately north south and dip steeply to the east. The bodies are arranged in an en echelon manner, the northeast body being named the Yacht Club and the southwest body the Southern.

Mr Mick Billing executive chairman of Thor Mining said that "The Molyhil story continues to get better and better. The recently announced improvement in recovery has positively impacted on the profitability and life of Molyhil while this increase in the resource estimate provides further potential to extend the life of the mining operation. In particular the very high tungsten grades close to surface give us confidence in an early pay back on the investment.”