This is very old news and economics have improved multiple,...

This is very old news and economics have improved multiple, mutiple times times. I have been told figures that I won't post as it is unsubstantiated, needless to say it has MONSTER written all over them.

Definitive Feasibility Study on Molyhil Tungsten-Molybdenum Project confirms viability of a
300,000tpa mining and processing operation.

Thor has decided to proceed with the development which has a rapid capital payback and strong financial returns.

Financial modelling for the project indicates a pre-royalty EBIT of A$117M over the first 4 years.

A Net Present Value of A$88M discounted at 8% at an average AUD/USD exchange rate of 0.73.

An Internal Rate of Return of 111%.

Significant opportunities identified for reduction of CAPEX through the purchase of second-hand equipment.

Further drilling planned for the first quarter of 2007, which is designed to increase the life of mine within open pit designs and to increase the resource at depth.

Thor Mining PLC (ASX and AIM: THR) ("Thor") today announced the completion of a Feasibility Study on its 100%-owned Molyhil Tungsten-Molybdenum Project in the
Northern Territory of Australia. The Study confirmed that the project is technically and economically viable, with strong financial returns and a rapid capital payback.
The Board has today agreed to proceed with a new mine development at Molyhil, subject to securing all necessary approvals, including a suitable offtake agreement; and
completing financing arrangements in the first quarter of 2007.

The Definitive Feasibility Study (DFS), which was completed over the past 12 months, paves the way for the financing and development of the Molyhil Project during 2007. The Company is aiming to complete financing and offtake agreements during the first quarter of 2007. Thor is currently in discussions with a number of parties in relation to this, however, at this stage, no terms have been agreed. Construction is targeted to commence
in May 2007 with first production in the first quarter of 2008.

The DFS confirmed the viability of a mining and processing operation based on a JORC compliant resource for the Molyhil deposit of 2.4 million tonnes grading 0.8% combined tungsten WO3 and molybdenum MoS2 to a vertical depth of 150 metres.

The operation would be based on an open pit mining operation and 300,000tpa process plant with an initial 4-year mine life. Drilling is planned in 2007 to extend the mine life both within the planned pit designs and at depth. This deep drilling is to be completed with a view to extending the life of the mine by underground mining at the cessation of open pit operations.


PG

This is excluding Spring Hill and Dundas