MGV.H Magnate Ventures I Com Npv

Thor Explorations Ltd. ("Thor") (TSX VENTURE: THX) today announced the completion of the amalgamation (the "Amalgamation") of Thor Explorations Ltd. ("Old Thor") and Magnate Ventures Inc. ("Magnate") (NEX BOARD: MGV.H). Thor's common shares will begin trading today on the TSX Venture Exchange under the symbol "THX".

Under the terms of the previously disclosed amalgamation agreement between Old Thor and Magnate (the "Amalgamation Agreement"), which was approved by Old Thor and Magnate shareholders on August 25, 2009, each common share of Old Thor has been exchanged for 0.5 shares of Thor and each common share of Magnate has been exchanged for 0.42 shares of Thor. Thor has 29,770,302 issued and outstanding common shares.

Thor management includes Stephen Barley, as President and CEO, Kathleen Butt as CFO, and Kathy Chan as Corporate Secretary. Thor's directors are Stephen Barley, Kurt Bordian and Sargent Berner.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward looking statements". Such forward-looking statements, including but not limited to those with respect to the expected benefits of the Amalgamation, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Thor to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other risks, risks related to the expected benefits of the amalgamation. Although Thor has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

THOR EXPLORATIONS LTD.

Shares Outstanding: 31,342,272

MAGNATE VENTURES INC.

Shares Outstanding: 33,390,921

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Thor Explorations Ltd. J. Stephen Barley 778-373-0102 604-639-4670 (FAX)