THR Thor Energy Plc

RNS Number:0878P
Thor Mining PLC
20 July 2005

THOR MINING PLC



Disposal of uranium rights


Dated: 20 July 2005

Thor Mining PLC ("Thor" or the "Company") the mineral exploration and
development company focussed on advancing molybdenum and tungsten projects in
the Northern Territory of Australia announced today that it has entered into
heads of agreement with Batavia Mining Limited, an exploration company traded on
the Australian Stock Exchange, for the proposed sale of the uranium exploration
rights to prospects in Eastern Arunta Province, Northern Territory of Australia.

Under the proposed agreement, Batavia will acquire the rights to explore for
uranium on Exploration Licences and Exploration License Applications held by
Thor. Consideration for the uranium rights will be an initial payment of AUD
20,000 to be satisfied by the issue of new ordinary shares in Batavia, with a
further payment, subject to exploration success and the successful granting of
separate Mining Lease Applications, of AUD 250,000 to be satisfied by the issue
of new ordinary shares in Batavia. A 2.5% Net Smelter Return ("NSR") will be
payable on future production. Batavia will also provide an environmental bond in
the amount of AUD 50,000 payable prior to the commencement of any exploration or
ground disturbing activities

John Barr, the Chairman of Thor, was until recently the Chairman of Batavia. He
is also a shareholder in Batavia. Greg Durack is a director of Thor and is
Managing Director of Batavia.

The independent directors of the Company believe that as Thor is focussed on
advancing molybdenum and tungsten projects, exploration expenditure on uranium
at this stage would be a distraction of effort and of considerable financial
resource. Australia also has long had a policy of limiting the number of uranium
operations in the country to three and the independent directors believe it is
doubtful that any new uranium mine will be approved in the near future.

The directors, with the exception of John Barr and Greg Durack, consider having
consulted with ARM Corporate Finance Limited, that the terms of the transaction
are fair and reasonable insofar as the shareholders are concerned, provide the
Company with an investment in any future success of Batavia and an NSR on any
future sales of uranium.

Enquiries:


John Barr           +61 418 912 885     Thor Mining PLC                      Executive Chairman
John Simpson        020 7512 0191       ARM Corporate Finance Ltd            Nominated Adviser
Amanda Harris       020 7618 8534       Conduit PR                           Public Relations




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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