RNS Number:4969J
Thistle Mining Inc.
01 April 2003




         THISTLE MINING INC. REALISES US$ 7 MILLION FROM ITS HEDGE BOOK
                  WHILST RETAINING 70% RAND COVER TO JUNE 2007


Toronto, 1st April 2003.  Thistle Mining Inc. (TSX: THT and AIM: TMG) has
restructured approximately 35% of its hedging programme, producing an immediate
cash surplus of US$ 7 million.  This cash will be applied to continue the
development of the President Steyn Gold Mines business in the Free State region
of South Africa.



The recent weakness in the gold price and the strength of the South African Rand
(ZAR) afforded an opportunity to restructure around 220,000 ounces of the
Company's hedge position.



The Company has:



  * Closed out 220,186 ounces of ZAR 3,650 Put options to December 2004,
    compared to the spot price of ZAR 2,630 per ounce, retaining 408,844 of the
    original Puts in place



  * Closed out 227,172 ounces of US$ 300 Call options, until December 2003 and
    US$ 310 until December 2004.  The Company remains committed to 405,864 of
    Calls at US$ 310 and US$ 315 between January 2005 and June 2007



  * The Calls have been replaced with contingent forward sales agreements for
    220,188 ounces at US$ 330 per ounce for the 19 months to December 2004



  * Sold US$ 21.9 million forward at ZAR 8.65 (equivalent to ZAR 1.68 billion)
    until November 2003 and has undertaken to maintain a rolling six-month South
    African Rand cover until December 2004



  * Retains 55,268 ounces of Puts at US$ 290 for the period June 2003 to
    December 2006



As a result of the restructuring, the Company has reduced its exposure to a
rising US$ gold price whilst retaining currency protection covering 70% of the
period to June 2007. All of the Company's production, above the levels
illustrated above, is sold at the spot gold and currency rate.



The Company has improved its revenue stream, in the short term, by US$ 30 per
ounce.  The balance of the Company's combined gold and currency protection
remains at ZAR 3,650 extending from January 2005 until June 2007.



Commenting on the changes to the Company's position, Willie McLucas, President
and Chief Executive Officer said:



"The original hedging programme was a key part of the US$ 27.5 million funding
arrangements agreed with Standard Bank London in early 2002.  The new terms,
which have also been agreed with our bankers, maintain protection for the
Company as well as releasing US$ 7 million, which will enable the Company to
increase the development rate in the Northern Section of the President Steyn
Mines. The recent commissioning of a fourth ball mill means that we can now
process 135,000 tonnes of ore per month and we need additional production to
meet that challenge".









For further information contact:



Willie McLucas
President and CEO

+ 44 131 557 6222


or


+ 44 7836 638 912


or


Harvey McKenzie
Chief Financial Officer

+ 1 416 594 3293




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