RNS Number:8066K
Thistle Mining Inc.
07 May 2003









                THISTLE MINING REPAYS ALL OF ITS LONG TERM DEBT

                    USING THE PROFIT FROM ITS HEDGE POSITION





Toronto, 7th May 2003.  Thistle Mining Inc. (TSX: THT and AIM: TMG) has
completed the closure of the balance of its Rand denominated gold hedge
programme with Standard Bank London.



Over the past month Thistle Mining has unlocked in excess of US$ 21 million
profit from the hedge programme, which it adopted in February 2002.



The strength of the South African Rand, which has risen by almost 40% from ZAR
11.45, in February 2002, offered the opportunity to restructure the Company's
debt profile.



Thistle has decided to take advantage of the situation in the following ways.
The Company has:



  * Repaid US$ 14.4 million of acquisition term debt to Standard Bank London
    Ltd.



  * Closed 408,843.78 ounces at ZAR 2,555 per ounce (based on ZAR 7.45/US$)
    compared to the Put price of ZAR 3,650



  * Bought back at a loss, 151,944 ounces of Calls, originally granted at
    US$310 from January 2005 until December 2005 and 152,400 ounces of Calls
    originally granted at US$ 315 from January 2006 until December 2006.  These
    Calls were a part of the Bank's funding requirements in February 2002



  * Entered into flat forward sales agreements for 304,344 ounces at US$ 310
    per ounce for the twenty four month period between January 2005 until
    December 2006



  * Retained the US$ 32.4 million forward currency protection at ZAR 8.65
    until November 2003



  * The Company also retains flat forward sales amounting to 220,188 ounces at
    US$ 330 per ounce to December 2004.





                                     Page 2





The Company now has specific currency protection in place at ZAR 8.65 until
November 2003, which is significantly above the current exchange rate, as
opposed to a combined gold and currency hedge.



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



"The latest move in the currency shows the validity of the decision to enter
into the protection agreements at the time of the acquisition.



The recent strength of the South African Rand has been remarkable.  We have
decided to take advantage of the situation to repay our acquisition debt early".





                                     - 30 -





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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