5RNS Number:3106N
Thistle Mining Inc.
08 July 2003


THISTLE MINING INC. RAISING CDN $32.4 MILLION IN A CONVERTIBLE LOAN NOTE
PLACEMENT

Toronto, 8 July 2003 - Thistle Mining Inc. (TSX: THT and AIM: TMG) is pleased to
announce that it intends to issue US $24 million (approximately Cdn $32.4
million) 10% convertible loan notes. These loan notes have been conditionally
placed by Canaccord Capital (Europe) Limited acting as its agent.  The loan
notes are repayable in July 2008 and are convertible, at the holder's option,
into common shares of Thistle at a conversion price of Cdn $0.65 per share
(equivalent to 2,075 common shares for every US $1,000 nominal value of notes).
The closing date for the placing is anticipated to be on or about 15 July 2003.

It is the intention of the Company to list the notes on both the Toronto Stock
Exchange ("TSX") and the Alternative Investment Market of the London Stock
Exchange ("AIM").  The notes will trade in sterling on AIM and US$ on TSX.

The net proceeds will be used to pay down existing bank indebtedness, finance
the capital expenditure requirements of the Company, including funding expansion
plans in South Africa and completing the Masbate feasibility study, finance a
sinking fund for loan note redemption, and to provide funds for general working
capital purposes.

The offering is subject to certain conditions including, but not limited to,
satisfactory due diligence by Canaccord and receipt of all necessary regulatory
approvals.

This announcement has been issued by Thistle Mining Inc. and has been approved
solely for the purposes of Section 21 of the Financial Services and Markets Act
2000 by Canaccord Capital (Europe) Limited.

Canaccord Capital (Europe) Limited, regulated by the Financial Services
Authority, is acting as broker to Thistle Mining Inc. in connection with the
placing and will not be responsible to any other person or persons for providing
the protections afforded to customers of Canaccord Capital (Europe) Limited or
for giving advice in relation to the placing or the contents of this
announcement.  In acting for Thistle Mining Inc., Canaccord Capital (Europe)
Limited has relied on information provided to it by both Thistle Mining inc. and
its directors.

This announcement does not constitute an offer or invitation to purchase or
subscribe for securities in any jurisdiction.

Not for distribution to U.S. news wire services or dissemination in the United
States.

                                     - 30 -



For further information contact:               In Canada

Willie McLucas                                 Harvey McKenzie
President and Chief Executive Officer          Chief Financial Officer

William.mclucas@thistlemining.com              Harvey.mckenzie@thistlemining.com
+44 131 557 6222 or                            + 1 416 594 3293
+44 7836 638 912




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