Year 3 annual report for EL 24809 Hale River for the period 2 August 2008 to 1 August 2009

Abstract

This report documents all exploration activities for the third year of tenure between August 2nd 2008 and August 1st 2009 on Exploration License EL 24809 by Hale Energy Limited a wholly owned subsidiary of Thor Mining PLC. The 2007 air core programme was a technical success although drilling conditions were difficult. The HoistEM survey flown prior to the drilling defined conductive horizons within the palaeochannel and drilling confirmed the presence of prospective units and their depths. Weakly anomalous uranium values were obtained in five holes (07HLMR001, 07HLAC004, 07HLAC018, 07HLAC019 and 07HLAC020) with a best assay result of 30ppm U. Extensive office studies were conducted to determine any future drilling targets. Reconnaissance field visits have confirmed that rehabilitation of the 2007 air core programme was successful. Additional data review and compilation during year 3 has resulted in the reduction of the tenement area to 57 graticular blocks. The most prospective part of the palaeochannel has been retained where previous drilling in the southeastern portion of the tenement delineated a narrow lignite horizon with anomalous uranium mineralisation which is a prospective reducing trap for 'roll front style' uranium mineralization. A reconnaissance drill program is recommended over this area to determine the presence of any economic uranium mineralization.