Year 3 relinquishment report for EL 24809 Hale River for the period 2 August 2006 to 1 August 2009

Abstract

This report documents all exploration activities on the relinquished portion of EL 24809 between August 2nd 2006 and August 1st 2009 by Hale Energy Limited a wholly owned subsidiary of Thor Mining PLC. The HoistEM survey flown prior to the 2007 air core drilling programme defined conductive horizons within the palaeochannel and drilling confirmed the presence of prospective units and their depths. NB: All work was conducted on the retained portion of EL 24809. 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. No further work is recommended on the relinquished portion of the tenement.