MOLYHIL TUNGSTEN-MOLYBDENUM PROJECT

• Life-of-Mine off-take agreement signed with CITIC Australia

• Final development approvals for Molyhil Project expected during the second quarter of 2008.

URANIUM PROJECTS

• Assay results were received from soil and rock sampling program over Daicos prospect. The highest-grade rock chip sample returned a uranium grade of 7.7%.

• Soil sampling has identified new anomalies which are potential drilling targets for 2008.

• Raw data received from Bundey EM survey confirms a number of large conductive horizons in palaeochanels.

CORPORATE

• Mark Smyth resigned as a non-executive director of the Company on the 9th April

MOLYHIL TUNGSTEN - MOLYBDENUM PROJECT

The Molyhil Tungsten-Molybdenum Project (Molyhil Project) is a proposed open cut mine and processing facility to be constructed in the Northern Territory. The main objective of the proposed facility is to produce scheelite and molybdenite concentrate for sale.

Thor through its wholly-owned Australian subsidiary Molyhil Mining Pty Ltd, owns 100% of the Molyhil Project, which comprises two EL's 22349 and 24392, totalling 829 km2 in area, and includes three Mining Lease Applications, 23825, 24429 and 25712. The combined Mining Lease Applications cover an area of 247 ha.

MOLYHIL DEVELOPMENT

Off-take Agreement

In March Thor signed an off-take agreement with CITIC Australia Commodity Trading Pty Ltd, a subsidiary of CITIC Australia Trading Limited (ASX:CAL). The CITIC Group is one of China's largest state-owned companies with assets in excess of US$180 billion. The offtake agreement commits CITIC to take 100% of the Molybdenum and Tungsten concentrates to be produced from the Molyhil Project.

Thor Quarterly Report December 2007

The mining reserve contains a total of 4.8 million pounds of molybdenum metal and 700,000 mtu's of tungsten which will be produced over the expected 5.6 year life of the open pit design.

The CITIC Group in Australia has assets and annual sales of over A$1.2 billion. Its operations include a 22.5% interest in the Portland Aluminium Smelter Joint Venture in Victoria, a 17.66% shareholding in Macarthur Coal Limited, a 7% direct interest in the Coppabella/Moorvale Coal Joint Venture, a 76.35% shareholding in the ASX-listed CITIC Australia Trading Limited, and interests in a series of exploration projects.

Project Development

Development of the project and in particular financing is now the key priority and alternatives are now being considered. We are looking at various ways to bring Molyhil into production offering the best value for shareholders, including equity finance, debt finance or a debt/equity mix, joint ventures together with build own, operate and transfer (BOOT) contracts. Thor highlights that the current state of flux in the international equity markets, particularly in Australia with the collapse of a stock broker is making the task difficult.

The Molyhil mining development team are continuing to review operating costs by looking at economies of scale and streamlining of practices within the proposed operations, Further reductions in costs may occur and as a result there could be improvements in the economic model.

Thor has participated in a number of meetings regarding the formation of a training support group in the Harts Range region. The Central Land Council will be managing the training project which has the support of the Department of Education, Employment and Workplace relations (DEEWR) and the Department of Education, Employment and Training (DEET) as well as Tangentyere Job Shop in Alice Springs. Thor's participation in this group is part of our commitment to support the indigenous people to gain skills and employment skills that will have long term benefits for communities located in the Eastern Arunta Region.

Environmental and Notice of Intent (NOI)

Keith Lindbeck and Associates (KLA) have completed the Mining Management Plan ("MMP") and this has been submitted to the Northern Territory mines department. This document and the granting of the mining leases are the final formal approvals required.

MOLYHIL EXPLORATION

Oorabra Reefs

Assay results from the Oorabra Reefs last quarter confirmed significant barite mineralization with assays up to 9.37% Ba. Others range between 3.5 to 4.5% Ba. Visually massive fluorite was noted in most samples.

Further check assaying for F as CaF2 (fluorite or fluorspar), was also completed with a further 58 samples collected from the northern part of the Oorabra Reefs area on the Jinka Plains.

As stated in previous reports, the most significant mineralisation in the area is related to the numerous barite (BaSO4) and fluorite (CaF2) veins. Assays received late march from check sampling, covering the northern Oorabra reefs area, have returned assays up to 89.36% BaSO4 and 85.48% CaF2.

Thor Quarterly Report December 2007

The area in general seems to be under explored and has potential for REE's (Rare Earth Elements), barite, fluorite, gold, silver and base metals. Given the recent price increases of Barite and Fluorite and the proximity to potential infrastructure at Molyhil the area is worthy of further investigation. The recent phase of work has completed coverage of significant veins in the area. A total of 52 samples were collected including other mineral occurrences and "prospects" on EL 22349.

URANIUM EXPLORATION

The Harts Range project area lies on the eastern margin of the Entia Dome. The Entia Gneiss forms the core of the Entia Dome, which is located on the western part of the Exploration License area. During the quarter results were received from the Diacos, Haddock and Indiana prospects. These samples were taken in the last quarter of 2007 at Daicos prospect, a total of 374 -80 mesh soil samples were collected over a 100m x 50m grid spacing. A total of 99 additional reconnaissance rock chip samples were collected in October-November 2007 over the Daicos, Haddock and Indiana prospects. These areas had previously returned a best assay of 19.37% U from highly radioactive samples with visible uraninite and columbite.

Daicos Prospect

Results from reconnaissance rock chip samples and soil samples were received this quarter. Shown in figure 1 is gridded Nb+Ta (Niobium plus Tantalum) data. This maps the main pegmatite vein and indicates that it extends north under surface cover. Three other subtle anomalies parallel and to the north-west require investigation (the yellow and orange areas on the gridded image).

Uranium is also noted in soil anomalies corresponding with the interpolated extension of a number of the pegmatites

Further reconnaissance rock chip sampling has confirmed earlier high grade assays with a best of 7.7% U, 13.8% Ta and 8.54% Nb. Other anomalous elements included Dy, Er, Gd, Hf, Ho, Nd, Tb, Th, Y and Zr.