Mr. Segun Lawson reports

ACQUISITION OF NEW EXPLORATION LICENCES AND EXPLORATION UPDATE

Thor Explorations Ltd.'s wholly owned subsidiary, Segilola Gold Ltd., has acquired two key exploration licences adjacent to the Segilola project. The company is also pleased to provide an update on its continuing regional reconnaissance stream sediment sampling program where it has identified several encouraging anomalies and also the identification of a potentially significant anomaly in near proximity to the Segilola orebody.

Highlights

Thor acquires 344 square kilometres of exploration licences adjacent to the Segilola project:

• Licences comprise 20 km of northern strike extension to the Segilola orebody;
• Historical artisanal workings reported on one of the new licences;
• Initial reconnaissance mapping and sampling under way.

Regional reconnaissance stream sediment sampling program:

• Anomalies identified on all exploration licences sampled;
• Several encouraging anomalous gold assays ranging from 44 to 1,113 parts per billion Au;
• Duplicate sampling and mapping continuing.

Segilola East anomaly

• Potentially significant anomaly identified 750 m east of the Segilola orebody;
• Initial stream sediment assay of 1.96 grams per tonne confirmed by duplicate of 1.37 g/t;
• Trenching has exposed quartz vein, apparently running parallel to the Segilola orebody;
• Sampling and mapping at this location continue.

Segun Lawson, president and chief executive officer, stated: "The acquisition of these additional licences is core to our build and consolidate strategy. They provide key exploration upside potential in near proximity to the Segilola project. In Nigeria, Thor now has an exploration package of over 900 square km in underexplored geological terrain that is delivering encouraging results in initial reconnaissance sampling programs undertaken by Thor. We look forward to progressing exploration programs on all our licences with the ultimate aim of delivering additional production ounces through the central Segilola process plant, which is scheduled to commence production in within 15 months from the high-grade Segilola open pit, with an initial production rate of 100,000 ounces per annum."

Expanded exploration tenure

Exploration licences EL29977 and EL29978 were granted to Segilola Gold Ltd. (a fully owned subsidiary of Thor Explorations). The tenements, which cover a combined area of 344 square kilometres, are both valid for three years and are renewable for two further periods of two years.

The licences cover a strike length of 20 km over the highly prospective gold-bearing Ilesha schist belt and the immediate northern extensions of the Segilola gold trend.

Thor's exploration tenure in Nigeria now comprises nine explorations licences. Together with the mining lease over the Segilola gold deposit Thor's total exploration tenure amounts to 912 square kilometres.

Regional exploration

Thor has completed an initial reconnaissance stream sediment sampling program comprising a total of 500 sample sites.

The assay results clearly highlight the highly anomalous nature of the Segilola area with a peak assay of 1.96 g/t Au returned from a sample located 750 m east of the Segilola orebody.

A duplicate sample from same area returned 1.37 g/t Au. Follow-up exploration exposed a quartz vein near the eastern extremity trench SGTR004. Sampling and mapping at this location continue.

Anomalous gold in stream sediments were also located in several of the exploration licences located both north and south of Segilola. Three key sites have been identified to date:

• STR1 -- 42 km north of Segilola, 1.113 g/t Au (1.13 parts per million Au);
• STR2 -- 35 km south of Segilola, 0.320 g/t Au (0.32 ppm Au) and 0.132 g/t Au (0.132 ppm Au);
• STR3 -- 60 km north of Segilola, 0.238 g/t Au (0.238 ppm Au).

Analyses were carried out by MSAnalytical (Vancouver) using the ICP/ultratrace technique with a detection limit of 0.0005 ppm Au.

These sites are located either on or adjacent to the main structural lineament on which the Segilola orebody is formed.

Thor considers these initial results to be encouraging in that they establish the presence of anomalous gold in areas not previously explored.

Further sampling and mapping are planned.

Qualified person

The above information has been prepared under the supervision of Alfred Gillman (fellow AusIMM, CP), who is designated as a qualified person under National Instrument 43-101 and has reviewed and approves the content of this news release. He has also reviewed quality assurance/quality control, sampling, analytical and test data underlying the information.

About Thor Explorations Ltd.

Thor Explorations is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100-per-cent interest in the Segilola gold project located in Osun state of Nigeria and a 70-per-cent interest in the Douta gold project located in southeastern Senegal. Thor also holds a 49-per-cent interest in the Bongui and Legue gold permits located in Hounde greenstone belt, southwest Burkina Faso.

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