Thor Explorations Ltd.
TSX VENTURE : THX

Thor Explorations Ltd.

May 01, 2013 17:00 ET

Thor Announces Closing of New Private Placement and Acquisition of Ouere Permit in Burkina Faso

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 1, 2013) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

Thor Explorations Ltd. (TSX VENTURE:THX) ("Thor" or the "Company") is pleased to announce the closing of a non-brokered private placement as announced on April 30, 2013. Gross proceeds of $1,554,173 were raised pursuant to the private placement and the Company intends to use the proceeds for exploration activities and working capital purposes.

Under the terms of the private placement, the Company issued 9,713,583 common shares ("Common Shares") at a price of $0.16 per Common Share. The Company will pay $28,480 as finders' fees to third party finders. The Common Shares issued pursuant to the private placement are subject to a 4-month hold period in Canada expiring September 2, 2013.

The Company is also pleased to announce that its wholly-owned subsidiary, African Star Resources Incorporated ("African Star"), has entered into a definitive share purchase agreement to acquire 100% of the issued and outstanding shares of Argento Exploration BF SARL ("Argento BF"). Argento BF holds a 100% interest in the Ouere gold permit, covering an area of approximately 241 km2, and forms part of Thor's Central Houndé Project, located within the Houndé belt, 260 km south west of the capital Ouagadougou, in western Burkina Faso. The aggregate purchase price payable by African Star for 100% of the issued and outstanding shares of Argento BF, is the sum of all amounts funded by African Star from September 28, 2011 to closing of the acquisition and an amount of $25,000 payable in cash to a 10% minority shareholder in Argento BF.

Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Senegal and Burkina Faso. Thor holds a 70% interest in the Douta Gold Project located in southeastern Senegal. The Douta Gold Project lies within the Kéniéba Inlier which hosts significant gold resources and has attracted major international mining companies. Thor also holds an 85% interest in the Bongui and Legue gold permits located in Houndé greenstone belt, south west Burkina Faso. Thor trades on the TSX Venture Exchange under the symbol "THX".

THOR EXPLORATIONS LTD.

Segun Lawson, President & CEO

This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward looking statements". Such forward-looking statements, including but not limited to the use of the proceeds of the private placement. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Shares Outstanding: 91,108,113

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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