December 31, 2003

News Release: Thistle Mining expects $45M private placement to close by Jan. 9

Thistle Mining Inc. (TSX: THT and AIM: TMG) is pleased to announce that following its announcement on 15 December 2003, the Company expects to complete the previously announced private placement on or about 9 January 2004. At this stage, Thistle has already conditionally placed in excess of 99 per cent of the maximum units available to be allocated.

The Company also announces the retirement of Steven L. C. Sharpe from Thistle's Board of Directors with effect from 30 December 2003. Commenting on this Board change, Thistle's Chairman, Lord Lang of Monkton, said 'Steve Sharpe has contributed much to the development of the Group. The Board is indebted to him.' The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

For further information: Willie McLucas, President and Chief ExecutiveOfficer, william.mclucas(at)thistlemining.com, +44 131 557 6222 or+44 7836 638 912; In Canada: Harvey McKenzie, Chief Financial Officer,harvey.mckenzie(at)thistlemining.com, +1 416 594 3293

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