Amalgamation Closes-Thor Explorations Ltd. (TSX VENTURE:THX) to Begin Trading Today

Thor Explorations Ltd. ("Thor") (TSX VENTURE:THX) today announced the completion
of the amalgamation (the "Amalgamation") of Thor Explorations Ltd. ("Old Thor")
and Magnate Ventures Inc. ("Magnate") (NEX BOARD:MGV.H). Thor's common shares
will begin trading today on the TSX Venture Exchange under the symbol "THX".


Under the terms of the previously disclosed amalgamation agreement between Old
Thor and Magnate (the "Amalgamation Agreement"), which was approved by Old Thor
and Magnate shareholders on August 25, 2009, each common share of Old Thor has
been exchanged for 0.5 shares of Thor and each common share of Magnate has been
exchanged for 0.42 shares of Thor. Thor has 29,770,302 issued and outstanding
common shares.


Thor management includes Stephen Barley, as President and CEO, Kathleen Butt as
CFO, and Kathy Chan as Corporate Secretary. Thor's directors are Stephen Barley,
Kurt Bordian and Sargent Berner.


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 those with respect to the expected
benefits of the Amalgamation, involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
Thor to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
factors include, among other risks, risks related to the expected benefits of
the amalgamation. Although Thor 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.


THOR EXPLORATIONS LTD.

Shares Outstanding: 31,342,272

MAGNATE VENTURES INC.

Shares Outstanding: 33,390,921