Conditional Private Placing

RNS Number:2755T
Thistle Mining Inc.
15 December 2003



   Thistle Mining Inc. raising CAN $40 - 45 million in a conditional private
                                   placement
           Proceeds will be used to increase unhedged gold production

15 December 2003 - Thistle Mining Inc. (TSX: THT and AIM: TMG) is pleased to
announce today that it intends to enter into a conditional private placement
agreement with Canaccord Capital (Europe) Limited, to place a minimum of
133,334,000 units, up to 150,000,000 units at CAN $0.30 cents, before expenses,
(equivalent to # 0.13). Each unit consists of one common share and one half of
one common share purchase warrant. Each full warrant will have a term of five
years at an exercise price of CAN $0.45. The closing date is anticipated to be
on or about January 9, 2004.

The proceeds of the offering will be used to provide working capital for the
Company and, in particular, to finance the development of the recently announced
discovery at the "Massives" project, now known as Project 10 in the Northern
Section of the President Steyn complex in South Africa. Production is expected
to commence from Project 10 during February 2004 as the access is already fully
developed and mechanised mining machinery will have been installed.

The feasibility study on the Masbate project in the Philippines is progressing
well with initial pit designs expected to be completed during the first quarter
of 2004.
The offering is subject to certain conditions including, but not limited to,
satisfactory due diligence by Canaccord and receipt of all necessary approvals
including regulatory approvals.

This announcement has been issued by Thistle Mining Inc. and has been approved
solely for the purposes of Section 21 of the Financial Services and Markets Act
2000, by Canaccord Capital (Europe) Limited.

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.

Not for distribution to U.S. news wire services or dissemination in the United
States.

                                     - 30-

For further information contact:-

Willie McLucas
President and Chief Executive Officer
[e-mail]

[phone] or
[phone]

In Canada

Harvey McKenzie
Chief Financial Officer
[e-mail]

[phone]



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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