Issue of Equity

RNS Number:7675T
Thistle Mining Inc.
31 December 2003

                      Conditional Private Placement Update



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

31 December 2003 - 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.

                                      -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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