Issue of Equity

RNS Number:1505U
Thistle Mining Inc.
13 January 2004



       Thistle Mining Inc. completes Cdn$ 44.7 million private placement

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

Toronto 13 January 2004 - Thistle Mining Inc. (TSX: THT and AIM: TMG) is pleased
to announce that it has completed today a private placement of 149,110,246 units
at a price of Cdn$ 0.30 per unit for aggregate gross proceeds of approximately
Cdn$ 44.7 million. Each unit consists of one common share and one half of one
common share purchase warrant. Each full warrant entitles the holder to purchase
one common share at the price of Cdn$ 0.45 until 9 January 2009. These units
have been placed with Canaccord Capital (Europe) Limited acting as agent.

An application for the 149,110,246 new Common Shares to be admitted to trading
on the Alternative Investment Market has been made with the London Stock
Exchange. Dealings in these shares are expected to commence on Tuesday 13
January 2003. The new Common Shares will rank pari passu with existing shares in
issue. It is the intention of the Company to list the warrants on the
Alternative Investment Market ("AIM") of the London Stock Exchange. These
warrants will trade in sterling on AIM.

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 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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