RNS Number:8199L
Thistle Mining Inc.
02 June 2003




                                                                  June 2, 2003


 THISTLE MINING INC. CONFIRMS ESTABLISHMENT OF US$7 MILLION WORKING CAPITAL
 FACILITY FOR SOUTH AFRICAN OPERATIONS.


 Toronto, 2 June 2003. Thistle Mining Inc. (TSX:THT and AIM:TMG).



Following on from the close out of its Rand exchange rate cover announced on 7
May 2003, Thistle Mining is pleased to announce that the company has agreed a
US$7 million borrowing facility with Standard Bank London for working capital
purposes at its President Steyn Complex.   The facility is structured as a three
and a half year credit facility, convertible, at the lender's option, into
shares of Thistle at Cdn $0.56, with interest payable at 10% per annum.  
Conversion is at the company's option when the shares trade at 125% of the
conversion price for 20 consecutive trading days.   Interest arising is
convertible at a 15% discount from the current market share price at the time
the interest is payable.   The facility is subject to normal regulatory approval
by the exchange control authorities of the South African Reserve Bank.


In addition, holders of US$0.85 million of  loan notes, convertible into units
of Thistle at Cdn $0.70 and due on 31 May 2003, have agreed to restructure the
conversion price to Cdn $0.65 and roll the due date over for a further 12
months.




 For further information please contact



 William McLucas
 President and Chief Executive Officer
 William.mclucas@thistlemining.com

 +44 131 557 6222 or
 +44 7836 638 912


 Harvey McKenzie
 Chief Financial Officer
 harvey.mckenzie@thistlemining.com

 + 1 416 594 3293




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