RNS Number:6686N
Thistle Mining Inc.
17 July 2003





Thistle Mining Inc. announces the private placing of US$24 million 10% secured
                             convertible loan notes


Toronto 16 July 2003 - Thistle Mining Inc. (TSX: THT and AIM: TMG) is pleased to
announce that it has completed the private placing of  US$24 million 10% secured
convertible loan notes (the "Notes").  These Notes have been placed by Canaccord
Capital (Europe) Limited acting as agent.  The Notes are repayable in July 2008
and are convertible at the option of the holder at any time during the term at a
rate of 2,075 common shares of Thistle for every US$1,000 nominal value of Notes
(equivalent to Cdn$0.65 per share).  The Notes are not redeemable prior to
maturity.



It is the intention of the Company to list the Notes on both the Toronto Stock
Exchange ("TSX") and the Alternative Investment Market of the London Stock
Exchange ("AIM").  The Notes will trade in sterling on AIM and US$ on TSX.



Willie McLucas, President and CEO commented:



"In the face of a weaker gold price over the past two weeks securing this
financing is a significant milestone in the development of the Thistle Group.
In particular it will allow not only the development of the Northern Section of
the President Steyn complex, which should lead to lower unit operating costs but
also the completion of the long awaited, full Bankable Feasibility Study on the
Masbate project in the Philippines, which has been under funded during the past
two years."


For further information contact:



Willie McLucas 
President and Chief Executive Officer
william.mclucas@thistlemining.com


+44 131 557 6222  or    +44 7836 638 912

In Canada


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



+ 1 416 594 3293


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