IMC Ibero Mining Corp

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

Thor Explorations Ltd. (TSX VENTURE:THX) ("Thor" or the "Company") is pleased to
announce that it has entered into a letter agreement (the "Letter Agreement")
with the shareholders of African Star Resources Incorporated ("African Star")
pursuant to which the Company proposes to acquire from the shareholders of
African Star (the "Vendors") all of the issued and outstanding shares of African
Star (the "Transaction). African Star is a party to an option agreement (as
described below) pursuant to which it has the option to acquire a 70% interest
in the Douta Gold Project, located in (southeast) Senegal.


Under the Letter Agreement, the Company will acquire all of the outstanding
shares of African Star for a purchase price of approximately $2,600,000 which
shall be satisfied through the issuance to the Vendors of 16,745,795 common
shares of the Company ("Thor Shares"). The shares will be issued to the Vendors
in proportion to their relative shareholdings of African Star. 


Concurrent with the execution of the Letter Agreement, African Star entered into
a bridge loan agreement with an undisclosed arms length third party (the
"Lender") pursuant to which the Lender advanced $520,000 (the "Loan") to African
Star. On or after the closing of the Transaction, the Company will repay the
Loan and issue the Lenders up to 1,000,000 Thor Shares as consideration for
advancing the Loan. The Company will also pay a finder's fee of 251,187 Thor
Shares to a finder on the closing of the Transaction.


The transactions contemplated under the Letter Agreement will be a "Fundamental
Acquisition" in accordance with the policies of the TSX Venture Exchange (the
"TSXV"). The transaction is subject to approval by the TSX Venture Exchange and
other customary conditions.


Closing of the Acquisition will be subject to a number of conditions, including
but not limited to: (a) entering into a formal share purchase agreement to
replace the Letter Agreement; (b) completion of due diligence; and (c) the
approval of the TSXV.


About African Star and the Option Agreement

African Star is a BVI company which is party to an option agreement (the "Option
Agreement") with International Mining Company ("IMC"). Pursuant to the Option
Agreement, African Star has the option to acquire a 70% interest in the Douta
Gold Project located in (southeast) Senegal. The option may be exercised by
payment to IMC of US$2,250,000 (the "Option Payment") which will be satisfied in
Thor Shares, or with the mutual agreement of the parties, in cash. In the event
that the Option Payment is satisfied through the issuance of Thor Shares, the
deemed price per share of the Thor Shares so issued will be equal to the greater
of: (i) the volume weighted average trading price ("VWAP") of the Thor Shares
for the 20-day period following the date of hereof; and (ii) the VWAP of the
Thor Shares for the 20-day period preceding the Exercise Date (as defined
below). However, should the foregoing calculation result in IMC being entitled
to receive in excess of 11,250,000 Thor Shares, then in such circumstances IMC
will instead receive: (i) 11,250,000 Thor Shares; and (ii) a cash payment equal
to the difference between US$2,250,000 and (11,250,000 multiplied by the issue
price per Thor Share), to an aggregate maximum cash payment of US$506,250.


The option is exercisable until November 25, 2011 (the "Exercise Date"),
however, African Star may extend the Exercise Date to February 25, 2012, subject
to payment of an additional US$100,000 payable in cash or Thor Shares on the
Exercise Date. 


African Star and IMC intend to set up a property company ("Property Company") to
hold each of the parties' interest in the Douta Property and, in accordance with
the Senegal Mining Code, the government of Senegal would be granted a 10% "free
carry" interest in the Property Company.


Pursuant to the terms of the Option Agreement, IMC's 30% interest will be a
"free carry" interest until such time as the Company announces probable reserves
on the Douta property (the "Free Carry Period"). Following the Free Carry
Period, IMC must either elect to sell its 30% interest to African Star at a
purchase price determined by independent valuator commissioned by African Star
or fund its 30% share of the Property Company's expenses.


About the Douta Gold Project

The Douta Permit is an early stage gold exploration license located in Eastern
Senegal, approximately 700 km east of the capital city Dakar. The Permit lies
within the Kenieba Inlier which hosts in excess of 40Moz of gold and has
attracted major international mining companies.


The Douta permit covers an area of 103 km2, and lies in proximity to recent
discoveries of significant gold deposits. Access to the permit is by road from
Dakar and the closest town is Kedougou which is approximately 60 km from site.


THOR EXPLORATIONS LTD. 

J. Stephen Barley, President & CEO

For further information please contact:

This press release does not constitute an offer to purchase securities. The
securities to be offered in the offering have not been and will not be
registered under the United States Securities Act of 1933, as amended, or any
state securities laws and may not be offered or sold in the United States or to,
or for the benefit or account of, a U.S. person, except pursuant to an available
exemption from such registration requirements.


Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information
presented constitutes "forward looking statements". Such forward-looking
statements, including but not limited to those with respect to the closing of
the Transaction, the exercise of the Option Agreement, uncertainties and other
factors which may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Although
the Company has attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements.


Shares Outstanding: 29,770,302

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