MGV.H Magnate Ventures I Com Npv

Thor Explorations Ltd. ("Thor") (TSX VENTURE:THX) and Magnate Ventures Inc.
("Magnate") (NEX BOARD:MGV.H) announced today that they have entered into an
amalgamation agreement (the "Amalgamation Agreement") under which they have
agreed to amalgamate, subject to regulatory and shareholder approval. The
amalgamated entity ("Amalco") will be called "Thor Explorations Ltd."


Under the terms of the Amalgamation Agreement, each common share of Thor will be
exchanged for 0.5 shares of Amalco and each common share of Magnate will be
exchanged for 0.42 shares of Amalco. Upon completion of the Amalgamation, Amalco
is expected to have approximately 30,000,000 common shares outstanding of which
15,820,028 shares will be held by shareholders of Thor and 14,179,972 shares
will be held by shareholders of Magnate.


Thor is listed a junior exploration company listed on the TSX Venture Exchange.
Thor has a 100% interest in certain mineral claims in the Dawson and Mayo mining
districts in the Yukon Territory. Thor has not yet determined whether these
mineral properties contain ore reserves that are economically recoverable.
Thor's current activities are limited to maintaining base levels of operations.
Due to current economic conditions Thor is not currently actively engaged in an
exploration program on its mineral properties. Thor's current activities are
limited to maintaining base levels of operations and seeking additional
properties of merit.


Magnate is listed on the NEX Board of the TSX Venture Exchange and is currently
inactive. It was previously engaged in the business of development, assembly and
deployment of Pay-Per-Use Internet Access Terminal technologies under the name
"Coyotenet Communications Group Inc."


The Amalgamation is expected to result in a number of benefits to Amalco
shareholders, including the reduction or elimination of certain operating costs,
greater financial resources, and fundraising, investment and management
synergies. The pooling of the financial resources of each of Thor and Magnate,
together with reduced operating costs should provide Amalco with greater
flexibility to fund, acquire or develop resource properties.


The proposed management of Amalco will include Stephen Barley, as President and
CEO, Kathleen Butt as CFO, and Kathy Chan as Corporate Secretary. The proposed
directors of Amalco are Stephen Barley, Kurt Bordian and Sargent Berner.


In order to become effective, the amalgamation must be approved by at least
two-thirds of the Thor and Magnate shareholders who vote in person or by proxy
at upcoming shareholders' meetings. The meetings are scheduled to be held in
August 2009 and a joint information circular which will provide details of the
amalgamation is scheduled to be distributed to Thor and Magnate shareholders in
July 2009. The amalgamation is subject to certain other conditions including,
but not limited to, the receipt of all necessary approvals including the
approval of the TSX Venture Exchange.


Each of Thor and Magnate has formed a special committee comprised of only
independent directors to consider the merits of the amalgamation. In the course
of their evaluation the respective special committees consulted with legal
counsel, senior management and advisors and considered a number of strategic and
operational factors. The respective special committees concluded the
amalgamation is in the best interests of the shareholders of Thor and Magnate
and recommended approval of the Amalgamation Agreement to the respective Board
of Directors of Thor and Magnate. Each of the Board of Directors of Thor and
Magnate passed resolutions to approve the execution of the Amalgamation
Agreement.


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 offering, involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Thor and
Magnate to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
factors include, among other risks, risks related to the closing of amalgamation
and the expected benefits of the amalgamation. Although Thor and Magnate have
each 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.


THOR EXPLORATIONS LTD.

Shares Outstanding: 31,342,272

MAGNATE VENTURES INC.

Shares Outstanding: 33,390,921

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