2008-10-03 01:19:40 -

- Thorium Power, Ltd. Peter Charles, 571-730-1200 ir@thoriumpower.com Thorium Power, Ltd. (OTC Bulletin Board:THPW), the leading developer of non-proliferative nuclear fuel technology and provider of comprehensive advisory services for emerging nuclear programs, today welcomed the actions of Senator Orrin Hatch (R-UT) and Senate Majority Leader Harry Reid (D-NV) to introduce the "2008 Thorium Energy Independence and Security Act" legislation to

significantly strengthen the technical capability of the United States to assess the superior qualities of thorium based nuclear fuels. If passed, the legislation would appropriate $250 million over five years to fund thorium fuel research and development at the U.S. Department of Energy.

The legislation calls on the U.S. Department of Energy and the Nuclear Regulatory Commission to develop the expertise needed to assess and license new nuclear fuel designs that promise to improve on existing fuels both in terms of proliferation resistance and the quantity and long term radiotoxicity of spent fuel.

Seth Grae, the President and CEO of Thorium Power, stated, "The introduction of the 'Thorium Energy Independence and Security Act' during this extraordinary time when Congress is focused on issues of utmost importance to the nation represents a major milestone toward the recognition that the nuclear renaissance can best be achieved by encouraging new and innovative fuel designs."

Thorium-based fuels, particularly the proprietary fuel designs developed by Thorium Power, have specific advantages over the standard uranium-based fuels used in civilian reactors for the past fifty years. According to the World Nuclear Association, the thorium fuel cycle "holds considerable potential long-term (and it) is a significant factor in the long-term sustainability of nuclear energy."

Grae continued: "Thorium Powers' fuels do not produce any weapons usable material and thus allay concerns over proliferation as new reactors are built around the world. Further, Thorium Power's fuels produce less than half the spent fuel of traditional designs in terms of weight and volume and a result in a full 90% reduction in terms of long term radiotoxicity of the spent fuel. Senators Hatch and Reid have acted today to strengthen American technology and American business to compete in the global marketplace. Their vision is to be commended."

Grae concluded by noting that: "The intent of this legislation is to make sure that the United States is prepared to review and license fuel designs such as those of Thorium Power when the testing phase of new designs is completed. This will create a significant export potential for the United States. In addition to the benefits to the US, this bill will encourage the use of thorium-based fuels in other countries, helping to reinforce the benefits of enhanced proliferation-resistance and improved safety to energy programs of other nations. We look forward to working with the full Senate and the House to advance this legislation."

About Thorium Power, Ltd.

Thorium Power (OTCBB:THPW) is a pioneering U.S. nuclear energy company based in McLean, VA. The Company develops non-proliferative nuclear fuel technology and provides comprehensive advisory services for emerging nuclear programs based on a philosophy of transparency, non-proliferation, safety and operational excellence. Thorium Power's technologies, which are aimed at both existing and future reactors, include nuclear fuel designs optimized to address key concerns regarding traditional nuclear power, including proliferation of weapons usable nuclear materials and reduction of nuclear waste. The Company maintains a seasoned team with unparalleled experience from the nuclear energy industry, regulatory and government affairs, non-proliferation and diplomacy. It leverages those broad and integrated capabilities by offering consulting and strategic advisory services to commercial entities and governments with a need to establish or expand nuclear industry capabilities and infrastructure. Thorium Power also maintains long-standing relationships with leading Russian nuclear entities, providing expert resources and facilities for its nuclear fuel development activities. The Company enters into partnerships with participants in the global nuclear industry, allowing it to address a wide range of international opportunities.

DISCLAIMER

This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, statements regarding benefits of new agreements and other statements identified by forward-looking terminology such as "may," "expects," "believes," "anticipates," "intends," "expects," "projects" or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectations and actual results may vary (perhaps materially) from certain of the results anticipated herein. Reference is made to the risk factors contained in our latest annual report as filed with the Securities and Exchange Commission. These factors may cause actual results to vary from the forward-looking statements contained in this release.

Further information is available on Thorium Power, Ltd.'s website at www.thoriumpower.com

¶ Senators Hatch and Reid Position American Industry to Advance the
Nuclear Renaissance; Legislation Would Appropriate $250 Million Over
Five Years to Fund Thorium Research at DOE