MCLEAN, VA–( EMWPresswire – March 28, 2008) – Thorium Power, Ltd. (OTCBB: THPW), the leading

developer of non-proliferative nuclear fuel technology and provider of

comprehensive advisory services for emerging nuclear programs, today

provided a business update for the twelve months ended December 31, 2007.

Seth Grae, CEO of Thorium Power, stated, “We are quite pleased with the

tremendous strides we have made in building awareness for our patented

non-proliferative, low waste nuclear fuel designs. In December 2007,

Thorium Power reached a major milestone as we entered into our first

strategic advisory contract with a foreign government-owned entity

generating professional fees totaling $3.7 million USD with a pre-payment

of $5 million USD. We subsequently entered into a follow-on agreement,

totaling a pre-payment of $4.3 million USD for a project covering an

estimated

three-month period. In our capacity as advisor, we have developed a

comprehensive roadmap as the first phase of a feasibility study for the

deployment of civilian nuclear power plants. This landmark agreement

provides validation for our business model, where strategic advisory

services are early revenue drivers as well as important elements that

create awareness for our broader offering. We are confident that this is

the beginning of a trend toward cleaner and safer nuclear fuels, and safer,

transparent and compliant nuclear program development. Thorium Power is

ideally suited for the ensuing nuclear renaissance.”

Mr. Grae continued, “We continue to attract accomplished leaders from

across the industry to join our experienced team. James D. Guerra, formerly

of Exelon Corporation, the largest generator of nuclear energy in the

United States, was appointed Chief Financial Officer, Executive Vice

President and Treasurer of Thorium Power. Dr. Hans Blix, a leading

international authority on nuclear safety, joined us as a senior advisor,

bringing his valuable global experience to support our mission. And most

recently, we appointed Robert Ihde, a veteran nuclear industry executive

and fuel expert who headed U.S. subsidiaries of Areva, to our Technical

Advisory Board. We are pleased to have such high-caliber individuals join

Thorium Power and we will benefit from their valuable expertise, collective

experience and business acumen in the nuclear field.”

Mr. Grae concluded, “During the fourth quarter, we completed a new formal

agreement with Russia’s Kurchatov Institute relating to the irradiation

testing program for the company’s fuel designs, a process that provides an

important step towards the demonstration of our fuel designs in a full

scale commercial reactor. The agreement assigned to Thorium Power Inc., a

wholly owned subsidiary of Thorium Power, Ltd., the worldwide rights, title

and interest in and to the technical data generated from the ampoule

irradiation testing of seed and blanket fuel samples in the Kurchatov

research reactor from the past two years. Equally vital to the development

of our technology, the agreement allowed us to enter an international

patent application relating to our seed and blanket fuel, further

bolstering our strong patent portfolio. Our proprietary fuel designs bring

a unique and innovative approach to the generation of nuclear power, one

that clearly differentiates Thorium Power from all other fuel technologies.

We firmly believe the future of the nuclear renaissance will depend on

viable solutions to significant concerns such as proliferation, waste, and

operating economics.”

Operating loss for the twelve months ended December 31, 2007 was $11.8

million, compared to operating loss of $12.3 million for the same period

last year. Net loss for the twelve months ended December 31, 2007 was $11.5

million, or $0.04 per share, compared to net loss of $11.7 million or $0.08

per share, for 2006. As of December 31, 2007, the company had approximately

$9.9 million of cash and cash equivalents and $3.4 million of working

capital. Due to our revenue recognition policy, the contracts signed during

this period will be reflected as revenues starting in Q1 2008.

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 seeks and forms 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 the new agreement with

Kurchatov 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

http://www.thoriumpower.com

                            THORIUM POWER, LTD.

                        CONSOLIDATED BALANCE SHEETS







                                                December 31,  December 31,

                                                    2007          2006

                ASSETS

  Current Assets

Cash and cash equivalents                       $  9,907,691  $ 10,927,775

Prepaid expenses & other current assets              204,035       394,443

Deferred project costs                               371,631             0

  Total Current Assets                            10,483,357    11,322,218

Property Plant and Equipment - net                    30,676        21,290

  Other Assets

Patent costs - net                                   217,875       217,875

Security deposits                                      2,049         2,049

  Total Other Assets                                 219,924       219,924

Total Assets                                    $ 10,733,957  $ 11,563,432

   LIABILITIES AND STOCKHOLDERS' EQUITY

  Current Liabilities

Current portion long term debt                  $      4,651  $      4,739

Accounts payable and accrued liabilities           2,122,649     1,121,083

Customer deposit and other current liabilities     1,206,875       347,690

Deferred revenue                                   3,793,125             0

Warrant liability                                          0     1,132,440

  Total Current Liabilities                        7,127,300     2,605,952

Notes Payable - long term                              5,782        10,433

Total Liabilities                                  7,133,082     2,616,385

Common Stock with Registration Rights

Common Stock subject to continuing

 registration, $0.001 par value, 36,659,837

 shares issued and outstanding at December 31,

 2006                                                      0    12,041,373

Stockholders' Equity (Deficiency)

Preferred stock, $0.001 par value, 50,000,000

 authorized shares, no shares issued and

 outstanding                                               0             0

Common stock, $0.001 par value, 500,000,000

 authorized, 299,014,182 shares issued and

 outstanding at December 31, 2007 and

 257,291,709 shares outstanding at December

 31, 2006                                            299,014       257,292

Additional paid in capital - stock and stock

 equivalents                                      41,791,735    23,148,560

Deficit accumulated during the development

 stage                                           (38,630,572)  (27,177,989)

Common stock reserved for issuance, 2,000,000

 shares at December 31, 2007 and 4,000,000

 shares at December 31, 2006                         590,000     1,200,000

Accumulated other comprehensive income                30,143        18,861

Deferred stock compensation                         (479,445)     (285,200)

Treasury stock - 850,000 shares outstanding at

 December 31, 2006                                         0      (255,850)

Total Stockholders' Equity (Deficiency)            3,600,875    (3,094,326)

Total Liabilities and Stockholders' Equity

 (Deficiency)                                   $ 10,733,957  $ 11,563,432











                            THORIUM POWER, LTD.

       CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS





                                                Years Ended   December 31,

                                                    2007         2006

Revenue:

  License revenue                             $           0  $           0

Total Revenue                                             0              0

Operating Expenses

  General and administrative                      6,259,317      3,150,243

  Research and development expenses                 756,755         34,400

  Stock-based compensation                        4,745,098      9,131,746

Total Operating Loss                             11,761,170     12,316,389

Other Income and (Expenses)

  Gain on fair value of warrant derivatives               0      1,902,286

  Interest income/expense, other                    367,187        115,128

  Stock settlement expense                          (37,160)       (92,260)

  Registration right expense                              0       (353,706)

  Warrant expense                                   (21,440)      (963,387)

Total Other Income and Expenses                     308,587        608,061

Net Loss                                        (11,452,583)   (11,708,328)

Other Comprehensive Income (Loss)

Unrealized Gain Marketable Securities                11,282         18,861

Total Comprehensive Loss                      $ (11,441,301) $ (11,689,467)

Net Loss Per Common Share, Basic and diluted  $       (0.04) $       (0.08)

Weighted Average Number of shares

 outstanding for the period used to compute

 per share data                                 296,666,502    153,733,780

Contact: For more information: Peter Charles Thorium Power, Ltd. Tel: (703) 918-4932 Email: