Hathor Exploration Limited - Hornby Bay (North West Territories)

Hole 116: 2.5 Metres Grading 70.34% U3O8 Hole 94: 5.5 Metres Grading 12.62% U3O8 Hole 80: 18.5 Metres Grading 3.43% U3O8 Hole 79: 12 Metres Grading 10.18% U3O8 Hole 12: 11.9 metres grading 5.29% U3O8 Hole 19: 2.1 metres grading 4.11% U3O8 Hole 20: 15 metres grading 10.02% U3O8 including 2 metres grading 43.85% U3O8 Hole 21: 9 metres grading 10.06% U3O8 including 3 metres grading 22.72% U3O8 Hole 22: 6.5 metres grading 2.27% U3O8 Hole 28: 9.5 metres grading 2.60% U3O8 including 2 metres at 10.39% U3O8 Hole 30: 69 metres grading 2.33% U3O8 Hole 32: 6.5 metres grading 20.41% U3O8 Hole 37: 18 metres grading 4.15% U3O8 Hole 40: 23 metres grading 11.23% U3O8 Hole 42: 3.5 metres grading 5.92% U3O8 Hole 44: 13.5m grading 2.6% U3O8 Hole 56: 15 metres grading 12.03% U3O8 including 0.5 metres grading 70.7% U3O8 Hole 79: 12 Metres Grading 10.18% U3O8 Hole 80: 18.5 Metres Grading 3.43% U3O8 Hole 94: 5.5 Metres Grading 12.62% U3O8 Hole 116: 2.5 Metres Grading 70.34% U3O8

Projects

Hornby Bay (North West Territories)

Athabasca Basin Map Midwest Northeast (Roughrider) Russell Lake Project Grayling Project North Russell Project South Russell Project Henday Property Hatchet Lake and North Hatchet Projects Vedette Lake Project Milliken Creek Project Carswell Project Wollaston NorthEast Project Hornby Bay (North West Territories) Eskay Creek - MAX Minerals

Introduction

The Hornby Bay formation hosts the Eldorado Uranium Mine and the Mountain Lake uranium deposit. Host rocks in the area are mainly Proterozoic sediments of the Hornby Bay Basin.

Land Holdings

Hathor Exploration has acquired several large land positions totaling nearly 19 million acres in the vicinity of Great Bear Lake in the North West Territories. These permits are located to the northeast and northwest of Great Bear Lake and were selected to take advantage of proximity to basal units in the Hornby Bay rocks which include some coarse clastic members. These units may be favourable for the localization of higher grade, chemical front type uranium deposits similar to those found at the base of the Athabasca Basin in Saskatchewan.

In addition, the Company has also been awarded a 100% interest in the uranium rights to sixteen prospecting permits covering approximately 600,000 acres in the same area of the Northwest Territories. Fifteen of these permits are contiguous. These permits, acquired as part of the Jaeger Joint Venture, flank the east side of the 50% interest permits Hathor had previously acquired. Several copper-uranium showings were located in this area during the period 1978 to 1981 but little follow up work was done.

A single permit of approximately 15,000 hectares in size was also acquired covering part of a graben-like structure that has preserved an outlier of similar Proterozoic (Hornby Bay) sediments on the south side of Great Bear Lake. The location is approximately 50 kms west of the old Terra Mine site. This land holding is also adjacent to recent permits acquired by Cameco. Several uranium showings have been reported within the permit area. The Company is conducting a review of historical data which will determine the significance of these showings.

Outlook

The timely acquisition of these substantial land holdings in a recently recognized uranium bearing terrain place Hathor in an excellent position for new discoveries and joint venture possibilities.

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