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| January 10, 2008 Hathor Receives Permits and Secures 2 Drill Rigs for Midwest NorthEast Uranium Project | |
| Hathor Exploration Limited is pleased to announce that it has received surface exploration permits from Saskatchewan Environment, allowing Hathor to proceed with a diamond drill program on its 90% owned Midwest NorthEast uranium property located in the Athabasca Basin of northern Saskatchewan. 24 drill holes totalling about 8,000 metres are planned and two diamond drills will be mobilized to the Midwest NE property by Boart Longyear Inc., a global drilling company that is also a primary drill services provider for both Cameco Corporation and AREVA Resources Canada Inc. To the immediate southwest of Hathor's Midwest NE project is the Midwest property of AREVA, Denison Mines Corp. and OURD Canada Co. Ltd. There, subject to regulatory approvals, mine site construction is slated to begin in mid-2009 and open-pit mining of a shallow (depth of about 200 metres) orebody that grades 5.47 per cent U3O8, 4.37 per cent nickel and 0.33 per cent cobalt is planned for early 2010. Hathor has finished the primary interpretation of 249 line kilometres of innovative, 3-D seismic reflection data and integrated it with other geophysical survey data from the Midwest NE property. As a result of this detailed work, Hathor has defined what is interpreted to be an extension of the primary structure associated with the Mae Zone mineralization onto the Midwest NE property and it is in this area that the majority of Hathor's drilling is planned In addition to the Midwest deposit uranium resources, exploration by AREVA resulted in the 2005 discovery of the Mae Zone, approximately three kilometres northeast of the Midwest deposit and about 900 metres from Hathor's Midwest NE property boundary. At their Mae Zone, drill results grading as high as 14.6 metres of 26.70% U3O8 have been reported. Peter Farmer, CEO of Denison recently stated that: "The infrastructure for the Midwest project -- roads, power, water treatment and mill expansion -- will also be beneficial for the development of the adjacent Mae Zone, which has significant expansion potential as was confirmed this summer by drilling that revealed a new high-grade structure." Points North Landing, a regional service centre to the eastern Athabasca region, is located about eight kilometres from Hathor's Midwest NE property and the modern, AREVA-operated McClean Lake uranium mill facilities are located approximately 10 kilometres to the east. With capital resources in excess of Cdn $20 million, Hathor continues to aggressively advance its portfolio of eleven Athabasca region uranium exploration projects. This area accounts for approximately 25% of the world's annual mine production of uranium. All of this production comes from unconformity-style uranium ore deposits -- the highest-grade uranium ore deposits in the world. Benjamin Ainsworth, P.Eng., a director of the company and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. For more information on Hathor, please visit the company's website: www.hathor.ca or contact Stephen Stanley at 604-684-6707. Hathor Exploration Limited Stephen G. Stanley, Director | |
You can view the Next News Releases item: Thu Jan 17, 2008, Hathor Restarts Drill Program at South Russell Uranium Project, Athabasca Basin You can view the Previous News Releases item: Thu Jan 3, 2008, Hathor Extends Offer for Northern Continental Resources shareholders You can return to the main News Releases page, or press the Back button on your browser. |