Hathor Exploration Limited

Hathor Exploration Limited

January 28, 2010 11:14 ET

Hathor Commences Drilling at Midwest NorthEast Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2010) - Hathor Exploration Limited (HAT:TSX-V) is pleased to announce that all four diamond drill rigs mobilized to its Midwest NorthEast uranium property in the Athabasca Basin are now drilling. Sixty to eighty holes have been planned, weather dependent, for up to 26,000 meters of drilling.

The winter drill program will have three objectives:

  • To increase the mineral resource of the partially outlined Roughrider Zone. This will be pursued by infill, step out and down dip continuity drilling with the primary focus being the full delineation of the high-grade zones. Currently, these high-grade zones comprise just 10% of the total tonnes that define the recent NI 43-101 resource calculation but contain approximately 56% of the reported pounds of uranium.
  • To begin delineating the extent of the high-grade mineralization in drill hole MWNE 09-170 (28 metres of 12.71 wt% U3O8) which is located on land approximately 200 metres east of the nearest drilling in the Roughrider Zone (see Hathor news release dated 12th Nov 2009). This will be done by targeting the dip and strike extensions of the known mineralization in closely spaced drill hole fences.
  • To carry out reconnaissance drilling of other targets elsewhere on the property, including further testing of the strong alteration zone drill intersected about 1.2 km east-northeast from the Roughrider Zone (see Hathor news release dated 5th Aug 2009).

Team Drilling LP of Saskatoon, Saskatchewan, is providing drill equipment and services.

Terra Ventures Inc. owns a 10-per-cent production carried interest in the Midwest NorthEast property.

Corporate Update Hathor is also pleased to announce that Alistair McCready, Ph.D., has been promoted to Exploration Manager; operating out of Hathor's dedicated Saskatoon exploration office, Dr. McCready will direct all of Hathor's exploration programs. Dr. McCready has over 12 years of advanced experience in both exploration and research of uranium deposits globally with most of this focused on Saskatchewan's Athabasca Basin. In addition to uranium, he also has experience in base metal metallogeny and exploration.

Hathor is also pleased to announce that James P. Malone, B.S. Chemical Engineering (Nuclear), M.B.A., has been appointed to the Company's Advisory Board. Mr. Malone is widely considered an expert on the supply-demand situation for the uranium fuel cycle having recently retired as Vice President, Nuclear Fuels, Exelon Corporation, the largest generator of nuclear power in North America with 17 nuclear power plants in operation today. While supervising a staff of over 50 nuclear fuel professionals, Mr. Malone was responsible for providing strategic direction and tactical guidance for Excelon's nuclear fuel cycle activities. Prior to joining Exelon, Mr. Malone spent ten years as a Vice President and Senior Consultant for NAC International, a nuclear fuel cycle consulting firm.

Benjamin Ainsworth., P.Eng., VP Exploration, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

Hathor Exploration Limited

Stephen G. Stanley, Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Hathor Exploration Limited
    Tony Nunziata
    Hathor Exploration Limited
    JJ Jennex