Hathor Exploration Limited

Hathor Exploration Limited

December 12, 2007 13:34 ET

Hathor Delivers Russell Lake Property Demand Notice to Northern Continental Resources

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2007) - Hathor Exploration Limited ("Hathor") (TSX VENTURE:HAT) announces that it has today delivered a demand notice to Northern Continental Resources Inc. ("Northern Continental") (TSX VENTURE:NCR) for the payment of the sum of $368,281. The amount, which is now 57 days overdue, relates to past expenditures on the Russell Lake Joint Venture for which Hathor was Operator for the 2007 program.

Under the Joint Venture Agreement between the companies, if the amount is not paid within 30 days, Northern Continental shall be deemed to be in default, and shall have lost its right to contribute to the program.

In that event, Hathor will then have the right to contribute all remaining costs under the program, and Northern Continental's interest in the Russell Lake Property will be reduced proportionately.

On November 16, 2007, Hathor invoiced Northern Continental for an additional $292,195 for the 2007 program and this amount, although not yet overdue, has not been paid. The total current and overdue amounts owing by Northern Continental to Hathor for the 2007 program are therefore $660,476.

Hathor Exploration Limited is a Canadian-based publicly traded mineral exploration company engaged in the acquisition and exploration of mineral properties. Hathor is primarily focused on uranium exploration in the Athabasca Basin region of Saskatchewan and Alberta, Canada and holds several large claim blocks near some of the world's most productive uranium deposits. Hathor has also obtained rights to several million acres with uranium potential in the Hornby Bay Basin of the North West Territories.

In addition, Hathor has maintained its interests in the Eskay Creek precious metal mining camp northwest of Stewart, British Columbia. The Eskay Creek mining camp is considered one of the richest and most prospective geologic terrains in North America and Hathor has assembled the largest land position in this area.

For more information on Hathor, its subsidiary Roughrider Uranium Corp. and their uranium projects, please visit the company's website: www.hathor.ca or contact Stephen Stanley at 604-684-6707.

Hathor Exploration Limited

Stephen G. Stanley, Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Hathor Exploration Limited
    Stephen G. Stanley
    (604) 684-6707
    (604) 684-9277 (FAX)
    Website: www.hathor.ca