Hathor Exploration Limited

Hathor Exploration Limited

January 22, 2008 07:30 ET

Hathor Exploration Limited: 2008 Russell Lake Exploration Program Now Under Way

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2008) - Hathor Exploration Limited (TSX VENTURE:HAT) is pleased to announce that it has been informed by its joint venture partner, Northern Continental Resources Inc. (TSX VENTURE:NCR) that they have received surface permits for the winter 2008 exploration program on the Russell Lake Uranium Project, located in the eastern Athabasca Basin of northern Saskatchewan.

Together with Hathor's South Russell and Midwest Northeast projects, Hathor now has five drill rigs mobilized in the Athabasca Basin; two rigs are on site at the Midwest NE project (24 holes totaling approximately 8,000 metres), one rig at South Russell (14 holes totaling approximately 5,000 metres) and two rigs at Russell Lake.

The $3.5 million Russell Lake program, operated by NCR, has 10,500 metres of diamond drilling planned in 21 holes utilizing two diamond drills supplied and crewed by Cyr Drilling International Ltd. Two hundred line kilometers of electromagnetic and resistivity surveys will also be conducted. Aurora Geosciences is providing geological support and a road-accessible winterized camp.

The large Russell Lake Project is situated between the formerly-producing Key Lake mine and the currently-producing McArthur River mine, two of the richest high-grade uranium deposits in the world. Ten target areas within the Russell Lake project area will be worked on. Exploration plans include:

- Grayling Zone - 3 holes following up historic drilling that intersected 3.45% U3O8 over 0.3 metres and 0.40% U3O8 over 3.75 metres, and where recent drilling by Hathor intersected a 10m wide dissolution zone in the basement rocks in the vicinity of this mineralization.

- Grayling East - 2 holes targeting a resistivity anomaly developed by Hathor that indicates an alteration halo in the Athbasca sandstone that is also coincident with the underlying East Grayling conductor. Hathor's recent seismic surveys have also identified a significant brittle structure at this location.

- Powerline - 2 holes testing a significant prospective structure was found by recent magnetic, seismic and gravity surveys completed by Hathor.

- Fox Lake Trail - 3 holes testing historical conductors are defined by moving loop and T.E.M. electromagnetic surveys.

- Taylor Bay - 5 holes targeting a series of conductors delineated by Hathor's recent electromagnetic geophysical surveys.

- Blue Steel - 3 holes following up a historical drill hole that encountered a significant alteration zone in the Athabasca sandstone and a quartzite unit in the basement rocks. This conductor was further defined by recent electromagnetic surveys. A lake sediment uranium anomaly also overlies the conductor.

- Big Bend - PRO-TEM electromagnetic survey to follow up a significant conductor detected by a Hathor's recent airborne survey.

- Christie Lake - 3 holes, PRO-TEM electromagnetic and resistivity surveys to follow up on a major fault structure which was discovered by Hathor's recent seismic survey that is coincident with a a historical conductor.

- Morrison Lake - PRO-TEM electromagnetic survey to further refine a strong basement conductor located by a recent airborne survey carried out by Hathor.

- Boomerang - Moving loop electromagnetic surveys to verify and refine the spatial distribution of historical conductors.

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 has the world's highest-grade uranium ore deposits which account for approximately 25 per cent of the world's annual mine production of uranium.

Benjamin Ainsworth, PEng, 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.

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 Stanley
    (604) 684-6707
    (604) 684-9277 (FAX)
    Website: www.hathor.ca