Hathor Exploration Limited

Hathor Exploration Limited

January 17, 2008 10:48 ET

Hathor Restarts Drill Program at South Russell Uranium Project, Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 17, 2008) - Hathor Exploration Limited (TSX VENTURE:HAT) is pleased to announce that it has started its winter drill program on its South Russell property. Three drill holes were completed prior to the Christmas break and a further eleven holes are now planned.

The South Russell property comprises two claims that are 100 per cent owned by Hathor and six claims that are 90 per cent owned by Hathor, with the balance held by Terra Ventures Inc. (8 per cent) and Bullion Fund Inc. (2 per cent).

These phase one holes will test potential uranium-bearing structures, identified by geophysical surveys completed by Hathor since 2004, that occur in a small area of the property which is located about 22 kilometres (14 miles) north-northeast of Cameco Corporation and AREVA Resources Canada Inc.'s formerly producing Key Lake mine. Between 1983 and 1997, their Key Lake mine produced over 180 million pounds U3O8.

Additional drill targets are being developed in other areas of the large, 25,928-hectare (64,069-acre) South Russell property.

Access to this area is provided by an all-weather road along which uranium ores from Cameco and AREVA's McArthur River mine are trucked to their Key Lake site for processing of 18.7 million pounds U3O8 annually.

Hathor's geological team will guide the program and drilling will be performed by Cyr Drilling International Ltd. of Winnipeg, Manitoba.

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.

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
    Website: www.hathor.ca