Hornby Bay Exploration Limited
TSX VENTURE : HBE

Hornby Bay Exploration Limited

January 04, 2005 16:34 ET

Hornby Bay Exploration Files A Technical Report On Its Hornby Bay Basin Uranium Properties


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: HORNBY BAY EXPLORATION LTD.

TSX VENTURE SYMBOL: HBE

JANUARY 4, 2005 - 16:34 ET

Hornby Bay Exploration Files A Technical Report On Its
Hornby Bay Basin Uranium Properties

TORONTO, ONTARIO--(CCNMatthews - Jan. 4, 2005) - Hornby Bay Exploration
(TSX VENTURE:HBE) wishes to announce that it has filed a Technical
Report in accordance with National Instrument 43-101 on SEDAR for its
Asiak River Uranium Property (90 mineral claims) and its Coppermine
River Uranium Property (124 mineral claims) covering 210,600 hectares in
the Hornby Bay Basin of western Nunavut, Canada.

The Technical Report dated December 9, 2004 was prepared by Mr. Geoffrey
S. Carter, P.Eng., Broad Oak Associates, Toronto, Ontario a "qualified
person" as set out in National Instrument 43-101.

The Interpretation and Conclusion of the Technical Report are as follows:

"Since the start of uranium exploration programs on these properties,
particularly Coppermine, the uranium model for unconformity type
deposits has been refined and further understood. The fact that the
Hornby Bay Basin is geologically similar to the Athabasca Basin,
continues to be confirmed by successive exploration campaigns. The
sandstone basin has been confirmed. The geophysics identified
conductors, confirmed to be graphitic by drilling. The basement geology
is now well mapped by geophysics indicating the correct structural
environment in the basement geology.

The presence of anomalous uranium has been confirmed by drilling, and
the existence of high grade boulders indicates the existence within the
basin, of high grade uranium contained in pitchblende. Extensive
lithogeochemical sampling, along with weakly anomalous uranium grades in
regolith below the unconformity, continue to confirm that the geological
setting is conducive to the formation of relatively high grade uranium
deposits. Finally the clay-silica alteration encountered also confirms
the prospective nature of the Hornby Bay Basin.

The setting is correct, the presence of high grade uranium is confirmed,
and continued exploration will continue to define the targets more
precisely, suggesting a high probability that continuing exploration
should result in the identification of uranium resources."

Hornby Bay Exploration was incorporated in 1996 as a uranium exploration
company and in the April/September 2005 period will continue its
aggressive uranium exploration on its 100% owned 214 uranium claims
covering 210,600 hectares (520,400 acres) in western Nunavut.

Shares Outstanding: 67,620,656

Close: December 31, 2004: $0.415

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Hornby Bay Exploration Limited
    George Bell
    President & CEO
    (416) 368-0114
    (416) 368-0198 (FAX)
    THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE
    CONTENTS OF THIS RELEASE.