Terra Ventures Inc.

Terra Ventures Inc.

April 19, 2010 11:49 ET

Terra Ventures Inc.: Summer Exploration Gearing Up at Russell Lake

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2010) - Terra Ventures Inc. (TSX VENTURE:TAS) is pleased to provide an update on the South Russell Uranium property in which Terra owns an 8% production carried interest. In a press release dated April 19, 2010, Hathor reported: "Hathor Exploration Limited (HAT:TSX-V) is pleased to announce that planning is now underway for summer exploration on its Russell Lake Project in the Athabasca Basin, Saskatchewan.

  • Dedicated exploration team assembled for Russell Lake;
  • Compilation of ALL previous exploration data underway;
  • Modelling of recent airborne geophysics started;
  • Drilling anticipated by late summer.

Property Ownership
The Russell Lake Project covers the Russell Lake and South Russell properties (Figure 1). Combined, the properties cover approximately 71,670 ha in one contiguous block of 23 claims.

Hathor controls 100% of the Russell Lake property (45,742 ha), following the successful acquisition of Northern Continental Resources (see News Release dated November 23, 2010). The South Russell property is owned 90% by Hathor, with a cumulative 10% interest held by two parties, and carried to completion of a feasibility study.

There is excellent infrastructure and proven world-class uranium endowment in the Russell Lake area (Figure 2). The south end of the property is 15 km northeast of the Key Lake mine/mill complex. The northern end is 12 km southeast of the McArthur River mine. Denison Mines' recent discovery at Wheeler River (the Phoenix deposit) is on the immediate west-central boundary of the property.

The McArthur River-Key Lake haul road runs along the western margin of the property.

Geologic Setting and Exploration History
The property is within the Wollaston-Mudjatic mag-low transition zone, the fertile eastern corridor of the Athabasca Basin where 100% of current uranium production occurs (Figure 3). This corridor, with the exception of the Russell Lake Project area, is perhaps the most extensively explored area in the Athabasca Basin during the past 20 years. Depth to the unconformity is variable across the large land package and up to a maximum of 400 metres.

Recent exploration on the Russell Lake property itself includes airborne geophysical surveys between 2004 and 2007, including a 3,421 line-km Bell full tensor gradiometry survey (airborne gravity), a 6,946 line-km high resolution airborne magnetic survey, and 5,407 line-km's of airborne EM surveys on three different blocks. Ground-based geophysical surveys were done between 2007 and 2009, including EM, resistivity and gravity. Seismic surveys were also completed between 2005 and 2008 to help delineate major structures. There were 8 holes drilled in 2007, and 27 holes completed in the 2009 winter season on 7 different targets. Alteration and trace element geochemical anomalies were identified but are yet to be followed up.

Exploration Targeting for Summer-2010
The lack of drilling on the Russell Lake properties, compared to surrounding properties, underscores the mineral potential that is yet to be fully tested (Figure 4). Hathor has formed an exploration team to systematically evaluate the property. The team will focus exclusively on Russell Lake and be independent of the Midwest Northeast project.

Work this spring will include: a full compilation and synthesis of all available exploration data with regional, publically available, geological maps and surveys; recent geophysical surveys will be re-processed and re-interpreted; recent drill core will be re-logged. Exploration targets will be identified and prioritized based on this work. Targeted ground geophysics will be considered for this summer or next winter. Drilling is anticipated for the fall, once all targeting work is complete.
Permitting, logistics planning and public consultation for this planned work has been initiated.

Alistair McCready, Ph.D., P.Geo., Hathor's Exploration Manager with responsibility for all of Hathor's exploration in Saskatchewan, and Michael Gunning, Ph.D., P.Geo, Hathor's Chief Operating Officer, are Qualified Persons as defined by National Instrument 43-101 and have reviewed and approved the technical disclosure contained in this news release."

Terra Ventures is a junior exploration company focused on acquiring and developing quality uranium projects which have world class potential. The Company is dedicated to building shareholder value by acquiring strategic uranium properties in this period of strengthening global demand for uranium supply. The Company's combination of strategic land positions, advanced stage projects and no risk carried interest projects - combined with technical expertise and management's fundraising ability – are the foundation for growth in the uranium business.

On behalf of the board of directors of TERRA VENTURES INC.

Gunther Roehlig, President

This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

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 news release.

Contact Information

  • Terra Ventures Inc.
    Ryan Johnson
    Investor Relations
    Toll Free: 1-866-683-0911 or 1-604-683-0911
    1-604-683-7161 (FAX)