Thelon Capital Ltd.
TSX VENTURE : THC

Thelon Capital Ltd.

January 30, 2007 08:30 ET

Thelon Ventures Ltd.: 4,000 Meter Drill Program to Commence on Pasfield Lake Uranium Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 30, 2007) - Thelon Ventures Ltd. ("Thelon") (TSX VENTURE:THV) is pleased to announce that an airborne gravity survey has been completed, and ground AMT (audio-magnetotelluric) surveys are underway, at its Pasfield Lake Property, located in the eastern Athabasca Basin. The work was commissioned and is supervised by Thelon's joint venture partner, Triex Minerals Corporation. Preliminary results from both surveys will be used to refine the position of drill hole targets for a 4,000 metre drill program for which drill mobilization will commence on January 31, 2007. Hy-Tech Drilling Ltd., of Smithers, B.C., has been contracted by Triex to complete the eight (8) hole program, which is anticipated to take eight weeks to complete. A winter camp has been established on the property and ground geophysics surveys are well underway.

Previous exploration on the property in 2006 is summarized in March 28 and August 30, 2006 news releases.

Bell Geospace Inc. has completed a 1,616 line-kilometre airborne 3-D Full Tensor gravity gradient survey over the property. The company has received preliminary data, with final maps and reports expected in the second week of February. Triex reports that the large feature under the northern portion of the lake with complex but coincident magnetic and electromagnetic zoning is clearly evident on preliminary gravity maps.

EMPULSE Geophysics Ltd. commenced a 68 line-kilometre ground-based AMT (audio-magnetotelluric) survey over Pasfield Lake last week. Four widely spaced lines will be completed before the end of February. The grid covers the large magnetic-electromagnetic feature under the northern portion of the lake. It will also improve the delineation of the drill-intersected clay-bound fault near the northwest shore of the lake that is coincident with a northeasterly trending conductor that is along a sharp magnetic gradient, as defined by the 2006 V-TEM airborne survey.

The Property is located in the eastern Athabasca Basin in northern Saskatchewan. It is approximately 60 kilometres northwest of the Cigar Lake Mine, the second largest high-grade uranium deposit in the world. It is 35 kilometres south of the northern extension of Highway 905 that connects Points North and Stony Rapids. The property currently consists of two Mineral Prospecting Permits that total 86,804 hectares; permit reduction to claims will be done in 2007.
For property location and description, visit the Company's website at www.thelonventures.com.

Triex has the right to acquire an 80% interest in the Pasfield Lake Property from Thelon Ventures Ltd. by spending an accumulative $6,100,000 (see news release dated March 28, 2006).

Jeremy Brett, M.Sc., P.Geo., Senior Geophysical Consultant for Thelon Ventures Ltd., is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration on the Pastfield Lake Uranium Project. This release has been reviewed by Dr. Michael Gunning, Ph.D., P.Geo., President of Triex Minerals and a Qualified Person as defined by National Instrument 43-101.

THELON VENTURES LTD.

Jason Walsh, President

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

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