Hathor Exploration Limited

Hathor Exploration Limited

August 23, 2007 13:12 ET

Hathor Adds to Uranium Land Holdings in Athabasca Basin Area

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2007) - Hathor Exploration Limited (TSX VENTURE:HAT) announces that it has added another four claims to its eastern Athabasca uranium land holdings subsequent to the completion of a 5,913 line-kilometre, high-resolution airborne magnetic survey in the vicinity of its Hatchet Lake property.

Two of Hathor's new mineral dispositions, totalling 5,498 hectares (13,586 acres) are designated as the North Hatchet property. This wholly-owned property is centred approximately 46 kilometres (29 miles) to the north-northeast of the McClean Lake uranium ore processing facilities operated by AREVA Resources Canada Inc.

The other two mineral dispositions add to Hathor's 100%-owned Hatchet Lake project and bring that property to a total size of 33,522 hectares (82,835 acres). The Hatchet Lake mineral claims are centred approximately 50 kilometres north-northeast of the Eagle Point mine of Cameco Corporation's Rabbit Lake mine/mill complex. Rabbit Lake, where 2006 production totalled 5.1 million lbs U3O8, was discovered in 1968 and is the longest producing uranium operation in Saskatchewan. It includes the mined-out Rabbit Lake, Collins Bay A, B and D open pits as well as the currently-producing Eagle Point underground mine.

The magnetic survey was performed at 150 metre line spacing using the triaxial gradiometric system of Goldak Airborne Surveys of Saskatoon, Saskatchewan. Results obtained from this type of geophysical survey over Hathor properties have helped the technical team to identify and map favourable structural features (fault zones) and lithostratigraphic units that are key elements in the search for unconformity-related uranium deposits in the Athabasca Basin area.

The Hatchet Lake and North Hatchet properties cover the same basement geology as the major eastern Athabasca uranium orebodies that are responsible for approximately 25% of the world's annual mine production of U3O8. As such, the focus of exploration at these projects is on near-surface, basement-hosted, structurally controlled uranium deposits. Nearby, analogous "root zone" deposits include the past-producing, AREVA-operated Sue C open pit mine, which produced about 30,864,720 lbs U3O8 between 1999 and 2002, and Cameco's Eagle Point mine.

Hathor Exploration Limited

Stephen G. Stanley, Director

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Contact Information

  • Hathor Exploration Limited
    Stephen G. Stanley
    (604) 684-6707
    (604) 684-9277 (FAX)
    Website: www.hathor.ca