Hathor Exploration Limited

Hathor Exploration Limited

November 02, 2006 12:07 ET

Hathor and Forum Form 50:50 Joint Venture on Haultain River Uranium Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2006) - Hathor Exploration Ltd. (TSX VENTURE:HAT) and Forum Uranium Corp. (TSX VENTURE:FDC) are pleased to announce that they have entered into a joint venture in the Key Lake region of northern Saskatchewan. Hathor and Forum will each have a 50% interest in the Haultain River Joint Venture and Forum will be the operator.

This joint venture will compliment both companies' current exploration initiatives in this area as the joint venture property is located between Hathor's 100%-owned Vedette Lake permit and Forum's 100%-owned Key Lake Road project. Saskatchewan Provincial Highway 914, which provides access to the Key Lake uranium mine/mill complex of Cameco Corporation and AREVA Resources Canada Inc. crosses the Haultain River property. Key Lake, which is approximately 100 km to the northeast, produced over 180 million lbs U3O8 from 3,518,000 tonnes at an average grade of 2.35% U3O8 and its mill facilities are now used to produce 18.7 million lbs U3O8 annually from McArthur River mine ore.

The Haultain River claims cover 10,148 hectares and were staked over an interpreted 15 kilometre extension of the Key Lake Road Shear Zone where, on their Key Lake Road property to the north, Forum is currently drilling uranium showings discovered at surface during the 2005 and 2006 exploration field seasons. To the south, Hathor is currently conducting an airborne geophysical survey on its Vedette permit area and plans are being made to extend this electromagnetic survey over the joint venture property.

A compilation of historic assessment data from the joint venture area shows surface uranium occurrences and outlines conductive zones that could represent graphitic metasediments within the Wollaston - Mudjatik Transition Zone; key geological terrane hosting the uranium mines and deposits of the eastern Athabasca Basin.

The Haultain River Joint Venture will focus on exploration for shallow, basement-hosted, unconformity-style targets using the Millennium, McArthur River and Eagle Point uranium deposits as exploration models. Recently, JNR Resources Inc. announced the discovery of uranium mineralization of this nature (grading up to 48% U3O8) on their Way Lake property located about 55 km east of Key Lake.

For more information on Hathor, its subsidiary Roughrider Uranium Corp. and their projects, please visit the company's website: www.hathor.ca or contact Stephen Stanley at 604-684-6707.

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