Hathor Exploration Limited

Hathor Exploration Limited

February 27, 2007 08:58 ET

Hathor Announces 2007 Exploration Program at Russell Lake Project, Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 27, 2007) - Hathor Exploration Limited (TSX VENTURE:HAT) and Northern Continental Resources Inc. (TSX VENTURE:NCR) are pleased to announce that the 2007 exploration program on their Russell Lake Joint Venture (60% NCR, 40% HAT) has commenced. The first phase of this work is budgeted at $2.6 million and will focus on seven target areas that have been outlined by approximately $3 million of exploration completed during the last 3 years. The Russell Lake Property was initially acquired by Northern Continental from PNC Exploration (Canada) Co. Ltd., a subsidiary of a Japanese government company, in 1999 based on the presence of uranium mineralization intersected by their drilling program. Additional claims were acquired by staking shortly thereafter.

Highlights of the 2007 Program:

- Exploration currently underway includes line cutting, high-resolution 2D seismic, ground gravity and TEM electromagnetic surveys. The TEM surveys are being completed over six grid areas, each of which is anticipated to generate multiple drill targets;

- An airborne gravity survey is scheduled to be flown this spring;

- Approximately 5,000 metres of diamond drilling (12 holes) have been targeted for summer drilling on the Grayling Zone, where previous diamond drilling intersected 3.45% U3O8 over 0.3 meters and 0.4% U3O8 over 3.75 meters in another hole 500 meters to the north.

- Drilling of other target areas will be scheduled as they are further developed through current exploration programs.

- Unlike many uranium exploration projects in the Athabasca Basin, most of the drill targets being developed on the Russell Lake property are not dependent on winter conditions for drilling.

The 45,742 hectare (113,031 acre) Russell Lake property is located within the eastern Athabasca Basin of northern Saskatchewan. The geological setting of this region accounts for approximately 28% of the world's annual mine production of uranium. All of this production comes from unconformity-style uranium ore deposits; the highest-grade uranium ore deposits in the world.

The Russell Lake property is directly bordered by: Cameco Corporation and AREVA Resources Canada Inc.'s McArthur River property to the north; Denison Mines Corp. and JNR Resources Inc.'s Moore Lake property to the east, Denison and Cameco's Wheeler River property to the west, and Cameco and AREVA's Getty Russell and Cree Zimmer properties to the southwest.

Access to the project is provided by an all-weather road located along the northwest boundary of the Russell Lake property, along which uranium ores from Cameco and AREVA's McArthur River mine are trucked to their formerly-producing Key Lake mine for processing.

For more information on Hathor and its ten Athabasca uranium projects, please visit the company's website: www.hathor.ca.

Hathor Exploration Limited

Stephen G. Stanley, Director

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Contact Information

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