Hathor Exploration Limited

Hathor Exploration Limited

March 12, 2009 16:30 ET

Hathor Announces Timetable for the Listing of MAX Minerals Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2009) - Hathor Exploration Limited (HAT: TSX-V) announces the projected timetable for the "spin-out" of MAX Minerals Ltd. ("MAX") and the listing of MAX on the TSX Venture Exchange.

Subject to final regulatory approvals, the effective time of the Plan of Arrangement will be after the close of business on Friday April 3, 2009, and the common shares of MAX will be called for trading at the opening on Monday April 6, 2009.

Shareholders of Hathor will be entitled to receive shares of MAX on the basis of one common share of MAX for each ten shares of Hathor held. In order to receive shares of MAX, investors must be holders of Hathor shares at the close of business on Friday April 3, 2009.

MAX will hold a 100% interest in a highly prospective portfolio of gold-silver properties situated in the Eskay Creek region of northwestern British Columbia. The Eskay Properties comprise nine claim blocks totalling 302 claims covering approximately 122,000 hectares. All claims are subject to a 2% net smelter returns royalty payable to the original staker and vendor of the claims, an insider of Hathor.

The claim groups extend, with some breaks, from 57 km north of the high grade Eskay Creek gold-silver mine of Barrick Gold Corporation (Eskay) to 46 kilometres south of the mine, 54 kilometres west-northwest and 16 kilometres east. The MAX claims closest to Eskay are approximately seven kilometres away. Eskay itself lies 80 km north of the seaport at Stewart and is accessible by 60 km of road from the paved Stewart-Cassiar Highway. A gravel airstrip is located near the Eskay road turnoff at Bob Quinn on this highway, approximately 30 km by air from Eskay.

The initial Board of Directors and Officers of MAX will be as follows:

Stephen G. Stanley Director and Chief Executive Officer;
Benjamin Ainsworth Director;
Matthew J Mason Director;
Robert Mason Director;
Andriyko Herchak President and Chief Financial Officer;
Graham H. Scott Secretary.

On listing, MAX will have approximately 8,600,000 common shares issued and outstanding, of which approximately 535,000 will be held by directors and officers. MAX will have an initial working capital of $1,550,000, of which approximately $950,000 is budgeted for the first phase of the exploration program. This program will take advantage of retreating ice and snowfield cover in the area, which has exposed indications of mineralization as gossans that have not been previously prospected. This work will cover several gold targets and the Max iron-copper-cobalt gold-enriched skarn deposit.

Hathor Exploration Limited

Stephen G. Stanley, Director

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

Contact Information

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