Hathor Exploration Limited

Hathor Exploration Limited

June 23, 2008 09:00 ET

Hathor Commences Drilling at its Midwest NorthEast Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2008) - Hathor Exploration Limited (HAT-TSX.V) announces that drilling has commenced on its 90%-owned Midwest NorthEast uranium property following the grant of surface exploration permits by Saskatchewan Environment.

TEAM Drilling LP has been contracted to complete this summer drill program. Mr. Stephen Stanley, President of Hathor, stated: "We are very happy to be the first company to enter into a contract with TEAM Drilling and look forward to working together with a company having ownership by the Athabasca Basin area communities of northern Saskatchewan."

Hathor's new exploration model shows the primary summer drill target will test the location of where the intersecting, basement-hosted uranium-bearing structures of its Roughrider Zone discovery meet the Athabasca unconformity. This target, identified by coincident gravity and resistivity lows, has not yet been tested and is centred approximately 90 m ENE from the uranium mineralization in discovery hole MWNE-08-12. Please see maps posted at www.hathor.ca .

Highlights(i) from Roughrider Zone uranium mineralization (using a 0.05% U3O8 cut-off grade) discovered during this winter's drilling are outlined in Hathor's news release dated May 21, 2008 and include:

- 11.9 m grading 5.29% U3O8, including 0.2 m at 40.20% U3O8, in discovery drill hole MWNE-08-12;

- 15 m grading 10.02% U3O8, including 2 m at 43.85% U3O8, in drill hole MWNE-08-20;

- 9 m grading 10.06% U3O8, including 3 m at 22.72% U3O8;

- 5 m grading 3.58% U3O8, including 1.5 m at 10.85% U3O8, in drill hole MWNE-08-21;

- 9.5 m grading 2.60% U3O8, including 2 m at 10.39% U3O8, in drill hole MWNE-08-28.

(i)All intersections are down hole thickness, true thickness is yet to be determined

With capital resources of approximately $28 million, Hathor continues to aggressively advance its portfolio of 11 Athabasca region uranium exploration projects. This area accounts for approximately 25% 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.
Benjamin Ainsworth, P.Eng, a director of the company and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

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 Stanley
    (604) 684-6707
    Hathor Exploration Limited
    Tony Nunziata
    (403) 560-4070
    Website: www.hathor.ca