Hathor Exploration Limited

Hathor Exploration Limited

February 23, 2007 09:47 ET

Hathor Completes 3D Seismic Field Work at Midwest NE Uranium Project, Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 23, 2007) - Hathor Exploration Ltd. (TSX VENTURE:HAT) is pleased to announce that, Kinetex Inc., a subsidiary of FirstGrowth Capital Inc. (TSX VENTURE:FGC), has completed the acquisition of field data for the first true 3D seismic survey ever performed in the Athabasca Basin of northern Saskatchewan.

Over the past 3 months, despite challenging weather conditions consisting of long periods of less than -40 degrees C temperatures, a Kinetex crew of up to 55 people undertook this state-of-the-art survey on Hathor's 90%-owned, 502 hectare Midwest NE uranium property. Using radio telemetry-based Input/Output, advanced VectorSeis® technology, more than 20 million high-frequency, "Digital 3-Component Full Wave" seismic traces were acquired from approximately 249 line kilometres of survey. This considerable seismic imaging effort exceeds most typical surveys performed over township-size (36 sq. mile or 9,324 hectare) projects in the oil and gas industry. The Midwest NE survey's intensity was designed to guide the future framework of multi-disciplinary exploration efforts, especially the selection of diamond drill targets.

Since 2003, through its wholly-owned subsidiary Roughrider Uranium Corp., Hathor has become the leader in the implementation of innovative, high-resolution seismic methods for uranium exploration in the Athabasca Basin. In addition to determining the depth and characteristics of the basin/basement unconformity, the principle objectives of its seismic surveys are to provide a definitive map of basement and basin structural features and to enhance correlation efforts of these fault zones with previously identified electromagnetic conductors, gravity and magnetic features. All of this information allows for the better definition of prospective structural targets for diamond drilling and this in turn enables significant cost savings and the acceleration of future drill programs.

Kinetex started the delivery of the high-density Midwest NE field data set to the University of Saskatchewan Seismological Laboratory for analyses and interpretation in early January. Current field observations and the preliminary extraction of regional 2D profiles show promising results including strong imaging of the basement unconformity. These results will assist in determining the final vectors for initial diamond drilling which is expected to commence shortly. Further extensive 3D processing is scheduled over the next several months and additional interpretation using the Saskatchewan Research Council's new 3D Virtual Reality Centre will be of significant importance in further refining drill targets.

The Midwest NE property is located to the immediate northeast of the Midwest property of AREVA Resources Canada Inc., Denison Mines Corp. and OURD Canada Co. Ltd., where mining of a shallow (about 200m depth), open-pit orebody that grades 5.47% U3O8, 4.37% nickel and 0.33% cobalt is slated to start in 2008. Saskatchewan Provincial Highway 914, which provides year-around access to the regional service centre at Points North Landing is about 5 km southwest of Hathor's property. AREVA's McClean Lake uranium mill facilities (that were projected to produce 18 million lbs U3O8 annually from Cigar Lake mine ores) is located approximately 10 km to the east of the Midwest NE property.

In addition to their Midwest deposit uranium resources, 2005 exploration drilling by AREVA resulted in the discovery of the Mae Zone, approximately three kilometers northeast of the Midwest deposit and about 900 metres from Hathor's Midwest NE property boundary. At the Mae Zone, drill results grading as high as 12.5 metres of 15.30% U3O8 have been reported.

The geological setting of the eastern Athabasca Basin region of northern Saskatchewan 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 richest uranium ore deposits in the world. For more information on Hathor, its subsidiary Roughrider Uranium Corp. and their projects located in this region, 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