Hathor Exploration Limited

Hathor Exploration Limited

December 07, 2006 15:34 ET

Hathor Completes Geophysical Surveys on Vedette and Haultain Uranium Properties

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 7, 2006) - Hathor Exploration Ltd. (TSX VENTURE:HAT) is pleased to announce that it has completed 1,350 line kilometres of "AeroTEM II" helicopter-borne, time domain electromagnetic geophysical surveys on its wholly-owned, 49,998 hectare Vedette Lake permit and 623 line kilometres on the adjacent, 50%-owned Haultain River property; a joint venture with Forum Uranium Corp. The Vedette Lake and Haultain River properties straddle the boundary between basement rocks of the Western Wollaston and Mudjatik Domains; the same geological setting of eastern Athabasca Basin area uranium deposits that are responsible for about 28% of the world's annual mine production of uranium.

Saskatchewan Provincial Highway 914, which provides year-around access to the Key Lake uranium mill complex of Cameco Corporation and AREVA Resources Canada Inc., crosses both of the Vedette Lake and Haultain River properties. Key Lake, between 1983 and 1997, 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 the rich McArthur River mine ore.

Open-pitable high-grade, basement-hosted "root zones" associated with unconformity-style uranium deposits (using the McArthur River, Millennium and Eagle Point uranium deposits as exploration models) are the exploration targets on the Vedette Lake and Haultain River projects. On both properties, favourable geological structural settings (one of the key factors in the formation of this type of uranium deposits) are suggested by regional aeromagnetics. The recently-completed airborne EM surveys will help to further define these structural features, and follow-up ground geological and geophysical exploration will allow Hathor and Forum to formulate prospective targets for diamond drilling.

The 10,148 hectare Haultain River joint venture property covers an extension of the Key Lake Road Shear Zone, where, to the immediate north of the Haultain River property at Forum's Hobo Zone on their Key Lake Road property, they have recently reported strongly-altered outcrop assaying 1.07% U3O8 over a 20 metre strike length.

On the Vedette Lake property, uranium and copper-zinc mineralized showings (as reported in Saskatchewan Industry & Resources "Geological Atlas of Saskatchewan") were discovered by intensive prospecting during the late 1970's following the Key Lake discovery.

Hathor also announces that pursuant to the Company's Stock Option Plan, Hathor will grant incentive stock options to purchase an aggregate 220,000 shares in the capital of the Company at an exercise price of $1.72 per share for a period of five years.

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