Hathor Exploration Limited

Hathor Exploration Limited

August 15, 2007 11:00 ET

Hathor & ESO Enter Into JV Agreement on Carswell Uranium Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2007) - Hathor Exploration Limited (TSX VENTURE:HAT) announces that ESO Uranium Corp. (TSX VENTURE:ESO) has exercised its option to earn a 50% interest in Hathor's Carswell Uranium project by completing property payments, issuance of shares and a work commitment of $1.1 million. The two companies have entered into a joint venture agreement to continue the further exploration and development of this property.

A diamond drill program is currently in progress on the 27,254-hectare (67,346-acre) Carswell property. The focus of this exploration is to find structurally-controlled uranium deposits similar to those ore bodies that produced over 60 million pounds U3O8 on the adjoining, formerly-producing Cluff Lake mine property of AREVA Resources Canada Inc.

The diamond drilling is testing electromagnetic conductors and radon gas anomalies, some of which are proximal to EM conductors. Highly-mobile radon gas is one of several natural decay products of uranium. Its distribution in soils and water may indicate uranium sources either in bedrock or overburden especially when these target areas occur coincident with structural anomalies outlined by other exploration methods. The largest of the Carswell property radon anomalies is "up-ice" from, and may represent a source area for radioactive boulders that reported assays up to 0.85% uranium oxide.

With capital resources in excess of Cdn $20 million, Hathor continues to aggressively advance its portfolio of ten exploration projects in the Athabasca area of mining-friendly Saskatchewan and Alberta; the world's premier region for high-grade uranium deposits. For more information on Hathor's uranium projects, please visit the company's website: www.hathor.ca.

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
    (604) 684-9277 (FAX)
    Website: www.hathor.ca