Hathor Exploration Limited

Hathor Exploration Limited

December 12, 2006 09:04 ET

Hathor Exercises Option to Acquire Interest in Russell Lake Uranium Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 12, 2006) - Hathor Exploration Limited ("Hathor") (TSX VENTURE:HAT), has exercised its option to acquire a 40% interest in the Russell Lake property pursuant to an Option and Joint Venture Agreement (the "Agreement") dated April 14, 2005 with Northern Continental Resources Inc. ("NCR").

Hathor and NCR have together completed approximately Cdn $3 million in Assessment Work on the Russell Lake property since December 1, 2003 including airborne geophysical surveys, high-resolution reflection 2-D seismic surveys, ground gravity geophysical surveys, ground TEM geophysical surveys, lineament analyses and geochemical studies.

In accordance with the Agreement, Hathor has issued 375,000 of its shares and 93,750 warrants exercisable at $0.55 to NCR and NCR has issued 250,000 of its shares to Hathor. These shares may not be traded for 6 months, with 25% then being trade able and every 6 months thereafter.

Further exploration and development work on the Russell Lake property will now be jointly managed by Hathor and NCR. Details of an extensive $2.3M phase one exploration program, including diamond drilling and additional TEM, gravity and seismic geophysical surveys is currently being finalized.

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