Hathor Exploration Limited
TSX : HAT

Hathor Exploration Limited

June 17, 2011 15:15 ET

Hathor Exploration Limited Clarifies Technical Disclosure

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2011) -Hathor Exploration Limited (TSX:HAT) ("Hathor" or the "Company") is issuing the following news release to clarify certain aspects of its disclosure on mineral resources, as a result of a review by the British Columbia Securities Commission (the "BCSC").

As a result of its technical disclosure review, the BCSC identified the following disclosures of the Company that are not compliant with National Instrument 43-101 ("NI43-101"):

  1. In certain cases on the Company's website, and in certain corporate presentations, investor relations material, news releases and management discussion and analysis of the Company, the Company presented a global resource estimate for its Roughrider Uranium Deposit that:
    1. did not report the applicable mineral resource category, did not present mineral resource categories separately, added inferred mineral resources to other mineral resource categories or reported mineral resources solely in the form of contained metal content; and
    2. in certain cases did not include required supporting disclosure for the mineral resource statement or alternatively provide a cross reference to the date and title of a previously filed document that contains such supporting disclosure.
  2. In certain cases on the Company's website, the Company did not identify and disclose in certain corporate presentations the relationship to the Company of the qualified person that approved, prepared or supervised the preparation of the technical information being disclosed.

The Company advises that such global mineral resource estimates are retracted and have been removed from its website. Any corporate presentations, investor relations documents and interviews linked on the Company's website that contained such estimates have either been revised or removed from the website. The Company advises readers not to rely on such retracted global mineral resource statements to the extent that they continue to be found in the public domain. In addition, on a going forward basis, the website and all materials distributed to the public will identify and disclose the relationship to the Company of the qualified person that approved, prepared or supervised the preparation of any scientific or technical information being disclosed.

The Company wishes to clarify the retracted global mineral resource statements by providing the following summary table for the NI43-101-compliant mineral resource estimates for the various mineral zones at the Roughrider uranium deposit:

Total resources, Rougher Uranium Deposit
Mineral
ZoneFootnotesCategoryQuantityGradeContained
[Tonnes]U3O8[%]U3O8[million lb]
East Zone1,3,4Total Inferred118,00011.5830.130
West Zone2,3,5Total Indicated394,2001.9817.207
West Zone2,3,5Total Inferred43,60011.0310.602

1 Cut-off of 0.4 percent U3O8 based on an underground mining scenario, 2 Cut-off of 0.05 percent U3O8 based on an open pit, using all material above 200 m elevation, 3 Metallurgical recoveries of 98 percent and metal prices of US$80.00 per pound of U3O8, 4 Disclosed in news release dated May 17, 2011, 5 Disclosed in news release dated Nov 29, 2010

For additional information regarding the mineral resource estimate on the West Zone of the Roughrider uranium deposit, please see the Company's news release dated November 30, 2010, and the technical report filed on SEDAR, dated January 15th, 2011, and titled "Technical Report for the Midwest Northeast Project, Roughrider Zone, Saskatchewan". The Mineral Resource Statement for Roughrider West Zone was constructed by SRK Consulting (Canada) Inc. Mineral Resources for the Roughrider uranium deposit have been classified according to the "CIM Standards on Mineral Resources and Reserves: Definition and Guidelines" (December, 2005), by G. David Keller, P. Geo (APGO#1235) an "independent qualified person" as defined by NI43-101.

For additional information regarding the mineral resource estimate on the East Zone of the Roughrider uranium deposit, please see the Company's news release dated May 17, 2011. A full technical report on the East Zone will be filed on SEDAR within 45 days of such news release. The Mineral Resource Statement for Roughrider East Zone was constructed by SRK Consulting (Canada) Inc. Mineral resources for the East Zone of the Roughrider uranium deposit have been classified according to the "CIM Definition Standards for Mineral Resources and Mineral Reserves" (December, 2005) by G. David Keller, P. Geo (APGO#1235) and Sébastien Bernier P.Geo. (APGO#1847), both "independent qualified person" as defined by NI43-101.

Alistair McCready, Ph.D., P.Geo., Hathor's V.P. Exploration with responsibility for all of Hathor's exploration in Saskatchewan, and Michael Gunning, Ph.D., P.Geo, Hathor's Chief Executive Officer, are Qualified Persons as defined by National Instrument 43-101 and have reviewed and approved the technical disclosure contained in this news release.

Dr. Michael H. Gunning, President & CEO

Hathor Exploration Limited

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information concerns Hathor's anticipated operations in future periods, planned exploration and development of its properties, and plans related to its business and other matters that may occur in the future. This information relates to analyses and other information that is based on expectations of future performance and planned work programs. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if a mineral property is developed. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation: exploration hazards and risks; risks related to exploration and development of natural resource properties; uncertainty in Hathor's ability to obtain funding; precious and base metal price fluctuations; recent market events and conditions; risks related to the uncertainty of mineral resource calculations and the inclusion of inferred mineral resources in economic estimation; risks related to governmental regulations; risks related to obtaining necessary licenses and permits; risks related to Hathor's business being subject to environmental laws and regulations; risks related to Hathor's mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; risks relating to competition from larger companies with greater financial and technical resources; risks relating to Hathor's inability to meet its financial obligations under agreements to which it is a party; ability to recruit and retain qualified personnel; and risks related to Hathor's directors and officers becoming associated with other natural resource companies which may give rise to conflicts of interests. This list is not exhaustive of the factors that may affect Hathor's forward-looking information. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information. Hathor's forward- looking information is based on the reasonable beliefs, expectations and opinions of management on the date the statements are made and Hathor does not assume any obligation to update forward-looking information if circumstances or management's beliefs, expectations or opinions change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking information. For a complete discussion, please refer to Hathor's Annual Information Form and audited financial statements and MD&A for its most recently completed financial year on SEDAR at www.sedar.com.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Hathor Exploration Limited
    Tony Nunziata
    403-560-7040

    Hathor Exploration Limited
    Kelsea Murray
    604-684-6707
    www.hathor.ca