Hathor Exploration Limited

Hathor Exploration Limited

March 08, 2005 16:43 ET

Hathor Exploration Limited: Company Awarded 100% Interest in Uranium Rights to NWT Permits


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: HATHOR EXPLORATION LIMITED

TSX VENTURE SYMBOL: HAT

MARCH 8, 2005 - 16:43 ET

Hathor Exploration Limited: Company Awarded 100%
Interest in Uranium Rights to NWT Permits

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 8, 2005) - Matthew J.
Mason, the President of Hathor Exploration Limited (the "Company") (TSX
VENTURE:HAT), announces that the Company has been awarded a 100%
interest in the uranium rights to 16 prospecting permits, numbers 5300
to 5315 inclusive, covering approximately 600,000 acres in the Northwest
Territories. The permits have been acquired under the terms of the
Jaeger joint venture in which Jaeger has a 30 day right to pay Hathor
for the cost of the permitting and will earn thereby the rights to
minerals and metals other than uranium.

Of the permits, 15 are contiguous and located on the northeast end of
Great Bear Lake on the north side of McTavish Arm in rocks that are
mainly Proterozoic sediments of the Hornby Bay Formation. Several
copper-uranium showings were located in these rocks during the period
1978 to 1981 but little follow up work was completed. The permits flank
the east side of the 50% interest permits Hathor has acquired (see NR
05-01), covering approximately 18 million acres, and recent permits held
by Cameco, Canada's largest uranium mining company, and Triex Minerals
Corporation which has a 50% interest in the Mountain Lake deposit. The
Mountain Lake deposit is hosted by similar Hornby Bay rocks located
about 50 kms to the northeast.

A single permit of approximately 38,000 acres size was acquired covering
part of a graben-like structure that has preserved an outlier of similar
Proterozoic sediments on the south side of Great Bear Lake. The location
is approximately 50 kms west of Terra Mines in an area also adjacent to
recent permits of Cameco. Several uranium showings are indicated in the
vicinity of the permit and the Company will detail information on the
significance of these when a complete review has been carried out of the
available data.

The new Hathor permits were selected to take advantage of proximity to
basal units in the Hornby Bay rocks which include some coarse clastic
members. These units may be favourable rocks to enable the development
of higher grade, chemical front type uranium deposits similar to those
in the base of the Athabasca basin.

The transaction is subject to acceptance by the TSX Venture Exchange.

Hathor Exploration Limited

Matthew J. Mason, President

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Hathor Exploration Limited
    Matthew J. Mason
    President
    (604) 684-6707
    (604) 684-9277 (FAX)
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this news
    release.