Hathor Exploration Limited

Hathor Exploration Limited

July 10, 2007 08:51 ET

Hathor Exploration Limited: Diamond Drilling Starts at Carswell Uranium Project, Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2007) - Hathor Exploration Limited (TSX VENTURE:HAT) is pleased to announce that a diamond drill has been mobilized to the Carswell uranium project and drilling has now started. The 27,254-hectare (67,346-acre) Carswell property is located in the western Athabasca Basin of Saskatchewan to the immediate north of AREVA Resources Canada Inc.'s formerly-producing Cluff Lake mine.

Drilling on the Carswell property will focus on finding structurally controlled, north-trending uranium deposits similar to the Cluff Lake mine open-pit and underground orebodies that produced about 64 million pounds of uranium oxide (U3O8). In addition to uranium, Cluff Lake also produced about 8,090 ounces of gold as a byproduct in the later stages of its mine life.

The first phase of drilling at the Carswell project will be at the Bridle Lake Zone, located just 2000 meters north of the Cluff Lake mine property boundary. Here, drilling will follow-up on two percussion holes drilled in 1979 by the predecessor company to AREVA, Amok Ltee. These two holes intersected 0.112 per cent U3O8 from 17.2 metres to 18.7 metres (hole CAR 316A) and 0.12 per cent U3O8 from 52.6 metres to 53 metres (hole CAR 278).

In addition to the Bridle Lake Zone, other Carswell property drilling will target airborne and ground electromagnetic anomalies identified in 2005 and 2006. One of these EM conductors is located immediately up-ice from a radioactive boulder field reported by Amok to have values up to 0.85 per cent uranium oxide and has not been previously drilled. Recently-conducted radon surveys have also identified two areas of strongly anomalous radon gas in soils in close proximity to conductors. Radon gas, a product of the radioactive decay of uranium, can indicate the presence of uranium at depth in the bedrock.

Hathor, together with ESO Uranium Corporation (ESO: TSX-V), have contracted Cyr Drilling International of Winnipeg, Manitoba for this diamond drill exploration program. ESO, as operator of the project, is earning a 50-per-cent interest in the property by expending $1.1-million on exploration over a four-year period.

For information on the Carswell property or Hathor's nine other uranium projects located in the Athabasca area, please see the contact information below.

Hathor Exploration Limited

Stephen G. Stanley, Director

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Contact Information

  • Hathor Exploration Limited
    Stephen G. Stanley
    (604) 684-6707
    Website: www.hathor.ca