Hathor Exploration Limited

Hathor Exploration Limited

April 01, 2009 16:08 ET

Hathor Exploration Limited: Ground Geophysics Underway at the Forum/Hathor Henday Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2009) - Hathor Exploration (HAT:TSX-V) and Forum Uranium Corp. (TSX VENTURE:FDC) are pleased to announce that they have initiated a geophysical program on the Henday Lake project, northern Saskatchewan. The Henday property has exceptional potential for a shallow, high grade uranium deposit and is located along the north-east trend hosting the Midwest Lake deposit (41 million lbs U3O8 at an average grade of 5.5%), the Midwest A zone (formerly the Mae zone) and Hathor's comparable Roughrider Zone. The program includes ground EM and ground gravity surveys along several highly prospective trends on the property in preparation for future drill programs. The sandstone thickness on this project averages only 160 metres, well within reach of an open pit operation.

The EM and gravity surveys are located over the newly discovered N70 conductive structure that runs under Forum's Mallen Lake zone, where illitic alteration and elevated geochemistry were intersected in two drill holes in 2008. These may be indicative of a fertile hydrothermal system, and are a typical feature around all the uranium deposits in this part of the Athabasca Basin. A gravity survey will define areas of alteration that may be associated with mineralization along the N70 trend, and a detailed survey will take place over the lake portion of the grid where the highest potential for mineralization occurs. The gravity survey will also cover two major N30 trending structures, one of them believed to be the north-east extension of the Midwest/Roughrider structure. Sections of the structure that intersect cross-cutting graphitic lithologies will be of particular interest.

This survey should be completed by mid-April and will put the project into a drill-ready state. Under terms of the option, Hathor must spend $3.5 million in exploration over the next three years to earn a 60% interest in the project. The combined efforts of Forum, as Operator of the Henday project and Hathor's exploration team should take the property to its full potential.

With capital resources in excess of $30 million, Hathor continues to aggressively advance its portfolio of Athabasca region uranium exploration projects. This area accounts for approximately 23 per cent of the world's annual mine production of uranium. All of this production comes from unconformity-style uranium ore deposits - the highest-grade uranium ore deposits in the world.

Benjamin Ainsworth, P.Eng., a director of the company and a Qualified Person as defined by National instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

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
    Tony Nunziata
    (403) 560-7040
    Hathor Exploration Limited
    J.J. Jennex
    (604) 684-6707
    Website: www.hathor.ca