Hathor Exploration Limited

Hathor Exploration Limited

August 16, 2006 12:20 ET

Hathor Exploration Limited: High-Resolution Airborne Magnetic Survey Started on Milliken Creek Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 16, 2006) - Hathor Exploration Limited ("Hathor") (TSX VENTURE:HAT) is pleased to announce that it has started a high-resolution, airborne tri-axial magnetic gradiometric survey in the area of its Milliken Creek property, Saskatchewan. Results obtained from this survey are expected in early October and will be used to help identify and map favourable structural features and lithostratigraphic units that are key elements in the search for unconformity-related uranium deposits in the Athabasca Basin of northern Saskatchewan.

This survey is being performed by Goldak Airborne Surveys of Saskatoon, SK. Goldak are recognized as experts in tri-axial magnetic gradiometer surveys and their services are consistently used for uranium exploration in the Athabasca Basin by many companies including AREVA Resources Canada Inc. and Cameco Corporation.

The Milliken Creek property is comprised of one claim totalling 3,995 hectares (9,872 acres) that is 100%-owned by Hathor through its wholly-owned subsidiary Roughrider Uranium Corp. This property is centred some 30 km southwest of Cameco's Rabbit Lake uranium ore processing facilities and approximately 26 km south-southeast from one of the richest uranium mine development projects in the world - the Cigar Lake orebody of Cameco, AREVA, Idemitsu Uranium Exploration Canada Ltd. and TEPCO Resources Inc. At Cigar Lake, NI 43-101 compliant proven and probable ore reserves average 19.06% U3O8 - the equivalent of about 31oz gold per tonne using August 15, 2006 spot metal prices. The road connecting Cigar Lake to Points North Landing, a service centre with airport facilities at the end of Provincial Highway 905, is located approximately six kilometres north of Hathor's Milliken Creek Property.

Historic exploration of the Milliken Creek property shows that it is underlain by Athabasca sandstones having a thickness of approximately 80 to 125 metres and electromagnetic surveys have identified a conductor (approximately 2,000 metres in length) occurring on the western part of the property. Two historic drill holes into this anomaly failed to explain the conductor.

For a more complete description of the Goldak gradiometric survey system, please see the Hathor news release dated August 11, 2006. For more information on Hathor, its subsidiary Roughrider Uranium Corp. and their projects please visit our web site at http://www.hathor.ca or contact Stephen Stanley at 604-684-6707.

Hathor Exploration Limited

Stephen G. Stanley, Director

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Contact Information

  • Hathor Exploration Limited
    Stephen G. Stanley
    (604) 684-6707
    (604) 684-9277 (FAX)