Hathor Exploration Limited

Hathor Exploration Limited

June 14, 2005 18:24 ET

Hathor Exploraton Limited: Great Bear Uranium Exploration Project Work Underway

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 14, 2005) - Mr. Matthew J. Mason, President of Hathor Exploration Limited ("Hathor") (TSX VENTURE:HAT) is pleased to announce the initiation of exploration work on the Great Bear Uranium Exploration project. Hathor acquired 16 Mining Permits in February 2005 totaling some 600,000 acres in the area north and east of Hornby Bay on the east side of Great Bear Lake. These permits cover parts of the east side of the Hornby Bay Basin which has geological similarities to the Athabasca Basin for localization of uranium mineralization.

Interest in this area has recently been sparked with Cameco and other well known uranium producers acquiring land positions. Hathor has successfully acquired very large holdings covering some of the more favourable portions of the Hornby Bay Basin. This is a massive land area which has had only cursory exploration for uranium deposits during the uranium boom of the 1970's.

The area is of interest for a number of reasons. The Hornby Bay district already hosts two significant uranium deposits which have an apparent association with the Hornby Bay Basin. The old Eldorado Mining Port Radium deposit, located about 55 km southwest of the Hathor Permits, was mined for many years, and the Mountain Lake uranium deposit, located 50 km to the northeast of the Hathor permits, was discovered in the late 1970's. In February 2005 Triex Minerals Corporation filed an NI 43-101 compliant report which included an appraisal of the Mountain Lake property and which reports an inferred mineral resource of 1.6 million tonnes grading 0.23% U3O8. Hathor confirms that to the best of its knowledge this estimate is relevant. This deposit is currently being explored by the Pitchstone-Triex Minerals joint venture. Geologically, the area contains rocks known to host uranium mineralization, including the basinal setting, unconformable relations between basement rocks and sediments and volcanics within the basin along with local regolithic development. A variety of cross cutting structures for ground preparation and localization of mineralization are also present. Shales and other reductant bearing geological formations important in uranium deposition are also present.

There are a number of interesting uranium prospects on the Hathor permit areas that were discovered during the 1970's exploration programs. One of the more significant is the Permit 464 area which was explored by Hudson Bay Mining in 1978 and 1979. Boulder trains with uranium mineralization cover some tens of square kilometers of the area. Subsequent drilling by Hudson Bay intersected uranium mineralization grading 0.17% U3O8 over 0.3 meters in one hole.

Hathor has initiated its work program with an airborne GEOTEM survey covering 100 square kilometers over the Permit 464 showing area. The data produced by this survey are presently being analyzed by a qualified geophysicist on behalf of Hathor. Results are expected in about two or three weeks. A two phase budget for just over $2 million has been prepared. The first phase of work includes the airborne survey just completed along with a regional geological compilation, digital base mapping, and further research focused on locating important geological background information from historical exploration work.

The current demand for Uranium metal is projected to exceed supply by some 20 to 30 % over the next few years and the substantially higher price for uranium metal suggests that the Great Bear Lake area and the Hornby Bay Basin will be an important exploration target area. Favourable areas for uranium exploration in more well-known uranium mining camps, such as the Athabasca Basin in Saskatchewan, are rapidly being exhausted, and that should further increase interest in the Hornby Bay Basin. Uranium exploration techniques, in particular airborne geophysical technology and analytical geochemical methods for uranium extraction and measurement, have advanced substantially over the last 20 years and have not yet been tested in the Great Bear Lake area. Hathor is well positioned in the area to take advantage of the improved technologies for its exploration program, as well as the expected demand for properties.

Alf Randall P.Eng is the Qualified Person for the company with respect to this project. He has review the technical information described herein.

Hathor Exploration Limited

Matthew J. Mason, President

Disclaimer Statement

This project review may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, exploration methods etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Readers are cautioned that actual results may differ materially from those currently anticipated in such statements.

Contact Information

  • Hathor Exploration Limited
    Matthew J. Mason
    (604) 684-6707
    (604) 684-9277 (FAX)