Hathor Exploration Limited

Hathor Exploration Limited

February 27, 2009 08:50 ET

Hathor Options Forum's Henday Property Northeast of the Roughrider Zone Discovery

VANCOUVER, BRITITSH COLUMBIA--(Marketwire - Feb. 27, 2009) - Hathor Exploration Limited (TSX VENTURE:HAT) announces that it has entered into an Option Agreement on Forum Uranium Corp.'s Henday project in the Athabasca Basin, Saskatchewan. Hathor can earn up to a 60% interest in stages by spending $3.5 million in exploration over three years and making a payment of 150,000 shares upon TSX approval. Hathor's first year commitment is to complete a $500,000 ground electromagnetic and gravity survey program to commence immediately. A further 10% interest in the property can be earned by completing a feasibility study.

The Henday property is located along the northeast trend of deposits that host over 50 million pounds of uranium at the AREVA/Denison Midwest Lake mine development project and the emerging Roughrider zone discovery currently being drilled by Hathor. Forum completed a drill program last winter that was successful in identifying a strong illitic alteration halo with associated tectonization, quartz dissolution and anomalous uranium, boron, and base metal geochemistry at Mallen Lake. These features are indicative that uranium ore forming fluids have been at work on the Henday property. This area is located only 2 km north of AREVA's Mallen Lake showing where drill intercepts of 5.9% U3O8 over 0.3 m have been reported in basement rocks from previous drilling.

Terms of the Agreement

1. Hathor to issue 150,000 common shares to Forum upon TSX Exchange approval, subject to a four month hold period.

2. Hathor funds a $500,000 exploration program in the first year to earn a 20% interest in Henday.

3. Hathor funds a $1,500,000 exploration program in the second year to earn a further 20% interest in Henday (total 40% interest).

4. Hathor funds a $1,500,000 exploration program in the third year to earn a further 20% interest in Henday (total 60% interest).

5. Hathor completes a feasibility study to earn a further 10% interest (total 70% interest).

6. Forum will be Operator of the exploration programs up until Hathor earns its 60% interest.

With working capital of more than $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 and all of this production comes from unconformity-style uranium ore deposits, the highest-grade uranium ore deposits in the world. For more information on Hathor, please visit the company's website: www.hathor.ca.

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
    JJ Jennex
    (604) 684-6707
    (604) 684-9277 (FAX)
    Website: www.hathor.ca