Hathor Exploration Limited

Hathor Exploration Limited

July 17, 2007 08:15 ET

Hathor Starts Diamond Drilling at Russell Lake Uranium Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 17, 2007) - Hathor Exploration Limited (TSX VENTURE:HAT) and joint venture partner Northern Continental Resources Inc. (TSX VENTURE:NCR) are pleased to announce that a diamond drill has been mobilized to the Russell Lake uranium property and drilling has started.

Fourteen drill holes totaling about 7,200 metres are planned for the Grayling Zone, where previous diamond drilling intersected 3.45 per cent U3O8 over 0.3 metre in one hole and 0.4 per cent U3O8 over 3.75 metres in another hole located 500 metres to the north. Many of the proposed drill holes will test potential uranium-bearing structures identified by high-resolution seismic reflection surveys completed by Hathor since 2004.

Hathor's geological team will guide the program and drilling will be performed by Boart Longyear Inc., a global leader in the provision of drill services to the mining industry. Analyses will be conducted by the Geoanalytical Laboratories of the Saskatchewan Research Council ("SRC"), which is licensed to handle and store radioactive materials and has been providing high-quality uranium analysis for over 35 years. SRC's geoanalytical facilities operate in accordance with ISO/IEC 17025:2005 (CAN-P-4E) General Requirements for the Competence of Mineral Testing and Calibration laboratories.

The large, 45,742-hectare (113,031-acre) Russell Lake project is located within the eastern Athabasca Basin of northern Saskatchewan. The Grayling Zone is located equidistant (about 35 km) from each of Cameco Corp. and AREVA Resources Canada Inc.'s McArthur River mine and their Key Lake mill facilities. The geological setting of this region hosts the highest-grade uranium ore deposits in the world, which account for approximately 25 per cent of the world's annual mine production of uranium.

The Russell Lake property is directly bordered by: the McArthur River mine property to the north; Denison Mines Corp. and JNR Resources Inc.'s Moore Lake property to the east; Denison and Cameco's Wheeler River property to the west; and Cameco and AREVA's Getty Russell and Cree Zimmer properties to the southwest.

Access to the project is provided by an all-weather road located along the northwest boundary of the Russell Lake property, along which uranium ores from Cameco and AREVA's McArthur River mine are trucked to their formerly-producing Key Lake mine for processing.

With capital resources in excess of Cdn $20 million, Hathor continues to aggressively advance its portfolio of ten exploration projects in the Athabasca area of mining-friendly Saskatchewan and Alberta; the world's premier region for high-grade uranium deposits. For more information on Hathor's uranium projects, 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
    Stephen Stanley
    (604) 684-6707
    (604) 684-9277 (FAX)
    Website: www.hathor.ca