VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 7, 2011) - Hathor Exploration Limited (TSX:HAT) is pleased to announce that the 2011 summer diamond drill program is underway at the Roughrider Uranium Deposit in the Athabasca Basin of northern Saskatchewan.
Two rigs are now on site and drilling has begun. The program will run for approximately 8 weeks, with some 7,000 metres of drilling planned. The drill program will be extended for as long as the mineralization at Far East remains open to the east.
Figure 1 shows an aerial view of the overall Roughrider uranium deposit. Figure 2 is a plan map of the current extent of mineralization at the East and Far East Zones, and the location of the diamond drill holes planned for the 2011 summer program. Far East is open to the east, from the eastern-most drill holes which contained the strongest replacement mineralization and produced the highest grade-thickness intersections, including 42.8 m at 3.26% U3O8 in drill hole MWNE-11-698, and 51.0 m at 1.69% U3O8 in drill hole MWNE-11-695 (Figure 3 and Figure 4).
The Roughrider Uranium Deposit is currently estimated to contain 58 M lbs U3O8 in the East and West Zones, including 54 M lbs U3O8 contained in approximately 212,000 tonnes of rock at an average grade of 12% U3O8 (West Zone, SEDAR, January 14, 2011: 17.21 M lbs U3O8 Indicated; 10.60 M lbs U3O8 Inferred; East Zone, News Release, May 17, 2011: 30 M lbs U3O8 at 11.58% U3O8 Inferred). The Roughrider System has not been fully tested. As shown in Figure 5, the Far East Zone, with 15 mineralized drill holes already, presents significant upside to the overall resource potential of the Roughrider Uranium Deposit. Further, as shown in Figure 6, the Midwest Trend, as defined by magnetic and resistivity surveys, has proven potential for additional deposits on the property based on results from 5 drill transects completed to date.
Midwest Northeast Property
The Midwest NortheastProperty is located within the main uranium-producing eastern corridor of the Athabasca Basin. The Property comprises 3 mineral leases covering 598 ha. Infrastructure is excellent. The Property is connected to Highway 955 by a 6 km winter road. The property is 8.5 km north of the infrastructure centre of Points North and the Points North commercial airport, the main service hub for northeastern Saskatchewan. The Property is within 25 km of operating uranium mine, mill and tailings facilities established at Rabbit Lake and McClean Lake during the past 35 years of production in the Athabasca Basin.
Terra Ventures Inc. owns a qualified 10% interest in the largest claim on the Property, carried to the completion of a positive feasibility study and announcement of intent for commercial production. Terra and Hathor recently announced (May 9, 2011) a definitive Plan of Arrangement, which remains subject to a number of conditions including, but not limited to, receipt of all regulatory, court and shareholder approvals, that will result in consolidation of 100% ownership of the Roughrider uranium deposit.
Alistair McCready, Ph.D., P.Geo., Hathor's V.P. Exploration with responsibility for all of Hathor's exploration in Saskatchewan, and Michael Gunning, Ph.D., P.Geo., Hathor's Chief Executive Officer, are Qualified Persons as defined by National Instrument 43-101 and have reviewed and approved the technical disclosure contained in this news release.
Dr. Michael H. Gunning, President & CEO
Hathor Exploration Limited
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information concerns Hathor's anticipated operations in future periods, planned exploration and development of its properties, and plans related to its business and other matters that may occur in the future. This information relates to analyses and other information that is based on expectations of future performance and planned work programs. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if a mineral property is developed. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation: exploration hazards and risks; risks related to exploration and development of natural resource properties; uncertainty in Hathor's ability to obtain funding; precious and base metal price fluctuations; recent market events and conditions; risks related to the uncertainty of mineral resource calculations and the inclusion of inferred mineral resources in economic estimation; risks related to governmental regulations; risks related to obtaining necessary licenses and permits; risks related to Hathor's business being subject to environmental laws and regulations; risks related to Hathor's mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; risks relating to competition from larger companies with greater financial and technical resources; risks relating to Hathor's inability to meet its financial obligations under agreements to which it is a party; ability to recruit and retain qualified personnel; and risks related to Hathor's directors and officers becoming associated with other natural resource companies which may give rise to conflicts of interests. This list is not exhaustive of the factors that may affect Hathor's forward-looking information. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information. Hathor's forward-looking information is based on the reasonable beliefs, expectations and opinions of management on the date the statements are made and Hathor does not assume any obligation to update forward-looking information if circumstances or management's beliefs, expectations or opinions change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking information. For a complete discussion, please refer to Hathor's Annual Information Form and unaudited financial statements and MD&A for its most recently completed financial year on SEDAR at www.sedar.com.
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