Hornby Bay Exploration Limited
TSX VENTURE : HBE

Hornby Bay Exploration Limited

June 07, 2005 16:25 ET

Hornby Bay Repays CDN $2.0 Million Bond Loan

TORONTO, ONTARIO--(CCNMatthews - June 7, 2005) - Hornby Bay Exploration Limited (TSX VENTURE:HBE) is pleased to announce that the company has repaid in full the Note Payable of $2,039,474 incurred in 2003 to post a refundable deposit with the Government of Canada in order to secure its mineral claims in Nunavut. Accrued interest on the Note Payable of $305,115 was paid by the issuance of 526,062 common shares at a deemed price of $0.58.

The company is debt free and has working capital of $5.1 million.

Hornby Bay's April/September 2005 Nunavut uranium exploration program is underway and a work schedule may be viewed on its website homepage www.hornbybay.com under the heading Latest Properties Presentation. The company has 100% ownership of 218 mineral claims covering 214,900 hectares (531,000 acres) in the Hornby Bay Basin located in northwest Nunavut.

Shares Outstanding June 7 , 2005: 81,026,229

Close June 6, 2005: $0.62

THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS RELEASE.

Contact Information

  • Hornby Bay Exploration Limited
    George Bell
    President & CEO
    (416) 368-0114