Long Harbour Exploration Corp.

August 03, 2011 14:00 ET

Long Harbour Drops Don Lake Option and Updates on New Uranium Acquisitions

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 3, 2011) - Long Harbour Exploration Corp. (TSX VENTURE:LHC) (the "Company") reports that it is not proceeding with an agreement, announced March 8, 2011, with U.S. Mine Makers Inc. whereby the Company had been granted an option to acquire a 90% interest in the Don Lake Property located in the Athabasca Basin.

The Company will continue building a uranium property portfolio of strong merit throughout the Athabasca, with a current focus on the eastern and western basin areas. To this end, it has recently announced the acquisition of a 100% interest in the 2Z Lake ("2Z") and the Madison ("Madison") properties located at the northeastern edge of the basin. An EM conductor and alteration was identified on 2Z during an exploration program when operated by Noranda Exploration in 1979. The work program included geophysical studies and a diamond drill program, which confirmed the presence of a conductor, alteration, and mineralization that is unconformity related. The twenty hole 2,000 meter drill program sights several drill holes encountering values of over 500 ppm, with one of the drill holes encountering a maximum value of 800 ppm over a 30 cm interval. Basement-hosted uranium has yet to be tested on the 2Z or Madison properties.

Madison is between, and within approximately 10 kilometers of, UEX's Horseshoe and Raven deposits to the northeast and their West Bear deposit to the southwest. Hathor's Milliken Creek project is beside 2Z on the west and is situated approximately 26 km south-southeast from the richest uranium mine development project in the world, the Cigar Lake ore body. The Company expects future work programs to be modeled on recent basement hosted discoveries such as Hathor's Roughrider deposit and Cameco's Millennium deposit. In addition to seeking to acquire more properties in highly prospective areas of the basin, the Company plans to undertake a geophysics work program on the 2Z property this summer and establish targets for a winter drill program.

The technical information in this news release has been reviewed by Dr. Kent Ausburn, PhD, a qualified person as defined in NI 43-101 and a director of the Company.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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