Pathfinder Resources Ltd.
TSX VENTURE : PHR

Pathfinder Resources Ltd.

November 02, 2005 08:30 ET

Pathfinder Acquires Major Land Position for Uranium in Newfoundland

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2005) - Pathfinder Resources Ltd. (TSX VENTURE:PHR) reports it has staked 35,725 hectares (88,275 acres) covering the Hermitage Flexure geological belt in southwestern Newfoundland based on high-grade uranium discoveries announced by Commander Resources Ltd. (TSX VENTURE:CMD) at their White Bear River and Blue Hills uranium properties. Pathfinder's staking consists of large claim blocks at both ends of Commander's 50 km long property. One block of 21,875 hectares is on the east side of the White Bear River property; the other block of 13,850 hectares extends over prospective geology westward from Commander's Blue Hills property. Pathfinder now holds mineral rights for about half of the 100 kilometre belt.

"This acquisition gives us another substantial land position for uranium exploration in a highly prospective yet under-explored region," stated Victor Tanaka, President of Pathfinder Resources Ltd. "The new discovery at White Bear River of sediment-hosted uranium mineralization that grades up to 1.32% U3O8, combined with several previously identified stratiform uranium occurrences along the belt, demonstrates the region's uranium potential."

The "Hermitage Uranium Belt" is a 100 km by 10 km structural arch that hosts a number of uranium prospects hosted by volcanic and sedimentary strata rocks. In the 1980's, exploration by the uranium divisions of Shell Canada Ltd (TSX:SCH) and Central Electricity Generating Board - now owned by Cameco Corporation (TSX:CCO) - located several bedrock uranium occurrences and radioactive boulder trains along the belt. Both companies left the area by the mid 1980s, due to low uranium prices. Later in the 1980's, Newfoundland government geologists discovered additional uranium mineralization, which was largely overlooked until recently.

The new properties provide a low-cost/high upside exploration opportunity in a very supportive political jurisdiction. Additionally, the region has good infrastructure including a highway that cuts through the belt to the Atlantic seaport of Burgeo, 30 km south.

Subject to regulatory approval, a finder's fee comprising 150,000 Pathfinder Resources Common Shares and a 2% Net Smelter Royalty is payable to Commander Resources Ltd.

About Pathfinder Resources Ltd.

Pathfinder Resources is a mineral exploration company focused on the discovery of world-class deposits of high-value commodities. With uranium interests covering in excess of 2.5 million acres, Pathfinder has the largest land position in Canada's Thelon Basin region, recognized as one of the most prospective areas for discovery of high-grade uranium deposits. Pathfinder is also a partner in a three-company syndicate formed to identify and acquire prospective uranium properties in Central America. The Company also holds a 100% option interest in the Dude copper-molybdenum-gold property in British Columbia. Shares of Pathfinder are listed on the TSX Venture Exchange with the symbol "PHR". For further information visit the Company's website at www.pathfinderresources.com.

Victor A. Tanaka, President

Shares Issued: 24,366,491


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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