Terra Ventures Inc.
TSX VENTURE : TAS

Terra Ventures Inc.

July 08, 2008 18:55 ET

Terra Ventures Inc.: 69.2 Metres of Uranium Mineralization in First Hole of Midwest NE Summer Drill Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2008) - Terra Ventures Inc. (TSX VENTURE:TAS)(G7K WKN:A0MKCM) "Terra" or "the Company") is pleased to provide an update on the Midwest NorthEast Uranium property in which Terra owns a 10% production carried interest.

In a press release dated July 8, 2008, Hathor reported "Hathor Exploration Limited (TSX VENTURE:HAT) announces that it has encountered basement-hosted uranium mineralization over a core length of 69.2 metres in drill hole MWNE-08-30, the first hole completed during the summer 2008 diamond drill program on Hathor's 90%-owned Midwest NorthEast project.

Roughrider Zone mineralization was discovered on the Midwest NE property in February, 2008 (see Hathor news releases dated February 26, March 3 and 25, April 23 and 25, and May 22, 2008). Drill hole MWNE-08-30 was a 15 metre "step-out", drilled at an azimuth of 308 degrees and a dip of -45 degrees, which targeted the northeast strike extension of Roughrider Zone uranium mineralization. For a drill hole location map, please visit Hathor's website at www.hathor.ca.

The sub-Athabasca unconformity, in drill hole MWNE-08-30, was encountered at a core length of 302 metres, corresponding to a vertical depth of about 214 metres. The hole ended in fresh, unaltered, non-uranium-bearing granitic rocks at a drill core length of 419 metres.

Hathor measures natural gamma emission radiation in counts per second (cps) using a hand-held Exploranium GR-110G gamma ray scintillometer. Drill hole MWNE-08-30 intersected a 69.2 metre interval of elevated radioactivity, ranging from background (less than 200 cps) to greater than 9,999 cps (off-scale). Nineteen individual zones (ranging from 0.1 to 3.4 metres) of highly radioactive (5,000 cps to greater than 9,999 cps) mineralization were encountered within broader zones of elevated radioactivity (greater than 500 cps), of up to 20.7 metres.

Scintillometer results for the continuous 69.2 metre drill core interval from hole MWNE-08-30 are presented below. The reader is cautioned that: 1) all intersections are down-hole, core interval measurements and true thicknesses are yet to be determined; and, 2) scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials. Hathor uses scintillometer readings as a reliable guide for its continuing drill program. For general comparisons of scintillometer cps readings vs. assay results, please review results posted in Hathor's news releases concerning its winter drill program.

Drill core samples will be submitted for uranium, base and precious metal assay analyses by the Geoanalytical Laboratories of the Saskatchewan Research Council (SRC), having facilities operating in accordance with ISO/IEC 17025:2005 (CAN-P-4E) general requirements for the competence of mineral testing and calibration laboratories.

Hathor's helicopter-supported summer drill program, which began on June 19th, is using the services of TEAM Drilling LP, an entity having ownership by the local Athabasca area communities of northern Saskatchewan. Helicopter services are provided by Highland Helicopters Ltd. of Richmond, B.C.

The summer project is based on Hathor's new Roughrider Zone exploration model that shows the primary summer drill target is the location where the intersecting, basement-hosted uranium-bearing structures of its Roughrider Zone discovery meet the Athabasca unconformity. This target, centred approximately 90 m ENE from the uranium mineralization in discovery hole MWNE-08-12, is identified by coincident gravity and resistivity lows, and remains untested.

Terra Ventures owns a 10% carried interest in the Midwest NorthEast property.

With capital resources in excess of $25 million, Hathor continues to aggressively advance its portfolio of 11 Athabasca region uranium exploration projects. This area accounts for approximately 25 per cent of the world's annual mine production of uranium. All of this production comes from unconformity-style uranium ore deposits - the highest-grade uranium ore deposits in the world.

Benjamin Ainsworth, P.Eng., a director of the company and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.



Midwest NE Project - Drill Hole MWNE-08-30 - Mineralized Interval
Scintillometer Results

----------------------------------------------------------
From To Interval(i) Maximum
(metres) (metres) (metres) CPS
----------------------------------------------------------
332.2 332.3 0.1 1,000
----------------------------------------------------------
332.3 332.8 0.5 400
----------------------------------------------------------
332.8 333.6 0.8 600
----------------------------------------------------------
333.6 333.8 0.2 1,400
----------------------------------------------------------
333.8 334.2 0.4 700
----------------------------------------------------------
334.2 335.0 0.8 4,000
----------------------------------------------------------
335.0 335.2 0.2 300
---------------------------------------------------------
335.2 335.4 0.2 1,100
----------------------------------------------------------
335.4 335.7 0.3 500
----------------------------------------------------------
335.7 336.4 0.7 greater than 9,999
----------------------------------------------------------
336.4 336.5 0.1 600
----------------------------------------------------------
336.5 336.9 0.4 greater than 9,999
----------------------------------------------------------
336.9 337.0 0.1 3,000
----------------------------------------------------------
337.0 337.5 0.5 4,000
----------------------------------------------------------
337.5 337.7 0.2 greater than 9,999
----------------------------------------------------------
337.7 338.0 0.3 1,500
----------------------------------------------------------
338.0 338.3 0.3 1,000
----------------------------------------------------------
338.3 338.5 0.2 2,000
----------------------------------------------------------
338.5 339.4 0.9 1,000
----------------------------------------------------------
339.4 339.7 0.3 1,200
----------------------------------------------------------
339.7 340.0 0.3 7,000
----------------------------------------------------------
340.0 340.3 0.3 3,500
----------------------------------------------------------
340.3 340.4 0.1 5,000
----------------------------------------------------------
340.4 340.8 0.4 2,000
----------------------------------------------------------
340.8 341.0 0.2 3,000
----------------------------------------------------------
341.0 341.2 0.2 2,000
----------------------------------------------------------
341.2 341.5 0.3 5,000
----------------------------------------------------------
341.5 341.8 0.3 2,000
----------------------------------------------------------
341.8 342.0 0.2 4,000
----------------------------------------------------------
342.0 342.3 0.3 2,000
----------------------------------------------------------
342.3 342.5 0.2 700
----------------------------------------------------------
342.5 342.8 0.3 4,000
----------------------------------------------------------
342.8 342.9 0.1 8,000
----------------------------------------------------------
342.9 343.6 0.7 greater than 9,999
----------------------------------------------------------
343.6 343.8 0.2 4,000
----------------------------------------------------------
343.8 344.3 0.5 500
----------------------------------------------------------
344.3 344.7 0.4 greater than 9,999
----------------------------------------------------------
344.7 345.0 0.3 4,000
----------------------------------------------------------
345.0 345.8 0.8 600
----------------------------------------------------------
345.8 346.2 0.4 2,500
----------------------------------------------------------
346.2 347.6 1.4 500
----------------------------------------------------------
347.6 348.0 0.4 3,000
----------------------------------------------------------
348.0 348.5 0.5 2,000
----------------------------------------------------------
348.5 348.8 0.3 1,000
----------------------------------------------------------
348.8 350.0 1.2 greater than 9,999
----------------------------------------------------------
350.0 350.4 0.4 3,000
----------------------------------------------------------
350.4 350.7 0.3 1,000
----------------------------------------------------------
350.7 350.8 0.1 4,000
----------------------------------------------------------
350.8 351.0 0.2 2,000
----------------------------------------------------------
351.0 351.1 0.1 5,000
----------------------------------------------------------
351.1 351.4 0.3 greater than 9,999
----------------------------------------------------------
351.4 351.7 0.3 2,000
----------------------------------------------------------
351.7 352.1 0.4 600
----------------------------------------------------------
352.1 352.7 0.6 1,000
----------------------------------------------------------
352.7 353.8 1.1 400
----------------------------------------------------------
353.8 354.0 0.2 1,500
----------------------------------------------------------
354.0 354.2 0.2 5,000
----------------------------------------------------------
354.2 354.5 0.3 9,000
----------------------------------------------------------
354.5 355.4 0.9 1,200
----------------------------------------------------------
355.4 355.6 0.2 5,000
----------------------------------------------------------
355.6 356.0 0.4 3,000
----------------------------------------------------------
356.0 357.1 1.1 300
----------------------------------------------------------
357.1 357.4 0.3 900
----------------------------------------------------------
357.4 358.9 1.5 400
----------------------------------------------------------
358.9 359.1 0.2 1,500
----------------------------------------------------------
359.1 363.1 4.0 500
----------------------------------------------------------
363.1 363.5 0.4 300
----------------------------------------------------------
363.5 363.7 0.2 2,000
----------------------------------------------------------
363.7 364.0 0.3 600
----------------------------------------------------------
364.0 364.6 0.6 200
----------------------------------------------------------
364.6 364.7 0.1 7,000
----------------------------------------------------------
364.7 365.3 0.6 400
----------------------------------------------------------
365.3 365.5 0.2 1,100
----------------------------------------------------------
365.5 365.9 0.4 500
----------------------------------------------------------
365.9 366.0 0.1 800
----------------------------------------------------------
366.0 366.4 0.4 600
----------------------------------------------------------
366.4 366.7 0.3 1,100
----------------------------------------------------------
366.7 366.9 0.2 4,000
----------------------------------------------------------
366.9 367.0 0.1 1,000
----------------------------------------------------------
367.0 367.1 0.1 7,000
----------------------------------------------------------
367.1 369.9 2.8 greater than 9,999
----------------------------------------------------------
369.9 370.2 0.3 5,000
----------------------------------------------------------
370.2 370.4 0.2 greater than 9,999
----------------------------------------------------------
370.4 371.0 0.6 900
----------------------------------------------------------
371.0 372.0 1.0 500
----------------------------------------------------------
372.0 374.2 2.2 600
----------------------------------------------------------
374.2 374.5 0.3 3,000
----------------------------------------------------------
374.5 374.6 0.1 9,000
----------------------------------------------------------
374.6 374.9 0.3 1,000
----------------------------------------------------------
374.9 375.0 0.1 greater than 9,999
----------------------------------------------------------
375.0 375.3 0.3 2,000
----------------------------------------------------------
375.3 375.5 0.2 800
----------------------------------------------------------
375.5 375.8 0.3 1,500
----------------------------------------------------------
375.8 377.0 1.2 800
----------------------------------------------------------
377.0 379.7 2.7 500
----------------------------------------------------------
379.7 380.3 0.6 900
----------------------------------------------------------
380.3 386.0 5.7 500
----------------------------------------------------------
386.0 387.0 1.0 300
----------------------------------------------------------
387.0 387.3 0.3 1,000
----------------------------------------------------------
387.3 388.3 1.0 700
----------------------------------------------------------
388.3 388.6 0.3 1,100
----------------------------------------------------------
388.6 389.0 0.4 2,100
----------------------------------------------------------
389.0 389.5 0.5 800
----------------------------------------------------------
389.5 390.0 0.5 400
----------------------------------------------------------
390.0 390.7 0.7 500
----------------------------------------------------------
390.7 391.2 0.5 400
----------------------------------------------------------
391.2 391.3 0.1 900
----------------------------------------------------------
391.3 394.7 3.4 600
----------------------------------------------------------
394.7 395.6 0.9 500
----------------------------------------------------------
395.6 395.9 0.3 1,400
----------------------------------------------------------
395.9 396.0 0.1 8,000
----------------------------------------------------------
396.0 396.4 0.4 greater than 9,999
----------------------------------------------------------
396.4 396.8 0.4 1,500
----------------------------------------------------------
396.8 396.9 0.1 3,200
----------------------------------------------------------
396.9 397.0 0.1 1,700
----------------------------------------------------------
397.0 397.6 0.6 greater than 9,999
----------------------------------------------------------
397.6 397.9 0.3 5,000
----------------------------------------------------------
397.9 398.3 0.4 greater than 9,999
----------------------------------------------------------
398.3 399.5 1.2 1,200
----------------------------------------------------------
399.5 399.8 0.3 6,000
----------------------------------------------------------
399.8 399.9 0.1 greater than 9,999
----------------------------------------------------------
399.9 400.3 0.4 6,000
----------------------------------------------------------
400.3 400.5 0.2 greater than 9,999
----------------------------------------------------------
400.5 400.6 0.1 7,000
----------------------------------------------------------
400.6 400.8 0.2 4,000
----------------------------------------------------------
400.8 401.4 0.6 600
----------------------------------------------------------
Total 69.2 metres
----------------------------------------------------------

(i) All intersections are down-hole, core interval measurements
and true thicknesses are yet to be determined


Terra Ventures is a junior exploration company focused on acquiring and developing quality uranium projects which have world class potential. The Company is dedicated to building shareholder value by acquiring strategic uranium properties in this period of strengthening global demand for uranium supply. The Company's combination of strategic land positions, advanced stage projects and no risk carried interest projects - combined with technical expertise and management's fundraising ability - are the foundation for growth in the uranium business.

On behalf of the board of directors of TERRA VENTURES INC.

Gunther Roehlig, President

This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

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

Contact Information

  • Terra Ventures Inc.
    Gunther Roehlig
    President
    Toll Free: 1-866-683-0911
    604-683-7161 (FAX)
    Website: www.terrauranium.com