Terra Ventures Inc.
TSX VENTURE : TAS

Terra Ventures Inc.

April 23, 2008 11:56 ET

Terra Ventures Inc.: More Encouraging Results From Midwest Northeast Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 23, 2008) - Terra Ventures Inc. (TSX VENTURE:TAS) provides an update on the Midwest NorthEast Uranium property in which Terra owns a 10% production carried interest.

In a press release dated April 23, 2008 Hathor reports: "Hathor Exploration Limited (TSX VENTURE:HAT) is pleased to announce the preliminary results from the last eight holes drilled on its Midwest NorthEast Project in the eastern Athabasca Basin of Saskatchewan." These holes now complete the winter drilling program at the Project. Since January, 2008, two diamond drills contracted from Boart Longyear Inc. have completed 29 NQ-sized diamond drill holes totaling 10,654 metres. The successful program included the discovery of the Roughrider Zonein drill hole MWNE-08-12 which intersected uranium mineralization including 11.9 metres grading 5.29 per cent U3O8.

Preliminary scintillometer results for four of the holes are set out below. Natural gamma emission radiation in drill core is measured in counts per second (cps) using an Exploranium GR-110G gamma-ray scintillometer. The reader is cautioned that 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. Because of the length of time before laboratory assay results are available, Hathor uses scintillometer readings as a reliable guide for its continuing drill program. As an example, off-scale scintillometer readings in hole MWNE-08-12 returned laboratory assay results grading as high as 40.20 per cent U3O8 over a 20-centimetre core interval.

Scintillometer results of greater than 999 cps are presented in the tables below. Also, please refer to the appended map or at www.hathor.ca for scintillometer results relating to diamond drill holes in the vicinity of the Roughrider Zone.

Drill hole MWNE-08-22, collared from the same set-up as MWNE-08-20, was an angle hole drilled at -73 degrees at an azimuth of 135 degrees to a total depth of 324 metres. Scintillometer results greater than 999 cps are:



From To Intersection
(m) (m) (m) CPS
------------------------------------------------------
232.40 232.70 0.30 1,200
233.70 234.00 0.30 3,500
234.00 234.10 0.10 1,000
240.50 240.85 0.35 1,700
243.00 243.30 0.30 8,000
243.30 243.70 0.40 5,500
243.70 243.95 0.25 3,000
243.95 244.35 0.40 7,000
244.35 244.70 0.35 greater than 9,999
244.70 245.00 0.30 3,000
245.00 245.35 0.35 greater than 9,999
245.35 245.50 0.15 1,200
245.50 245.75 0.25 greater than 9,999
245.75 246.00 0.25 4,000
246.00 246.80 0.80 1,000


Drill hole MWNE-08-23, collared from the same set-up as MWNE-08-21, was an angle hole drilled at -77 degrees at an azimuth of 135 degrees to a total depth of 354 metres. Scintillometer results greater than 999 cps are:



From To Intersection
(m) (m) (m) CPS
------------------------------------------------------
232.50 232.70 0.20 1,000
232.70 232.85 0.15 7,000
232.85 233.00 0.15 3,000
236.60 236.95 0.35 1,200
243.50 243.90 0.40 greater than 9,999
243.90 244.75 0.85 2,000
244.75 244.85 0.10 greater than 9,999
244.85 245.00 0.15 4,500
266.00 266.20 0.20 1,000
284.70 285.00 0.30 1,800
285.00 285.20 0.20 1,600


Drill hole MWNE-08-24 was an angle hole drilled at -71 degrees at an azimuth of 135 degrees to a total depth of 342 metres. Scintillometer results greater than 999 cps are:



From To Intersection
(m) (m) (m) CPS
------------------------------------------------------
244.70 246.00 1.30 2,300
246.80 249.00 2.20 1,600
253.10 253.50 0.40 4,000
254.10 254.40 0.30 4,000
254.70 254.80 0.10 1,000
256.00 256.20 0.20 4,000
256.20 256.40 0.20 greater than 9,999
256.40 256.60 0.20 5,000
260.00 260.20 0.20 1,000
260.20 260.40 0.20 9,000
261.40 261.60 0.20 8,000
261.60 261.80 0.20 1,000
262.00 262.60 0.60 1,300
264.20 264.30 0.10 1,000
269.00 269.20 0.20 4,000
269.20 269.80 0.60 greater than 9,999
269.80 270.00 0.20 1,000
270.90 271.40 0.50 1,200
271.80 275.10 3.30 1,300
318.00 318.30 0.30 1,400
326.00 333.00 7.00 1,000


Drill hole MWNE-08-25 was an angle hole drilled at -70 degrees at an azimuth of 135 degrees to a total depth of 354 metres. This drill hole did not intersect any anomalous radioactivity. However, from 185 to 229 m, the drill hole intersected a zone of strong alteration (bleaching, argillization, desilicification, secondary hematite, limonite) and structure (locally up to 50% core loss) that are comparable to that seen in MWNE-08-10. The drill core observations, coupled with the current understanding of the area, suggest that this drill hole may have overcut the mineralized structures that control the Roughrider Zone.

Drill hole MWNE-08-26, collared from the same set-up as MWNE-08-24, was an angle hole drilled at -79 degrees at an azimuth of 135 degrees to a total depth of 381 metres. Scintillometer results greater than 999 cps are:



From To Intersection
(m) (m) (m) CPS
------------------------------------------------------
246.00 246.50 0.50 3,000
248.40 249.40 1.00 1,000
249.40 249.70 0.30 2,500
249.70 249.90 0.20 7,000
249.90 250.00 0.10 greater than 9,999
250.00 250.20 0.20 3,000
250.20 250.40 0.20 5,000
250.40 250.70 0.30 6,000
260.20 260.50 0.30 6,000
260.50 260.70 0.20 8,000
260.70 260.80 0.10 4,000
263.40 263.50 0.10 1,500
267.90 268.10 0.20 4,000
268.10 268.50 0.40 8,000
268.50 268.70 0.20 2,000
268.70 269.00 0.30 1,000
269.00 269.40 0.40 3,000


Drill hole MWNE-08-27, collared from the same set-up as MWNE-08-25, was an angle hole drilled at -60 degrees at an azimuth of 135 degrees to a total depth of 315 metres. This drill hole did not intersect any anomalous radioactivity. However, from 142-164 m and 240-257 m, the drill hole intersected multiple brittle structures with up to 70% core loss locally. The drill core observations, coupled with the current understanding of the area, suggest that this drill hole may have overcut the mineralized structures that control the Roughrider Zone.

Drill hole MWNE-08-28 was an angle hole drilled at -70 degrees at an azimuth of 135 degrees to a total depth of 318metres. Scintillometer results greater than 999 cps are:



From To Intersection
(m) (m) (m) CPS
------------------------------------------------------
219.00 219.20 0.20 1,000
219.20 219.70 0.50 3,000
219.70 221.00 1.30 greater than 9,999
221.00 221.20 0.20 8,000
221.20 221.50 0.30 2,000
223.40 223.50 0.10 1,500
223.50 223.80 0.30 2,000
223.80 224.00 0.20 3,000
224.00 224.20 0.20 1,000
224.20 224.30 0.10 1,500
224.30 224.60 0.30 1,000
224.60 224.80 0.20 2,000
224.80 225.00 0.20 6,000
225.00 225.30 0.30 3,000
225.30 225.60 0.30 2,500
227.30 227.50 0.20 1,100
230.00 230.10 0.10 1,000
230.10 230.20 0.10 2,000
230.20 230.30 0.10 1,000


Drill hole MWNE-08-29 was a vertical hole drilled approximately 1.5km from the Roughrider Zone, to a total depth of 351 metres. This drill hole was designed to increase the geological knowledge in that area of the property.

The following is a summary of the holes drilled earlier in the winter drill program:

Diamond drill holes MWNE-08-01 to MWNE-08-10 did not intersect significantly elevated radioactivity (compared to background) in either the sandstone or basement lithologies. Three drill holes (MWNE-08-03, MWNE-08-05 and MWNE-08-11) intersected graphitic pelitic gneisses of the Wollaston Group, with variable graphite content.

Diamond drill holes MWNE-08-10 and MWNE-08-11 intersected strong alteration within the lower part of the sandstone column and at the unconformity. The palaeo weathering profile in these holes has been overprinted or obliterated by the hydrothermal alteration. Alteration styles include clay alteration/argillization and limonitization. Strong fracturing was observed in the core over intervals of up to 14 metres in MWNE-08-10.

Drill hole MWNE-08-11 intersected a 20 cm thick fault zone with elevated radioactivity, ranging from 800 to 1200 cps at 220.9m, compared to a background of 100-200 cps.

Drill hole MWNE-08-12, the Roughrider Zone discovery hole, was discussed in Hathor News Releases dated Feb. 26th and March 3rd, 2008.

Drill hole MWNE-08-13 was a vertical hole drilled to a total depth of 417metres. This drill hole intersected two major graphitic zones of thrust faulting, up to 5m in wide, within the basement rocks, in which the Archean rocks were overthrust upon the Wollaston Group rocks.

Drill hole MWNE-08-14 was an angle hole drilled at -75 degrees at an azimuth of N315OE to a total depth of 388metres. While no mineralization was intersected in this hole, current understanding of the area suggests that this drill hole undercut the mineralization within the Roughrider Zone.

Drill hole MWNE-08-15 which tested a seismic structural target ca.200 m to the south of the Roughrider Zone, was a vertical hole drilled to a total depth of 363 metres. This drill hole did not intersect any anomalous radioactivity. Drill holes MWNE-08-16 to MWNE-08-21 have been discussed in a Hathor News Release dated March 25th, 2008. Assay results are pending.

Since March of 2007, Hathor and joint venture partners have completed diamond drill programs totalling 33,060 metres of drilling in 101 holes in the Athabasca Basin of northern Saskatchewan.

Mr. Stephen Stanley, President of Hathor, remarked: "The amount of drilling that we have completed in the last year clearly establishes Hathor as one of the most aggressive junior explorers in the Athabasca Basin. We believe that the combination of: our large land package that covers the key uranium-hosting geology of the eastern Athabasca; significant exploration funding; our excellent geological team that applies innovative, state-of-the-art exploration techniques; and, this winter, having excellent drill crews, resulted in the discovery of the Roughrider Zone - possibly the best discovery by a junior in the last twenty years."

Drill core samples from the uranium mineralized sections of core have been submitted for analyses to the Geoanalytical Laboratories of the Saskatchewan Research Council (SRC), with facilities operating in accordance with ISO/IEC 17025:2005 (CAN-P-4E) general requirements for the competence of mineral testing and calibration laboratories. Chemical results will be released when received.

Holes 24 and 26 were collared on a fractional claim recently staked by Hathor. Subsequent field examination by the Government of Saskatchewan's claim inspector determined that the drill collars of these angle holes are in fact on ground held by Fission Energy Corp. As an act of good faith to its neighbour, Hathor will make the core drilled on this ground available to Fission.

Hathor's 90-per-cent-owned Midwest Northeast project is located in northern Saskatchewan's Athabasca basin, immediately adjacent to the Midwest property of AREVA Resources Canada Inc., Denison Mines Corp. and OURD Canada Co. Ltd. There, subject to regulatory approvals, mine site construction is slated to begin in mid-2009 and open pit mining of a shallow orebody that grades 5.47 per cent uranium oxide is planned for early 2010. Terra Ventures Inc. owns a 10-per-cent production carried interest in the Midwest Northeast property."

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

Gunther Roehlig, Director

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

Contact Information