Thelon Capital Ltd.

Thelon Capital Ltd.

March 09, 2005 19:14 ET

Thelon Ventures Ltd.: 300,000 Acre Uranium Property to be Optioned in Athabasca Basin


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: THELON VENTURES LTD.

TSX VENTURE SYMBOL: THV

MARCH 9, 2005 - 19:14 ET

Thelon Ventures Ltd.: 300,000 Acre Uranium Property to
be Optioned in Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 9, 2005) - Thelon
Ventures Ltd. (TSX VENTURE:THV) (the "Company" or "Thelon") is pleased
to announce that it has executed a letter of intent to enter into an
option agreement with the Canurex Syndicate ("Canurex"), whereby Thelon
may earn a 100% interest (subject to a 3% net smelter royalty in favour
of the vendor) in 3 mineral permits totalling approximately 120,000
hectares, located in Saskatchewan's Athabasca Basin. These claims are
prospective for the discovery of uranium.

In order to earn a 100% interest in the properties, Thelon must:

make payments totaling $100,000, of which $25,000 is due on the
execution of the option agreement and the balance of $75,000 being due
upon TSX Venture Exchange approval of the acquisition;

issue 1,000,000 common shares of Thelon to the vendor forthwith upon
receipt of approval of the TSX Venture Exchange;

reserve a royalty equal to 3% of net smelter returns;

incur exploration expenditures on the Mining Permits in an amount of not
less than $200,000 on or before December 31, 2005.

In addition, Thelon has agreed to acquire a large proprietary uranium
database representing over 17 years of uranium exploration in Canada.
This database is expected to be a valuable tool for the purpose of
acquiring additional uranium exploration properties.

Consideration for the acquisition of the uranium database is:

payment of $25,000 to MPH Consulting Limited ("MPH") representing costs
incurred to date;

agreement to engage MPH on normal commercial terms with an initial
budget of $50,000 for the ongoing evaluation of the database. (Reports
on progress and budgets to be provided quarterly);

when an uranium project is generated, Thelon will have the first right
to acquire the project by the issuance to Canurex of an additional
500,000 shares of Thelon and payment of the staking/acquisition costs.
Four areas of projects will be established, being Manitoba, Saskatchewan
and Alberta outside of the Athabasca Basin; the Thelon Basin;
NWT/Nunavut outside of the Thelon Basin and Quebec. Once an interest is
earned in an area, no additional share issuances to Canurex need be
made. Each project that is acquired will reserve a 3% NSR royalty to
Canurex.

These transactions are subject to approval by the TSX Venture Exchange.

The Pasfield Lake Permits, covering approximately 120,000 hectares
(approximately 300,000 acres) are located in the eastern portion of the
Athabasca Basin of Saskatchewan. The permits were acquired on the basis
of highly anomalous radon and helium concentrations in spring and creek
waters first detected along some fault-controlled valleys to the
northwest of Pasfield Lake in 1978. An attempt was made in 1979 to drill
the proposed source area at the northwest corner of Pasfield Lake.
However, none of the three holes succeeded in reaching basement. What is
of particular interest to Thelon Ventures is that the deepest hole
(terminated at 550 m) encountered sections of "clay-fault breccia" and
"clay breccia" that contained a number of zones that were of sufficient
interest for the geologist of the day to assay for U3O8 (results
unknown). These clay zones might represent regional clay alteration
associated with uranium mineralization at the unconformity. Also, recent
(2003) SRTM DEM (Shuttle Radar Topography Mission Digital Elevation
Model) data point to a major, previously unidentified northeast-trending
basement structural zone, between the Snowbird Tectonic Zone to the west
and the Cable Bay Shear Zone to the east that abuts the northwest corner
of Pasfield Lake, passing directly beneath the priority target area.
Radioactive springs are a key exploration guide in the Athabasca Basin
and the source of these particular emanations has never been explained.

Depth to the unconformity on the Pasfield Lake permits is estimated at
800-900 metres. This represents the next frontier of exploration in the
Athabasca and other explorers are having considerable success at these
depths including Cameco Corporation/Cogema/Formation Capital at their
Virgin River uranium project (700-800 metres) and UEX Corp at Shea Creek
(700-750 metres). The extreme richness of some of the Athabasca
unconformity deposits such as McArthur River and Cigar Lake justifies
exploration to these depths, and beyond.

The Company plans to carry out detailed geophysical surveys over the
primary target corridor this summer as a prelude to a diamond drilling
program contingent on results of this work.

Thelon Ventures has also commenced the review and evaluation of the
proprietary uranium database representing over 17 years of uranium
exploration in Canada and expects to generate additional high quality
uranium projects from this work.

Mike Magrum P.Eng., a Qualified Person under NI 43-101 has approved the
technical content of this news release.

THELON VENTURES LTD.

Jason Walsh, President

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Thelon Ventures Ltd.
    Jason Walsh
    President
    (604) 682-1643
    (604) 682-1666 (FAX)
    info@thelonventures.com
    www.thelonventures.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.