Thelon Capital Ltd.

Thelon Capital Ltd.

May 01, 2007 19:00 ET

Thelon Ventures Ltd.: Drilling is Complete and More is Planned at Pasfield Lake Uranium Property, Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 1, 2007) - Thelon Ventures Ltd. (TSX VENTURE:THV)(FRANKFURT:TFH) is pleased to summarize exploration results on its Pasfield Lake Uranium Project in Saskatchewan. The winter exploration program at Pasfield Lake has been successfully completed. Encouraging results, from this program, has accelerated the planning for follow-up phase two drilling program in the summer of 2007.

The Property is located in the eastern Athabasca Basin in northern Saskatchewan. It is 60 kilometres northwest of the Cigar Lake Mine, the second largest high-grade uranium deposit in the world. The Athabasca basin region of Northern Saskatchewan hosts the richest uranium ore deposits in the world and accounts for approximately 28 per cent of the world's annual mine production of uranium.

The 2007 winter program of AMT (audio magnetotellurics) ground geophysics and diamond drilling follows up a 1,116 line-kilometre airborne V-TEM survey completed completed by Geotech Ltd. in January 2006, and a 1,616 line-kilometre airborne 3-D Full Tensor gravity gradient survey completed by Bell Geospace Inc. in January, 2007. Four AMT transects were completed for a total of 63 line-kilometres. Four diamond drill holes were drilled for a total of 1,604 metres by Hy-Tech Drilling Ltd. of Smithers, BC.

Results from exploration work on the Pasfield Lake property confirm the potential for unconformity type uranium deposits. The key factors include:

- The basement high is located at a depth of approximately 300 metres, compared with depths to basement of 900 metres in the region.

- Drilling intersected prospective rocks in the form of graphitic meta-pelites in the basement rocks with strongly graphitic fracture zones.

- Faulting, to provide potential structural traps, is present.

- Electromagnetic conductors are interpreted to be coincident with faulting.

- Pervasive bleaching is present in basement rocks at the unconformity in all holes. Hematite-filled breccia is present in basement granite gneiss in Hole PF07-003, which was terminated in a soft, bleached, intensely clay-altered, chloritic granitic gneiss.

Rock samples have been submitted for geochemical analyses. In addition samples will be subjected to spectral analysis to determine the clay alteration products in the alteration detected in the drill holes. These are standard techniques used in the search for high grade unconformity style uranium deposits which are found in Saskatchewan.

Previous exploration in the region in the 1970's identified a strong, large radiometric anomaly at the spring-fed headwaters of Moss Creek some 12 kilometres northwest of Pasfield Lake. Results included coincident anomalies of radon in water, uranium in stream sediment and radioactive surface moss along the same three kilometre stretch of Moss, along with helium in near-by soil gas. It was proposed that the uranium source for the Moss Creek anomaly is under Pasfield Lake, based on a regional groundwater study.

The presence of graphitic meta-pelites, strong alteration, basement uplift, faults which post-date and offset the unconformity, north-south features oblique to the northeast regional grain (such as at Millennium), and east-west shear zones oblique northeast-trending regional faults (such as at Moore Lake, Key Lake and Cigar Lake), together with the strong radiometric anomaly at Moss Creek with a source inferred to be under Pasfield Lake, all contribute to making Pasfield a compelling uranium exploration target.

The four key areas to be tested in future drill programs are:

1. The on-land southern portion of Cable Bay Shear Zone where a vertical offset of 600 metres or more is evident.

2. The north-south fault inferred from gravity and proven by drilling in the central portion of the uplift block.

3. The east-west internal step faults and parallel V-TEM conductors in the northern part of the block.

4. The southeastern margin of the uplift block.

Triex Minerals Corporation (TSX VENTURE:TXM) has the right to acquire an 80% interest in the Pasfield Lake property from Thelon Ventures Ltd. Triex currently owns 51% and is the Operator. The property now includes a total area of 66,811 hectares.

This release has been reviewed by Mike Magrum, P.Eng., a Qualified Person as defined by National Instrument 43-101.


Jason Walsh, President

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

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