| |
Hathor Exploration Limited (TSX:HAT) is pleased to announce that it has received three Mineral Leases from the Saskatchewan government covering its Roughrider uranium deposit located in the Athabasca Basin. This is a major milestone for not only the project, but also the 35 year mining district.
The Roughrider uranium deposit was discovered in 2008 on the Midwest Northeast Property, which was comprised of three mineral claims covering 543 ha. The largest claim, S-107243, was staked in 2004 and covers 502 hectares. Exploration and mining in Saskatchewan is governed by The Mineral Disposition Regulations, 1986, administered by the Mines Branch of the Saskatchewan Ministry of Energy and Resources. There are two key land tenure milestones that must be met in order for commercial production to occur in Saskatchewan: 1. Conversion of a Mineral Claim to Mineral Lease, and; 2. Granting of a Mining Lease to cover the specific area within a Mineral Lease where mining is to occur. Hathor has successfully achieved the first milestone for Roughrider and the Midwest Northeast Property: conversion to a mineral lease.
This is also a significant milestone for the Athabasca Basin, the preeminent high grade uranium district in the world, with more than 35 years of mining history from 5 operations. Government of Saskatchewan records show that the last mineral lease issued for a uranium project in the Athabasca Basin was in 1985.
As shown on Figure 1, the Roughrider project is located favourably for cost-effective exploration and mining. It is connected to Highway 955 by a 6 km winter road. The property is 8.5 km north of the community of Points North and the Points North commercial airport, the main service hub for northeastern Saskatchewan. It is within 25 km of operating uranium mine, mill and tailings facilities established at Rabbit Lake and McClean Lake during the past 35 years of production in the Athabasca.
Terra Ventures Inc. owns a qualified 10% interest in the largest lease on the Property, carried to the completion of a positive feasibility study and public announcement of intention to go into commercial production.
Hathor also confirms, as announced by Hathor on March 29, 2011, and by the TMX Group on April 1, 2011, that the 120,392,451 common shares of the Company now trade on the Toronto Stock Exchange, as of market opening today, April 5, 2011. This is a major milestone for the Company, and it parallels the advancement of the Midwest Northeast mineral claim to mineral lease. The common shares of the Company had been listed on TSX Venture Exchange since June 10, 1999 under the symbol "HAT" and were delisted from TSX Venture Exchange today, upon commencement of trading on TSX under the symbol "HAT".
Alistair McCready, Ph.D., P.Geo., Hathor's VP of Exploration with responsibility for all of Hathor's exploration in Saskatchewan, and Michael Gunning, Ph.D., P.Geo, Hathor's Chief Executive Officer, are Qualified Persons as defined by National Instrument 43-101 and have reviewed and approved the technical disclosure contained in this news release.
For more information on Hathor, please visit the company's website at www.hathor.ca, or contact Tony Nunziata at 403-560-7040 or Kelsea Murray at 604-684-6707.
On Behalf of the Board of Directors
_________________________
Michael H. Gunning, PhD, PGeo
President & CEO
|
