Hathor Exploration* (HAT : TSX-V : $1.48), Net Change: 0.08, % Change: 5.71%, Volume: 523,485
Why won’t you notice me? Look at my assets! After sinking to another 52-week low, shares finally bounced on news that the company had discovered a new zone at its Roughrider uranium deposit in the Athabasca basin. This first set of complete assays from its 2010 winter drill program show that a new zone was intersected in the western part of the deposit. Highlights include: 1) Hole MWNE-10-197 which intersected 17.0 m of 15.20% U3O8, extending the lower grade resource shell; 2) Hole MWNE- 10-200 which intersected 22.50 m of 11.31% U3O8, adjacent to and outside the resource shell; 3) Hole MWNE-10-188B which
intersected 7.5 m of 28.98% U3O8 confirming high-grade uranium mineralization inferred to be down-dip of the high-grade shale within the resource shell. Overall, closer-spaced drilling is finding more higher-grade mineralization in the Roughrider zone with some outstanding intersections within and outside of the current resource shell. Canaccord Genuity Senior Mining Analyst Eric Zaunscherb continues to expect the compliant resource to grow to around 20 Mlb by year-end in Roughrider alone (not including Roughrider East) at an increased grade of 3.5%. Recall that the resource grade at McArthur River increased from 5% in 1994 to 19% in 1997 as the drill spacing tightened. We note that investors can expect additional assay results over the next few weeks pending the resumption of drilling in the summer program focused on Roughrider East. This current market weakness could be a good time for investors to gain exposure to one of the best uranium exploration projects globally.

HATHOR EXPLORATION (V-HAT) $1.58 +0.03
I don’t really know why we continue to cover the Hathor story because it is one of those stories that you file under the ultimate frustration. How can a company be finding this much success in their exploration and yet with uranium prices so low who is going to care? More importantly when might uranium prices start going up? And then Hathor will be the story of the day!
Is it 6 weeks? 6 months? Or for that matter 6 years away? Until we start running out of Russian nuclear weapons and the large number of nuclear plants being built come on-stream and need those uranium supplies.
Last week, Hathor announced evermore stunning results such as 7 meters of 43% U-308 and 23 meters of 24.3% U-308.
These are numbers 10, 50 or 100 times better than some of the best drilling anywhere else. We thought Steve Stanley, president of Hathor, would still be gloomy as he has been over the last couple of months as they continue to report dramatic results into a market that doesn’t care. But oh no, he is quite optimistic after several days spent in Saskatoon going over the latest technology on their play in northern Saskatchewan.
He seems to think that the stars are all starting to align beautifully as new data on their resistivity and plans for their summer drilling program which will be concentrating to the east of the Roughrider East zone and also to the south, in a trend that he calls the 070 trend and the suggestion is that they think they have a handle on which way the sweet stuff goes. They have yet to drill the footwall and now they think they know where that trend is.
So as good and as exciting as the past results have been they continue to look forward to the future.
But the big question remains on uranium prices. If oil was $25-$30 a barrel who would care if you found a 5000 bopd well... this is Hathor’s problem. The moment you start seeing uranium prices move, this is a story you need.

Hathor Exploration* (HAT : TSX-V : $1.51), Net Change: -0.05, % Change: -3.21%, Volume: 347,361
Planned to start imminently. On Tuesday, Hathor released the final assays from the winter drill program and outlined its plans for an aggressive summer drill program to test the full potential of Roughrider East, and to infill and expand the Roughrider zone. Hathor management highlighted that the results to date outline significant potential at Roughrider East; it is open in all directions and aggressive drilling this summer will infill areas already drilled, and also test the potential extent of mineralization away from current fences. The company said the summer drilling is planned to start imminently at RRE. There are two main goals: i) One drill rig will test the open area to the east, and complete more detailed infill drilling to the west on Lines 20W to 100W. Uranium mineralization has been traced westward for 100 metres from the discovery hole 170, but only in reconnaissance fashion for the western 80 metres. There is no drilling east of hole 170; ii) One drill rig will test the resistivity low, that is, the potential extension of the high-grade mineralization at Roughrider East to the southwest along the Midwest Trend. This target is robust over a strike length of approximately 700 metres. Infill and expansion drilling will continue this summer, from the barge, at Roughrider itself. Also of note, UxC’s spot uranium price upticked (the first in awhile!) US$1.00/lb last week to US$41.75/lb.

Hathor Exploration* (HAT : TSX-V : $1.59), Net Change: 0.11, % Change: 7.43%, Volume: 390,303
Radioactive rise in the near future? Hathor announced Tuesday that drilling has commenced on its Midwest Northeast Property. Management highlighted that three rigs are on site; two are turning, with the third, on barge, slated to start on July 16. The barge rig will continue delineation drilling on the Roughrider deposit, and complete several reconnaissance holes in "the gap" between it and Roughrider East. One rig will complete infill drilling at the recently discovered Roughrider East Deposit, and test for extensions to the east. The third rig will test the resistivity anomaly running southwestward from Roughrider East, along the Midwest Trend (Hathor recently highlighted that this new target is robust over a strike length of approximately 700 metres). The three-month summer drill program at Midwest Northeast is expected to end in late September and cost approximately $6 million.

HATHOR EXPLORATION (V-HAT) $1.91 +0.18
Maybe people are starting to care about uranium again? We caught up with Steve Stanley, President of Hathor Exploration today who tells us that they are experi- encing the typical things that always seem to go wrong at the start of any drilling program, but they would expect the first bunch of drilling results to come out starting in about three to four weeks.
Meanwhile, we caught up with Eric Coffin of the Hard Rock Analyst fame and he suggested that the uranium sector feels like it is starting to “warm up again.”
He points to the Chinese deal with Cameco as the key to the change in the feeling as he reminds us that there’s so many reactors being built out there these days and many of those people who spend billions of dollars on a reactor, want to make sure that they’ve got some ura- nium lined up for down the road.
Coffin reminds us that the Brothers and many others have always felt that Hathor had a great project and a great management team, but the question was, when will uranium have people caring again?
One thing Coffin is looking forward to in the coming months is some new resource estimates as to just how many pounds of uranium they might have discovered so far on their Roughrider project. The question remains though, whether we have seen the turn in the uranium sector as when does that spot price start moving is yet to show a significant move.
There have been a lot of analysts that have been ag- gressive on the Hathor story since day one, one of which is Canaccord’s Eric Zaunscherb. He carries a still lofty target of $4.50 on the Hathor story and writes, “We value Hathor with a 49 million lbs U3O8 resource, based on conceptual resources of 20 million lbs at Roughrider and 16 million lbs at Roughrider East, with room to grow.”
Go figure! A target that appeals to one’s sense of greed in a world full of fear!

Hathor Exploration* (HAT : TSX-V : $1.86), Net Change: 0.05, % Change: 2.76%, Volume: 94,017 Denison Mines* (DML : TSX : $1.54), Net Change: -0.05, % Change: -3.14%, Volume: 549,366
Big fan of northeast. Hathor owns both the developing world-class Midwest NorthEast high-grade uranium project and the Russell Lake project (which Denison unsuccessfully bid for) that covers the northeast and southwest extensions of Wheeler River. On Wednesday, Denison reported results from a further 14 holes of its summer drill program on Wheeler River (Denison owns 60%, Cameco (CCO) owns 30% and JCU (Canada) owns 10%). High-grade mineralization at Zone A has been extended 25 metres to the northeast by WR-334, which returned 10.7% eU3O8 over 2.7 metres. The strike length of Zone B has also been extended a further 50 metres to the northeast by hole WR-333, which returned 20.7% eU3O8 over 2.2 metres. Denison highlighted that both of these zones continue to remain open along strike. Canaccord Genuity Senior Mining Analyst Eric Zaunscherb points out that while drilling at Wheeler River is encountering significant mineralization in multiple zones in the Phoenix deposit, it is important to note that mineralization is generally at 300 metres depth or below (i.e. not likely amenable to lower-cost open pit mining and, therefore, demanding a higher grade threshold). Zaunscherb prefers the mineralization encountered on Hathor's Midwest NorthEast project where mineralization is generally at 200 metres depth or below. Also of note, Hathor is expecting to begin drilling on Russell Lake by late summer.