Canaccord

Hathor Exploration* (HAT : TSX-V : $1.49), Net Change: -0.01, % Change: -0.67%, Volume: 138,088

That's it – I'm going to South Korea! Hathor continues to put out impressive result after impressive result, expanding what looks to be a world-class uranium discovery, but North American investors could care less.

On Wednesday, Hathor announced the second set of assays from the 2010 winter drill program on the Roughrider uranium deposit at its Midwest Northeast property in the Athabasca Basin in northern Saskatchewan. New and high-grade uranium mineralization was discovered in the Thursday June 3, 2010 central part of the deposit.

Highlights of assays from the new intersections (in Area 3) include:

1) Intersections of high grade mineralization adjacent to and outside of the Initial Resource Model – (For example: Drill hole MWNE-10-192: 26.5 m of 3.55% U3O8, including 6.0 m of 14.46% U3O8);

2) Intersections of high grade uranium mineralization BOTH within and below the lower grade outer shell of the Initial Resource Model – (For example: Drill hole MWNE-10-179: 22.5 m of 2.80% U3O8, including 5.0 m of 6.23% U3O8 and 3 m of 7.68% U3O8).

Separately, in a spectacular example of how differently the rest of the world views the nuclear renaissance and uranium as compared with the North American market, Canaccord Adams Senior Mining Analyst Eric Zaunscherb recently highlighted that the share price of Korea Electric Power Corp. (KEPCO) increased 3.5%, adding approximately US$600 million in value and making it the best performer in the MSCI AC Asia Pacific utility index that day.

What caused this significant increase in valuation in a down market? KEPCO announced a high-grade uranium discovery on the Waterbury project in Saskatchewan in which the company has a 20% interest. Zaunscherb notes that we have known of this discovery for months, trumpeted by Fission Energy (FIS). By extension, Fission should then be trading over $21.00/share and neighbour Hathor, using the same EV/lb metrics, should be trading over $30.00/share.

When will North American investors catch up with the rest of the world – and start showing love to the uranium sector?

FANTOMAS