Press release from CNW Group

Hathor Exploration Limited Announces $12 Million Bought Deal Flow-Through Common Share Financing

Thursday, May 26, 2011

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FORDISSEMINATION IN THE UNITED STATES/

VANCOUVER, May 26, 2011 /CNW/ - Hathor Exploration Limited (TSX: HAT) ("Hathor" or the "Company") is pleased to announce that it has entered into an agreement with asyndicate of underwriters led by Canaccord Genuity Corp. (the"Underwriters"), and Dundee Securities Corporation, Raymond James Ltd.and Salman Partners will be invited to join the syndicate, to sell4,000,000 flow-through common shares of the Company (the "Flow-ThroughShares") at a price of CAD$3.00 per Flow-Through Share to raiseCAD$12,000,000, on a bought deal private placement basis (the"Offering").

The Underwriters will receive a cash fee on the sale of the Flow-ThroughShares equal to 6% of the gross proceeds raised, and brokers warrants("Broker Warrants") equal to 6% of the Offering. Each Broker Warrantshall be exercisable for one common share of the Company at a price ofCAD$3.00 at any time up to 24 months after closing.

The Company intends to use the net proceeds of the Offering to conductexploration activities on its Athabasca Basin uranium projects.

Closing of the Offering is anticipated to occur on or before June 14,2011 and is subject to receipt of applicable regulatory approvalsincluding approval of the TSX.

The securities have not been and will not be registered under the U.S.Securities Act of 1933, as amended (the "1933 Act"), or under any statesecurities laws, and may not be offered or sold, directly orindirectly, or delivered within the United States or to, or for theaccount or benefit of, U.S. persons (as defined in Regulation S underthe 1933 Act) absent registration or an applicable exemption from theregistration requirements. This news release does not constitute anoffer to sell or a solicitation to buy such securities in the UnitedStates.