Hathor Exploration* (HAT : TSX : $2.63), Net Change: 0.06, % Change: 2.33%, Volume: 421,044
Heading Far East. Hathor Exploration said Tuesday that it has closed its recently announced flow-through financing, raising gross proceeds of $13,002,000. Last week, Hathor highlighted that the 2011 summer diamond drill program is underway at the Roughrider Uranium Deposit in the Athabasca Basin of northern Saskatchewan. The company said two rigs are now on site and drilling has begun. The program will run for approximately eight weeks, with some 7,000 m of drilling planned. Management stated that the drill program will be extended for as long as the mineralization at Far East remains open to the east. Far East is open to the east, from the eastern-most drill holes which contained the strongest replacement mineralization and produced the highest grade-thickness intersections, including 42.8 m at 3.26% U3O8 in drill hole MWNE-11-698, and 51.0 m at 1.69% U3O8 in drill hole MWNE-11-695. Management believes that the Far East Zone, with 15 mineralized drill holes already, presents significant upside to the overall resource potential of the Roughrider Uranium Deposit, which is currently estimated to contain (exclusive of Far East Zone) 58 M lbs U3O8 in the East and West Zones, including 54 M lbs U3O8 contained in approximately 212,000 tonnes of rock at an average grade of 12% U3O8. Also of note, John Currie, Hathor's Director & Chairman of the Compensation Committee recently purchased 100,000 shares of Hathor in the public market at a price of $2.55 per share for a
total of $255,000.