Long Harbour Signs Agreement to Purchase Additional Property in the Eastern Athabasca Basin
08 June 2011 - 3:00AM
Marketwired
Long Harbour Capital Corp. (TSX VENTURE: LHC) (the "Company")
reports that it has entered into an agreement with the Saskatchewan
Syndicate (the "Vendor") for the purchase of a 100% interest in the
Madison Uranium Property located in the Athabasca Basin in northern
Saskatchewan. This transaction is subject to receipt of TSX Venture
Exchange approval.
The Madison Property (the "Property") is located on the eastern
edge of the Athabasca Basin in the Wollaston Lake Domain, within a
northeast trending structural zone that hosts several large
high-grade uranium deposits. The Property is within 5 kilometers of
Long Harbour's recently announced 2Z Lake acquisition and is
situated approximately 28 kilometers south of the McClean Lake Sue
mine and deposits and 30 kilometers east of the Cigar Lake
mine.
The Property covers the same basement geology as the major
eastern Athabasca uranium ore bodies that are responsible for
approximately 20% of the world's annual mine production of uranium.
As such, the focus of exploration on the Property will be on near
surface basement-hosted, structurally controlled uranium deposits.
The Athabasca sandstone layer, which occurs in unconformable
contact with the basement rocks, averages 80 meters in depth,
attractive for cost effective mining operations.
New basement hosted uranium deposits continue to be discovered
in the eastern Athabasca Basin including Cameco's Millenium deposit
(50 million pounds of U3O8 @ 4.55%) and, more recently, Hathor's
May 17, 2011 announced 30 million pound addition of U3O8 @ 11.58%
at its Roughrider Property, doubling that deposits size to 58
million pounds at 11.57%.
The Property covers 1347 hectares, which borders, and is
surrounded by properties owned by Denison Mines, UEX Corporation
and Hathor Exploration. The Property is on trend with Hathor's
Roughrider deposit and within 7 kilometers of its Milliken
property.
The purchase price for the Property is $20,000 cash and 300,000
common shares of the Company. A 2.0 % net smelter returns interest
will be retained by the Vendor.
The Company will pay a finder's fee on this transaction, subject
to approval of the TSX Venture Exchange.
The technical information in this news release was reviewed by
Kent Ausburn, a Qualified Person as defined in NI 43-101.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: Senergy Communications Inc. Graham Johnstone Investor
Relations 778-331-2030 lhc@senergyir.com www.senergyir.com Long
Harbour Capital Corp. Geoff Lee CEO 604-602-9222 604-648-2201
(FAX)
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