TSX-V: TAS
OTCQX:TASFF
FSE:G7K
VANCOUVER, April 5 /CNW/ - Terra Ventures Inc. (TSXV: TAS) is pleased to provide an update on the Midwest Northeast Uranium property in which Terra owns a 10% production carried interest. In a press release dated April 5, 2011, Hathor reported:
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"Hathor Exploration Limited (TSX:HAT) is pleased to announce that it has received three Mineral Leases from the Saskatchewan government covering its Roughrider uranium deposit located in the Athabasca Basin. This is a major milestone for not only the project, but also the 35 year mining district. |
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The Roughrider uranium deposit was discovered in 2008 on the Midwest Northeast Property, which was comprised of three mineral claims covering 543 ha. The largest claim, S-107243, was staked in 2004 and covers 502 hectares. Exploration and mining in Saskatchewan is governed by the Mineral Disposition Regulations, 1986, administered by the Mines Branch of the Saskatchewan Ministry of Energy and Resources. There are two key land tenure milestones that must be met in order for commercial production to occur in Saskatchewan: 1. Conversion of a Mineral Claim to Mineral Lease, and; 2. Granting of a Mining Lease to cover the specific area within a Mineral Lease where mining is to occur. Hathor has successfully achieved the first milestone for Roughrider and the Midwest Northeast Property: conversion to a mineral lease. |
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This is also a significant milestone for the Athabasca Basin, the preeminent high grade uranium district in the world, with more than 35 years of mining history from 5 operations. Government of Saskatchewan records show that the last mineral lease issued for a uranium project in the Athabasca Basin was in 1985. |
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As shown on Figure 1, the Roughrider project is located favourably for cost-effective exploration and mining. It is connected to Highway 955 by a 6 km winter road. The property is 8.5 km north of the community of Points North and the Points North commercial airport, the main service hub for northeastern Saskatchewan. It is within 25 km of operating uranium mine, mill and tailings facilities established at Rabbit Lake and McClean Lake during the past 35 years of production in the Athabasca. |
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Terra Ventures Inc. owns a qualified 10% interest in the largest lease on the Property, carried to the completion of a positive feasibility study and public announcement of intention to go into commercial production. |
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Alistair McCready, Ph.D., P.Geo., Hathor's VP of Exploration with responsibility for all of Hathor's exploration in Saskatchewan, and Michael Gunning, Ph.D., P.Geo, Hathor's Chief Executive Officer, are Qualified Persons as defined by National Instrument 43-101 and have reviewed and approved the technical disclosure contained in this news release." |
Terra Ventures is a junior exploration company focused on acquiring and developing quality uranium projects which have world class potential. The Company is dedicated to building shareholder value by acquiring strategic uranium properties in this period of strengthening global demand for uranium supply. The Company's combination of strategic land positions, prospective exploration projects and no risk carried interest projects - combined with technical expertise and management's fundraising ability - are the foundation for growth in the uranium business.
On behalf of the board of directors of
TERRA VENTURES INC.
"Gunther Roehlig"
Gunther Roehlig, President
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.
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.
