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Hathor Starts Drilling at Russel Lake Property; No Recommendation Yet on Cameco Offer

Hathor Exploration Inc. (HAT.TO) is not letting a prospective takeover bid get in the way of doing business, announcing it has started exploration drilling at its Russel Lake uranium project in the Athabasca Basin of Saskatchewan. Up to 3,500 metres of diamond drilling is planned.

Hathor directors yesterday also recommended shareholder continue to take no action regarding Cameco Corp (CCO.TO) unsolicited cash offer of $3.75 a share. They said the company is still preparing a formal response, adding that their answer will largely turn on how economic model values the Roughrider uranium deposits.

News reports yesterday said Hathor is considering a wide range of options, including separately selling Roughrider to the highest bidder.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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