Hathor Exploration Limited Receives Cameco Offer and Urges No Action by Shareholders

VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Sept. 1, 2011) - Hathor Exploration Limited (TSX: HAT). Hathor Exploration Limited announces that, further to Hathor's press release of August 29th, it has now received Cameco Corporation's formal unsolicited all cash take-over bid offer for Hathor at a price per Hathor common share of Cdn.$3.75. Hathor's closing share price on the TSX yesterday, August 31st, was C$ 4.14.

The Board of Directors of Hathor is in the process of assessing Cameco's offer with its legal and financial advisors. The Company continues to urge its shareholders not to respond to the Cameco offer until the Company has had sufficient time to respond to the offer and make available to shareholders information on the economic parameters for Roughrider, assays from the recently completed drill program at Far East Zone, and also insights into the strategic nature of the Athabasca Basin in the global uranium industry and how that relates to the value of the Roughrider uranium deposit.

Hathor will formally respond to the Cameco offer no later than September 14th, 2011.

Subsequent to the successful acquisition of Terra Ventures Inc. (see News Release dated August 5, 2011), Hathor owns 100% of the Roughrider uranium deposit.


Dr. Michael H. Gunning
President & CEO

Hathor Exploration Limited



This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information concerns Hathor's anticipated operations in future periods, planned exploration and development of its properties, and plans related to its business and other matters that may occur in the future. This information relates to analyses and other information that is based on expectations of future performance and planned work programs. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if a mineral property is developed.

Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation: exploration hazards and risks; risks related to exploration and development of natural resource properties; uncertainty in Hathor's ability to obtain funding; precious and base metal price fluctuations; recent market events and conditions; risks related to the uncertainty of mineral resource calculations and the inclusion of inferred mineral resources in economic estimation; risks related to governmental regulations; risks related to obtaining necessary licenses and permits; risks related to Hathor's business being subject to environmental laws and regulations; risks related to Hathor's mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; risks relating to competition from larger companies with greater financial and technical resources; risks relating to Hathor's inability to meet its financial obligations under agreements to which it is a party; ability to recruit and retain qualified personnel; and risks related to Hathor's directors and officers becoming associated with other natural resource companies which may give rise to conflicts of interests. This list is not exhaustive of the factors that may affect Hathor's forward-looking information. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information. Hathor's forward-looking information is based on the reasonable beliefs, expectations and opinions of management on the date the statements are made and Hathor does not assume any obligation to update forward-looking information if circumstances or management's beliefs, expectations or opinions change, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking information. For a complete discussion, please refer to Hathor's Annual Information Form and unaudited financial statements and MD&A for its most recently completed financial year on SEDAR at www.sedar.com.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contact Information

Hathor Exploration Limited
Tony Nunziata
403-560-7040

Hathor Exploration Limited
Kelsea Murray
604-684-6707
www.hathor.ca