Long Harbour Signs Agreement to Purchase Property in the Eastern Athabasca Basin
May 16 2011 - 1:00PM
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
2Z Lake Property located in the Athabasca Basin in northern
Saskatchewan. This transaction is subject to receipt of TSX Venture
Exchange approval.
The 2Z Lake Property (the "Property") is located on the eastern
edge of the Athabasca Basin at the western end of a 20km long
conductive trend orientated approximately N070, a trend that hosts
several uranium deposits in the Athabasca Basin. The Property is
situated approximately 30km south of the Rabbit Lake mine, 30 km
east of the Cigar Lake mine and 28km south of the McClean Lake Sue
deposits. The Property includes 4 claims covering 354 hectares,
which border, and is surrounded by, properties controlled by
Denison Mines, UEX Corporation and Hathor Exploration. The Property
is within close proximity to Hathor's Roughrider deposit and
adjacent to its Milliken property.
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 at 2Z Lake is on near surface
basement-hosted, structurally controlled uranium deposits. The
sandstone layer averages 80 meters in depth attractive for cost
effective mining operations. Nearby basement hosted uranium
deposits include the past producing AREVA - operated Sue C open pit
mine, which produced approximately 25 million pounds of U308
between 1999 and 2002.
The 2Z Claims had been held by Cameco in one form or another
since the mid-1970's until 2008 when after a staking competition,
the court awarded rights to the current registered owner. Twenty
drill holes have been completed on the Property testing for
unconformity-type deposits. However, the Property has not yet been
adequately tested for basement-hosted high-grade uranium
mineralization that has been discovered in many of the properties
in the eastern basin.
The purchase price for the Property is $350,000 cash and
1,000,000 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)