VANCOUVER, June 22, 2011 /CNW/ - Terra Ventures Inc. (TSX-V: 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 June 22, 2011 Hathor reported:
"Hathor Exploration Limited (HAT:TSX) is pleased to announce that a
formal economic assessment has been started for the Roughrider Uranium
Deposit at its Midwest Northeast Property in the Athabasca Basin of
Hathor has initiated an independent, NI 43-101 compliant Preliminary
Assessment ("PA") of the Roughrider Uranium Deposit. The PA will evaluate, in detail,
the economic viability of developing the deposit as it is currently
defined, and express the viability in the form of a net-present-value
analysis (NPV). The study will be authored by SRK Consulting (Canada)
Inc. Completion is expected in approximately four months. The first
working group meeting was held June 16, 2011, and a site visit for the
full working group is planned for June 27, 2011.
Environmental baseline work is being conducted in parallel with the PA. Fieldwork began in late May, and will be ongoing throughout 2011.
A detailed working knowledge of Roughrider geological models and
resources, as announced on November 30, 2010, for the West Zone and on
May 17, 2011, for the East Zone provide the foundation for the PA. The attributes of Roughrider, including location, size, grade, depth,
recovery and ore composition are expected to provide for a robust
model; the attached previously released figures highlight some of the
Midwest Northeast Property
The Midwest Northeast Property is located within the main uranium-producing eastern corridor
of the Athabasca Basin. The Property comprises 3 mineral leases
covering 598 ha. Infrastructure is excellent. The Property is
connected to Highway 955 by a 6 km winter road. The property is 8.5 km
north of the infrastructure centre of Points North and the Points North
commercial airport, the main service hub for northeastern
Saskatchewan. The Property 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.
Terra Ventures Inc. owns a qualified 10% interest in the largest lease,
carried to the completion of a positive feasibility study and
announcement of intent for commercial production. Terra and Hathor
recently announced (May 9, 2011) a definitive Plan of Arrangement,
which remains subject to a number of conditions including, but not
limited to, receipt of all regulatory, court and shareholder approvals,
and will result in consolidation of 100% ownership of the Roughrider
Alistair McCready, Ph.D., P.Geo., Hathor's V.P. 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
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
On behalf of the board of directors of
TERRA VENTURES INC.
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
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.
SOURCE Terra Ventures Inc.
For further information:
Ryan Johnson, Investor Relations, at 1-866-683-0911 or visit the Company's website at www.terrauranium.com.