Hathor Exploration comes up with its new economic

resource estimate today and we are a little bit shocked

that “the HAT” isn’t significantly higher.

We’ve counted on Eric Zaunscherb of Canaccord to

update us on this story, one that he has loved over the

last while, but instead let’s go to other analysts as

David Talbot at Dundee Capital has upped his target to

$4.75 and his points are the same as Zaunscherb’s as it

is one of the richest uranium plays out there and we

suspect sooner or later is a take-over target.

David Talbot of Dundee writes today, “A high grade

core totals 24 MM lbs grading 11.7% U3O8 as Roughrider

increases to 27.8 MM lbs. This high grade core

may now represent the fourth highest grade deposit in

the Athabasca after McArthur River, Cigar Lake and

Wheeler River. We are impressed with the high grade

portion of Hathor's 90% owned Roughrider deposit and

overall size at this stage of exploration. This is a robust

system and various resource estimation methods come

out essentially equal, providing us a good level of comfort.

A large number of high grade assays on almost

every section makes the resource insensitive to cut-off

grades and the population is sufficient that top cuts

were not required by SRK. Today's news exceeded our

expectations - we had expected ~20-22 MM lbs at a

grade of between 4-5% U3O8.”

Talbot adds, “We estimate potential to exceed 53 MM

lbs U308.” He continues, “Roughrider East was not

included but we estimate that zone may already exceed

20 MM lbs. An extensive 15,000 metre winter drill program

will focus on Roughrider East and filling the gap

between it and Roughrider. We expect further assays

next week, block models and geostatistics to then start.

An initial Roughrider East or perhaps a global resource

may be expected in the spring.”