Hathor Exploration Limited (HAT:TSX). Hathor Exploration Limited is aware that Cameco Corporation intends to proceed with a hostile and unsolicited all cash take-over bid for Hathor at a price per Hathor common share of Cdn.$3.75. The announcement stated that the bid will be open for at least 60 days from the time it is made. Hathor has not yet been provided with a formal offer and so is not in a position to respond. Hathor will issue a strong and detailed response to the offer after it has received and reviewed the bid materials, and received guidance and input from its financial and legal advisors.

Michael Gunning, PhD, CEO and President of Hathor states "Our Special Committee and our Board will complete a full review of the formal bid materials before we respond. Similarly, the Company urges its shareholders not to respond to the Cameco offer until the Company has received the formal offer and has had sufficient time to respond to the offer and make available to shareholders both information on the economic parameters for Roughrider, and insights into the global dynamics of primary uranium mine supply and how they relate to the value of Roughrider. The Company has a Special Committee of independent directors in place to consider such offers and ensure that value for our shareholders is maximized."

Hathor believes the offer from Cameco is opportunistic, leveraging the market capitalization set-back in this industry post-Fukushima, and announced just prior to Hathor's planned release of the first economic assessment of the Roughrider uranium deposit, anticipated in mid-September. Hathor's closing share price was a material premium to Cameco's offer on the day Cameco announced its intent.

The Company and its Board are advised by Canaccord Genuity Corp., a leading Canadian investment bank in the mining sector. Gowling Lafleur Henderson LLP is legal advisor to Hathor and Blake, Cassels & Graydon LLP is providing independent legal advice to the Special Committee.

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

For more information on Hathor, please visit the company's website at www.hathor.ca, or contact Tony Nunziata at 403-560-7040 or Kelsea Murray at 604-684-6707.

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Dr. Michael H. Gunning, President & CEO

Hathor Exploration Limited

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.

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.