Terra to Acquire an Additional 2% Carried Working Interest in Hathor Exploration's Midwest NorthEast Project
VANCOUVER, BRITISH COLUMBIA -- March 10, 2008 - Terra Ventures Inc. (TSX VENTURE: TAS) is pleased to announce that it has entered into an agreement with Bullion Fund Inc. ("Bullion"), a corporation that is at arms-length to the Company, to purchase Bullion's remaining 2% carried working interest in the Midwest NorthEast Project of Hathor Exploration Ltd. (TSX VENTURE: HAT). This purchase will increase Terra's holding to a 10% carried working interest in the Midwest NorthEast Project, which shall be completely carried in all respects through to the completion of a feasibility study and the public announcement that the claims will be put into commercial production. The consideration payable by Terra to Bullion to acquire this interest is $2,500,000 and 3,000,000 shares of Terra. The transaction is subject to regulatory approval.
The Midwest NorthEast Project, located in the Athabasca Basin, is where Hathor recently announced a drill intersection of 11.9 metres grading 5.29 per cent U3O8. In addition, individual assays include 20 centimetres grading 40.2 per cent U3O8.
On behalf of the board of directors of TERRA VENTURES INC.
Greig Hutton, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Terra Ventures Inc.
Gunther Roehlig
Director
1-866-683-0911
Website: www.terrauranium.com
RENMARK FINANCIAL COMMUNICATIONS INC.
CHRISTOPHER WELLS : CWELLS@RENMARKFINANCIAL.COM
JULIEN OUIMET : JOUIMET@RENMARKFINANCIAL.COM
TEL. : (514) 939-3989
FAX : (514) 939-3717
WWW.RENMARKFINANCIAL.COM
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Terra Ventures Inc.
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EXPLORATION STAGE |
CODE : TAS.V |
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Terra Ventures Inc. is a uranium development stage company based in Canada. Terra Ventures Inc. holds various exploration projects in Canada. Its main exploration properties are TITAN'S CASTLE, HATHOR RUSSEL LAKE SOUTH, LAC KACHIWISS, MIDWEST NORHTEAST, REN GOLD and WHEELER RIVER C4 C5 C6 in Canada. Terra Ventures Inc. is listed in Canada and in United States of America. Its market capitalisation is CA$ 35.3 millions as of today (US$ 35.9 millions, € 25.4 millions). Its stock quote reached its lowest recent point on December 29, 2005 at CA$ 0.12, and its highest recent level on December 31, 2007 at CA$ 1.87. Terra Ventures Inc. has 61 943 000 shares outstanding. |