DP: For looking at Hathor, you’ve got some events over

the next while, particularly in May. Maybe you will have

more uranium in the inventory than currently?

MG: Yes, the uranium sector has been roughed up, but

Hathor is in a good position because of some key milestones

ahead of us. We have money in the bank and we

have a project like Roughrider where we’ve got really two

ways to add some uranium, David, and add some value to

the Company. We’ve just finished a big winter program at

Roughrider. On February 24 we announced what looks

like a new discovery of what we are calling Far East. It

could be an extension of the East Zone, but it looks like it

could be building into a separate third, mineral deposit.

Once all of the assays come back in May and June, we will

get a handle on how significant this new discovery at Far

East is.

Further, while that is going on, we have been

working this winter on developing a resource model on

the East Zone itself which was discovered and delineated

last year. We’ve done our internal resource modeling,

utilizing the expertise gained from the original discovery

at West Zone which put about 28 million pounds on the

map.

The model for the East Zone is now in the hands of our

external consultants in Toronto. There is a possibility

that we will be in a position to release to the market a

compliant resource for this new East Zone in the first few

weeks of May. We should know that by the end of April.

When you look at Roughrider as 28 million pounds in the

West Zone, including about 24 million pounds of 12%,

that is already becoming a world-class uranium deposit

in terms of the grade attributes. My view is that the West

Zone deposit alone is already past the threshold of being

mined in the future as a complimentary asset. Add to

that the potential for a similar resource for the East Zone,

and Roughrider will approach the threshold of a standalone

deposit, and that would blow the doors wide open

for Hathor.

With these two thresholds, this new discovery at Far East

and our first pass resource estimate on the East Zone,

you could significantly increase that 28 million pound

resource in the West Zone. I think that when you look at

the area and volume enclosed by drill intersections at

East Zone, the really exciting upside is that the East Zone

and Far East have the potential to contain as much or

more uranium than the West Zone. And if you read the

investment analysts that cover Hathor, that is what they

get excited about.

So if we can execute on those milestones in the next

three or four months, we are really going to change the

potential of the Roughrider project to be a stand-alone,

high grade development project in the Athabasca Basin.

And that would be a very exciting threshold for this Company,

and it’s shareholders, no question.

DP: Time to end with our favorite questions…if you had

to predict uranium prices for year-end this year and yearend

next year, what would they be and if you had to buy

a stock (other than your own, with no conflicts of interest)

what would it be?

MG: Spot price at the end of the year, what I hope is that

we will see a stabilization of spot through the rest of 2011

at a plus $60 level and that sometime next winter you will

see spot price start its climb back to the $70 or $80 range

which we saw pre-Fukushima. I am hoping that by the

end of this year, we start that move back towards $70

and I think we still all feel that within the next 24 to 36

months, we need to see that spot price and term price

back anywhere from $70 to $90 if we expect to increase

global mine production the way the industry needs.

Looking at under-valued uranium stocks, I would have to say that over the last year the Athabasca Basin stocks have

been as under-valued as any, simply because of projects in Africa and the U.S. that were getting so much attention.

So when I look at the pounds at Hathor, it’s hard to see a stock that is more under-valued than ours. But, if I had to

pick another one….Do I think Cameco will be trading at $30 twelve months from now? No I don’t. And do I think Paladin

Energy (PDN) could recover some of its recent loses by making some savvy moves this year? Yes I do. And on

the junior side, look at the technical expertise of management and resource potential of projects and see if you don’t

think U308 Corp. is currently undervalued. I think I would just probably leave it at that.

DP: Thank you very much Michael!