Hathor Exploration* (HAT : TSX : $4.00), Net Change: -0.17, % Change: -4.08%, Volume: 674,462 "REJECT the Offer and DO NOT TENDER." Hathor Exploration officially told shareholders to reject Cameco’s (CCO) $520-million hostile bid announced in August, saying it failed to recognise the “best of breed” quality of its flagship Roughrider uranium deposit in Northern Saskatchewan. Hathor provided more than a handful of bullet points outlining why Cameco's offer should be rejected. Some of the bullet points included: i) Is predatory - announced prior to Hathor's planned release of the preliminary economic assessment (PA) for the Roughrider uranium deposit and the completion of the anticipated first mineral resource estimate for the Far East zone; ii) Is opportunistic - the timing takes advantage of the depressed uranium prices and the significant decline in share prices of uranium companies post-Fukushima and the general market downturn; iii) Fails to recognize the strategic importance of the Athabasca Basin - the pre-eminent primary uranium producer in the western world; iv) Is significantly below premiums paid in recent comparable transactions; v) Substantially undervalues the intrinsic value of the Roughrider uranium deposit based on the discounted cash flow model in the independent PA; vi) Fails to ascribe value to Hathor's other non-Roughrider assets including its Russell Lake property in the south-eastern Athabasca Basin; vii) Fails to recognize the synergies that a major mining company can bring to the Roughrider uranium deposit, especially a major uranium mining company such as Cameco, which has the significant additional synergy of having an under-utilized mill only 25 km away. Separately, one Bay Street analyst that published a report Wednesday morning, stated, "Given the robust and world-class nature of the Roughrider deposit, we believe it likely that bids competitive to Cameco’s $3.75-per-share all-cash offer will arise. We believe that competitive bids may be forthcoming from Asian nuclear utilities or consortia or a number of mega-miners with uranium divisions or energy interests, either standalone or backed by nuclear fuel hungry Middle Eastern sovereign funds." Additionally, the analyst added, "The (Roughrider) project is relatively insensitive to capital cost, blunting the advantage of potential acquirers with infrastructure in the area and opening the Athabasca Basin district to new entrants – a welcome feature for the Province of Saskatchewan seeking diversified sources of tax and royalties revenue. That being said, Cameco (and sometime partner Areva) could save over $200 million on mill and infrastructure (tailings facility) costs by using existing facilities.