Strateco Resources Inc SRSIF

RSC 60 mil U308 versus HAT 34 mil

[Bruner]

HAT.V - Canaccord Adams also recommends the company. Geologist/analystWendell Zerb had the following comments in his recommendation of April16, 2009:

"We value Hathor and its 90%-owned Roughrider project on a cash flow basis discounted at10%. The financial model examines a 200 t/d operation based on the advanced technicalstudies for the nearby Midwest deposit with a capital cost estimate of US$380 million. Thehypothetical project would produce approximately 2.9 million pounds U3O8 per annum ata cost of approximately US$20 per pound beginning 2017.

We have applied the new resource estimate to our model assumingsuccess over the next three years at expanding Roughrider to 34 millionpounds at the same grade. We believe that this is areasonable assumption given the demonstrable exploration potentialremaining. We generate a project NAV of C$514 million, or C$5.98 perbasic share. We apply a 0.6x target project P/NAV multiple to generateour C$3.75 per share price target. The 81% projected return continuesto support a SPECULATIVE BUY rating.

Hathor's share price, since peaking in mid-January at C$3.69,has been under pressure from a sliding spot uranium price, unmetexpectations for home run unconformity-related mineralization andpotential misinterpretations of data to-date. Hathor is currentlytrading at 0.3x project NAV and at 0.4x corporate NAV of C$4.95 pershare."