Drilling Permit For Drill Pad Locations For Phase I Drill Program At Harts Point Uranium Property

VANCOUVER - Kraken Energy Corp. has received permits to drill the Harts Point Uranium Property in San Juan County, southeast Utah for up to 20 drill pads to test the extent of uranium mineralization across the property.

The Company has secured Major Drilling Group International Inc. out of Salt Lake City, Utah for the upcoming drill program at Harts Point. Phase I of the drill program includes an initial 2,000 meters (m) of drilling to twin the three historical holes which span 5 kilometers ("km") of strike that returned off-scale radioactivity from downhole probe readings.

Matthew Schwab, CEO, said, "The Harts Point Property is within a district that has had significant historical uranium production, and the Property itself contains three historic oil and gas drill holes across a 5 km strike that returned intervals of off-scale radioactivity within the same geologic unit that has been historically mined in the district. These attributes along with others represent exceptional exploration potential to discover a trend of high-grade uranium deposits located within a pro-mining jurisdiction. With $6.5M cash on hand and an exploration budget of approximately $1M, we remain well funded for the Phase I program and look forward to examining the untapped potential at Harts Point."