VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb 22, 2013) - LONG HARBOUR EXPLORATION CORP. (TSX VENTURE:LHC) (the "Company") has decided not to follow through on a proposed investment into a 70% owned joint venture focused on the air cargo container sector. As the Company will not pursue the opportunity announced in a November 21, 2012 news release it will not undertake the non-brokered unit private placement at a price of $0.15 per unit, for gross proceeds of up to $500,000.
The Company currently holds two uranium properties in the Athabasca Basin, the world''s leading source of high-grade uranium and is encouraged by the strengthening of the uranium sector. It will also continue to review opportunities deemed value-added to its investors.
Long Harbour CEO, Peter Espig, commented, "Though the opportunity provided potential it became evident that it was in the Company''s best interest to focus on its current assets and to pursue other opportunities. Though the Company intends to conduct a private placement in the near future we did not feel it appropriate to conduct one at this time as it may be perceived to be associated with the joint venture proposal."