Strateco Resources Inc.
OTC Bulletin Board : SRSIF
FRANKFURT : RF9
TSX : RSC

Strateco Resources Inc.

June 01, 2009 08:30 ET

Strateco Resources Inc.: Drilling Resumes on Matoush

MONTREAL, QUEBEC--(Marketwire - June 1, 2009) - Strateco Resources Inc. ("Strateco") (TSX:RSC)(OTCBB:SRSIF)(FRANKFURT:RF9) is pleased to announce that drilling as part of the 30,000-metre exploration drilling program which started in February 2009, has resumed on the wholly-owned Matoush property.

The ongoing drilling campaign was halted temporarily on April 27th, 2009 for the spring break-up. Exploration drilling resumed on May 27th, 2009.

Drilling continues with one of two drills, in hole MT-09-11 which was interrupted at a depth of 180 metres and is located on the new MT-06 zone discovered in April 2009. The MT-06 zone is located on section 46+00S, 1.0 km south of the MT-34 core zone. Hole MT-09-006 returned an 8.9-metre intersection grading 0.21% eU3O8 including 1.1 metres at 0.96% eU3O8. This intersection is strongly altered in fuschite with the presence of pitchblende and uranophanes and is similar in size, grade and alteration to intersections near the MT-34 and MT-22 core zones (ref. press release April 22, 2009).

As for the second drill actually mobilized for geotechnical drilling as part of preliminary work for the underground drilling program, it will go back to exploration drilling in the first week of June 2009.

Before going back to the MT-06 zone, where the potential to find a new lens appears excellent, the drill will make a stop in the sector of the high grade MT-34 lens, where hole MT-08-34 had intersected 1.32% eU3O8 on 28.0 metres including 6.13% eU3O8 on 4.8 metres. Two strategic drill holes will be carried out in order to expand already delineated mineral resources.

On the MT-34 zone, indicated mineral resources are estimated to total 88,000 tonnes grading 0.97% U3O8 containing 1,890,000 pounds U3O8 and inferred resources are estimated to total 527,000 tonnes grading 0.55% U3O8 containing 6,350,000 pounds U3O8. These results come from the NI 43-101 resource estimate updated by Scott Wilson Roscoe Postle Associates in September 2008.

Strateco pursues aggressively its exploration activities in order to increase the mineral resources on the Matoush property. Furthermore, Strateco has the necessary liquidity to do so. Strateco recently received $7.8 M from the Quebec government in exploration credit and should receive amounts of more than $2.0 M in the upcoming months. The cash flow is presently more than $15.0 M for monthly expenses of $1.2 million.

Strateco's exploration activities are all concentrated in Quebec, considered to be amongst the most favourable region in the world for mine development, considering credits and the absence of political risks.

Licence and Environmental Impact Study

Following filling on November 4th, 2008, of the Licence Application to the Canadian Nuclear Safety Commission (CNSC) for the underground exploration program and following the comments received from the CNSC in February 2009, Strateco continues its detailed engineering plans and field work related to the environmental impact study.

Strateco is also proceeding, with the help of a number of consultants, including Genivar, Golder and Melis, to the preparation of detailed engineering plans for the surface facilities, underground work, health and safety programs, radiation protection and environmental protection in order to finalize the licence application.

Regarding the environmental impact study, Strateco received guidelines from the Evaluating Committee (COMEV), the Canadian Environmental Assessment Agency and from the CNSC in March 2009 pursuant to the filing of the Project Description in July 2008.

Strateco expects to have all the detailed plans and programs and the environmental impact study completed and filed with the various authorities by the end of the third quarter of 2009.

This news release has been approved by Jean-Pierre Lachance, Geo, Executive Vice President of Strateco Resources Inc. which is the qualified person as defined in National Instrument 43-101.

This news release contains forward-looking statements subject to certain risks and uncertainties. There can be no assurance that these statements will prove to be correct, and actual results and future events could differ materially from those implied by such statements. These risks and uncertainties are discussed in the annual report filed with the securities commissions of Alberta, British Columbia, Ontario and Quebec and in the 10-K annual report filed with the US Securities and Exchange Commission.

CAUTIONARY NOTE TO U.S. INVESTORS -The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this press release, such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.

Contact Information

  • Strateco Resources Inc.
    Guy Hebert
    President and Chief Executive Officer
    450-641-0775 / 1-866-774-7722
    450-641-1601 (FAX)
    ghebert@bbhgm.com
    or
    Strateco Resources Inc.
    Jean-Pierre Lachance
    Executive Vice President
    450-641-0775 / 1-866-774-7722
    450-641-1601 (FAX)
    jplachance@bbhgm.com
    or
    Strateco Resources Inc.
    Audrey Vezina Angus
    Investor Relations
    450-641-0775 / 1-866-774-7722
    450-641-1601 (FAX)
    avezina@bbhgm.com
    www.stratecoinc.com