February 11, 2009 11:18 ET
MONTREAL, QUEBEC--(Marketwire - Feb. 11, 2009) - Strateco Resources Inc. (TSX:RSC)(OTCBB:SRSIF)(FRANKFURT:RF9) ("Strateco") is pleased to announce the beginning of an important drilling campaign on its Matoush project, located in the Otish Mountains, 260 km north of Chibougamau, Quebec.
The 30,000-metre drilling program covering the entire Matoush project, including Matoush (100%), Matoush Extension (100%), Eclat (option 100%) and Pacific Bay (option 60%) has started on February 6th, 2009, with two new drills recently brought on site by the winter road.
Each of these properties, as well as the Mistassini property of Majescor Resources Inc., on which Strateco has an option to earn a 60% interest and where an airborne survey was completed in January 2009, will be drilled in regard to the 30,000-metre drilling campaign.
First and foremost, one drill is assigned to the extension of MT-34, drilling at depth between -550 metres and -650 metres. The second drill was mobilized to drill the "Rabbit Ears South" sector of the Pacific Bay property. A 1,500-metre drilling program was planned, following the revision and interpretation of the exploration work done in 2008. Highly radioactive boulders reaching 60,000 counts per second were discovered in this area.
The exploration budget for the year 2009 is $15 M of which $6 M is for drilling. The total budget includes the continuation of work and studies needed in order to obtain the permits for the upgrade of the winter road in a 4-season road and for the site preparation for the underground exploration program by ramp.
In addition to the two drills, various equipments including four additional 50,000 litres fuel tanks and 500,000 litres of fuel, has already been brought to site by the winter road.
Since the beginning of exploration in 2006, 126,509 metres have been drilled on the Matoush project. The 2008 drilling program, with 59,603 metres drilled in 119 holes, had led to the discovery of 2 new zones, MT-34 and MT-22, leading to the delineation of more than 16 M pounds U3O8.
This press 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-KSB annual report filed with the US Securities and Exchange Commission.
Strateco Resources Inc.Guy HebertPresident and Chief Executive Officerghebert@bbhgm.com450-641-1601 (FAX)450-641-0775 or 1-866-774-7722orJean-Pierre LachanceExecutive Vice Presidentjplachance@bbhgm.com450-641-1601 (FAX)450-641-0775 or 1-866-774-7722orAudrey Vezina AngusInvestor Relationsavezina@bbhgm.com450-641-1601 (FAX)450-641-0775 or 1-866-774-7722www.stratecoinc.com
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