Strathmore Minerals Corp.

Strathmore Minerals Corp.

July 12, 2007 09:43 ET

Strathmore Acquires Near-Surface Uranium Deposit in Gas Hills Uranium District, Wyoming

KELOWNA, BRITISH COLUMBIA--(Marketwire - July 12, 2007) - Strathmore Minerals Corp. (TSX VENTURE:STM) is pleased to announce that its wholly owned subsidiary, Strathmore Resources (US) Ltd. ("Strathmore" or "the Company") has entered into a binding Letter of Intent ("LOI") to purchase the New Rock Claims ore body in the Gas Hills Uranium District, Wyoming, from Elmhurst Financial Group Inc. The New Rock property comprises approximately 740 acres (300 Ha), and is located 2 to 3 miles northeast of the Company's George-Ver and Frazier LeMac deposits.

The New Rock claims were previously explored during the 1960s and 1970s by Union Carbide Corporation and Adobe Oil and Gas. Related documents show the New Rock property contains an estimated 900,000 tons averaging 0.05% for a historical resource totaling 900,000 pounds U308 (Not 43-101 compliant). The ore deposit lies near the old Rim Pit which was mined during the 1970s by Pathfinder (now AREVA) and Union Carbide using open-pit methods.

As part of the agreement, the Company will acquire additional nearby lode mining claims owned by Elmhurst. Elmhurst will retain a 5% production royalty on all mining claims acquired by the Company. With respect to the New Rock Claims, Strathmore has agreed to an advance royalty payment to Elmhurst of US $0.75 per pound against this production royalty. The total to be paid will be based on a new in-house resource calculation using measured and indicated categories with a 0.40 GT (Grade X Thickness; %ft) cutoff. For example, a 10' thickness grading .05% U3O8 equates to a 0.50 GT cutoff, which exceeds the 0.40 minimum GT cutoff. The ore computation would be included in the advance royalty calculation. Payment is to be made 30 days after calculations are finalized. The Company has begun assembling a new data base and will immediately begin preparation of the new in-house resource calculation.

Further to the Company's news release of May 4, 2007, the Company has agreed to extend the exclusivity period for the negotiation of a joint venture agreement to develop Strathmore's Roca Honda project in the Grants Mineral Belt of New Mexico. While discussions are proceeding favorably, there is no guarantee that an agreement will be reached.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed by David Miller, President and Chief Operating Officer for Strathmore Minerals Corp., a qualified person under NI 43-101 guidelines. It should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability as defined by NI 43-101 guidelines.

STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties. Headquartered in Kelowna, British Columbia, the Company also has U.S. based Development offices in Riverton, Wyoming and Santa Fe, New Mexico. STRATHMORE MINERALS CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "STM".

This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.


David Miller, President and COO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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