Strathmore Minerals Corp.
TSX VENTURE : STM

Strathmore Minerals Corp.

November 09, 2006 11:00 ET

Strathmore Acquires Near-Surface Uranium Deposits in Gas Hills, Wyoming

Historical Resource Exceeds 8 Million Pounds

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2006) - STRATHMORE MINERALS CORP. (the "Company") (TSX VENTURE:STM) is pleased to announce that the Company has recently acquired three areas of known mineralization in the Gas Hills Uranium District, Wyoming, by staking of 85 lode mining claims totaling 690 hectares (approx. 1,700 acres). The Gas Hills Uranium District was one of the most prolific uranium producing areas in the United States during the last uranium cycle, with total production exceeding 100 million pounds. The majority of this production was from conventional open-pit mining. The Gas Hills area is located 45 miles east of Riverton Wyoming, home of the Company's US exploration and development office.

The three claimed properties, George-Ver, Bullrush, and Loco-Lee, were extensively drilled in the 1970's and planned for open-pit development during the 1980's by Federal-American Partners (FAP). Strathmore's current VP of Technical Services, John Dejoia was the Chief Geologist and Manager of Technical Services for FAP at the time. FAP's operating subsidiary, American Nuclear Corp., successfully mined and operated a mill that produced in excess of 20 million pounds uranium oxide. Tom Powell, Strathmore's Senior Landman also managed the properties for over 10 years in the 1970's and 80's. Recently, the properties were held by Power Resources Inc (CAMECO's U.S. based subsidiary) but were abandoned in 2001, prior to the current upsurge in the price of uranium. The uranium is hosted within roll-front deposits of Eocene Wind River Formation sandstones. Significant infrastructure exists on and near the acquired properties, including haulage roads and electrical power lines.

According to historical documents, the three properties were originally designed to produce a total of 1,580,000 lbs. U3O8 uranium from eight shallow open-pits. In addition these documents reported total uranium mineralization on the properties of 8,440,490 lbs U3O8 (.035% cutoff), which included the proposed shallow open-pits. The following table summarizes the historic resource for the three properties:



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RESOURCE TONS AVE GRADE % POUNDS
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DL Claim Group (Loco-Lee ore body)
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Indicated: 1,580,199 0.067 2,123,180
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Inferred: 520,095 0.070 728,763
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Potential: 1,266,725 0.071 1,790,500
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SUB-TOTAL 3,367,019 0.069 4,642,443
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GV Claim Group (George-Ver ore body)
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Indicated: 620,000 0.079 982,389
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Inferred: 111,854 0.065 144,743
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Potential: 297,601 0.061 364,863
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SUB-TOTAL 1,029,455 0.072 1,491,995
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WSR Claim Group (Bull Rush ore body)
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Indicated: 1,037,680 0.064 1,336,966
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Inferred: 205,244 0.067 273,903
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Potential: 492,106 0.071 695,183
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SUB-TOTAL 1,735,030 0.066 2,306,052
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GRAND TOTALS 6,131,504 0.069 8,440,490
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The additional mineralized areas will be evaluated for open-pit extraction and/or in-situ recovery methods. It may be possible to extract the uranium through heap-leach methods, or by toll milling at the nearby Sweetwater Mill, if and when it opens. The Company is currently reviewing its options with respect to the exploitation of these historic resources, and it is in the process of acquiring the historic drill data, which will enable the preparation of an independent NI43-101 technical report for the project.

In addition, the Company is also pleased to announce the recent appointment of additional staff to the Riverton Wyoming office. Mrs. Dana Hugus has accepted the position of Geologist and is working predominantly on the Company's SKY Project in Wyoming. (Cedar Rim Claims: See Press Release dated May 19, 2004) in addition to other exploration and advanced projects in New Mexico and Wyoming.

The foregoing historical resource estimates were completed prior to the implementation of NI 43-101; however, given the quality of the historic work and the production history of Gas Hills Uranium District, the company believes the resource estimates to be both relevant and reliable. In addition, a qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resources; and is not treating the historic resources as current. Hence, the historical estimates should not be relied upon. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by David Miller, President and Chief Operating Officer for Strathmore Minerals Corp., a qualified person under National Instrument 43-101.

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.

ON BEHALF OF THE BOARD

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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