Strathmore Minerals Corp.

Strathmore Minerals Corp.

November 29, 2006 10:19 ET

Strathmore Announces NI 43-101 Compliant Resource Estimate of 24,400,000 lbs U3O8 at its Dieter Lake Quebec Property

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Nov. 29, 2006) - Strathmore Minerals Corp. (the "Company") (TSX VENTURE:STM) has completed an independent National Instrument 43-101 compliant resource calculation for its Dieter Lake Uranium Property located in north-central Quebec. The NI43-101 Report provides an estimated inferred resource of 24.4 Million lbs U3O8 at an average grade of 1.14 lbs/ton (0.057%) U3O8. The report was prepared by Clinton Davis, P.Geol. and Michael Guo, P.Geol., who are qualified persons under National Instrument Policy 43-101. This new resource estimate provides an update to the previously completed independent National Instrument 43-101 technical report for Dieter Lake which was prepared by James McCrea, P.Geol., and filed on May 6, 2005.

The Dieter Lake Uranium Property consists of 496 mineral tenures covering approximately 23,836 hectares (58,900 acres) located about 150 km north of Hydro-Quebec Reservoir LG-4, in north-central Quebec. Uranerz Exploration and Mining (Uranerz) conducted significant exploration in the late 1970's and early 1980's. Extensive mapping and sampling programs were completed, involving the collection of rock, soil, lake water, and lake sediment samples. Airborne and ground geophysical programs followed, in addition to diamond drilling, which included 145 drill holes.

In 1981, Uranerz identified a Global In-situ Resource of 21.3 million lbs U3O8. with an average grade of 0.98 lbs/ton (0.049%) U3O8. This historical resource, which was previously reported on August 2, 2005, has been reviewed and upgraded to the current resource estimate disclosed in this news release.

Based on available drill hole information, the NI 43-101 technical report by Davis and Guo estimates an inferred mineral resource of 24,424,306 pounds U3O8 contained within 21,424,829 tons at an average grade of 1.14 lbs/ton (0.057%) U3O8. Further details outlining the quantity and cut-off grades for each mineral resource category are summarized in the following table:

Cut-Off Number of Tons of Average Contained
Grade (ppm) Holes Used Ore Grade (%) U3O8 (lbs)
200 96 21,424,829 0.057 (1.14 lbs/ton) 24,424,306
500 48 7,484,847 0.108 (2.16 lbs/ton) 16,167,271
1000 22 3,230,143 0.159 (3.18 lbs/ton) 10,271,855

The resource estimate is based on the 145 drill holes completed by Uranerz. Polygons were constructed with 200-m radii centered on the drill holes and perpendicular bisectors halfway between adjoining drill holes. Thickness and grade of the mineralized intercepts were assigned to each polygon for computing tonnage. A specific gravity of 2.67 was used. A minimum-grade of 200 ppm U3O8, across a minimum width of 1 m was used in the estimates. Increasing the cut-off grade to 500 ppm U3O8 raises the average grade to 2.16 lbs/ton (0.108%) U3O8, with a corresponding decrease in the overall contained uranium. During 2005, Clinton Davis, P.Geol. re-logged and sampled available drill core. This work confirmed the historic results previously reported by Uranerz.

Uranium mineralization at Dieter Lake occurs within a Lower Proterozoic sedimentary basin, within the Superior Structural Province. The mineralization exists in the form of fine-grained, sooty pitchblende within a shale-wacke unit of the Sakami Formation, approximately 20 to 80 m above the unconformity. It ranges from 0.2 to 3 m in thickness, but has been found to be up to 5 m thick. Suggested deposit types include unconformity-type, black shale type, and syngenetic stratabound.

The mineralization at Dieter Lake has been traced over an east-west distance of up to 8 km and a north-south distance of up to 2 km. It remains open in most directions Within the vicinity of the known mineralization are several northeast trending structures and basement highs which provide attractive exploration targets for upgraded mineralization with potential for increased thickness and grades. During the 2005 exploration program conducted by Strathmore, several unique radioactive occurrences were identified at the property. These occurrences require further exploration. Overall, these findings suggest that the Company can increase the resource base at Dieter Lake through additional exploration and development drilling.

The technical report further recommends a minimum 5,000 m drill program to be conducted during the spring of 2007. This proposed program targets areas where mineralization can be upgraded from the inferred resource category to the indicated resource category, and where additional mineralization is expected. Strathmore will review the recommendations in the technical report as part of its overall exploration plans and budget for 2007.

The 43-101 technical report for the Dieter Lake Property can be viewed in its entirety on the SEDAR website and the company's website

This news was prepared on behalf of the company by Jody Dahrouge, P.Geol., of Dahrouge Geological Consulting Ltd., Edmonton, Alta. Mr. Dahrouge is a qualified person. It should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability.

The foregoing historical resource estimates by SDBJ, were completed prior to the implementation of NI 43-101. A qualified person has not done sufficient work to classify that historical estimate as a current mineral resource and the issuer is not treating the historical estimate as current mineral resources. Hence, the historical estimates should not be relied upon.

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.

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".


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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