Strathmore Minerals Corp.

Strathmore Minerals Corp.

September 04, 2007 09:01 ET

Strathmore Completes Joint Venture with American Uranium on the Pine Tree-Reno Creek, Wyoming, Uranium Project

KELOWNA, BRITISH COLUMBIA--(Marketwire - Sept. 4, 2007) - Strathmore Minerals Corp. ("Strathmore") (TSX VENTURE:STM) is pleased to announce it has completed a formal Joint Venture Agreement with American Uranium Corporation ("AUC") to finance the development of the Pine Tree-Reno Creek project, as per the terms disclosed in the Company's news release dated May 17, 2007. The total land package has combined several nearby properties (Pine Tree, Four Mile Creek, West Reno, State and Private leases) and now comprises approximately 16,000 acres (6,475 hectares) located in Campbell County, Wyoming, in the central Powder River Basin.

Under the terms of the final agreement, AUC is entitled to the sole and exclusive right to earn a 60% interest in the Pine Tree-Reno Creek Project. The terms of the transaction are summarized as follows:

1. AUC will reimburse Strathmore 100% of all reasonable expenditures incurred by Strathmore relating to the Pine Tree-Reno Creek Project, to a maximum of $300,000, plus any additional funds spent by Strathmore for the purpose of acquiring any additional property leases from the date of the LOI to the closing of this JV agreement;

2. AUC will issue to Strathmore 6,000,000 common shares in the capital stock of AUC;

3. Once AUC has spent a total of US$5,000,000 in the first 3 years of the agreement, it will have earned an initial 22.5% interest in the Pine Tree-Reno Creek Project. In addition, AUC will have satisfied the requirements of earning joint venture partner status with Strathmore.

4. AUC will incur a total of $33,000,000 in expenditures on the Pine Tree-Reno Creek Project over a 6 year period, subject to the project having at least 13 million lbs of U3O8.

5. Following the third anniversary of the closing date, Strathmore will retain an independent third party firm to calculate the resource. If the third party evaluation is less than 13 million lbs. U308, then the remaining US$28 million that AUC must spend on the Pine Tree-Reno Creek Project between the 3rd and 6th anniversary of closing will be reduced proportionately.

6. Strathmore will remain operator of the project until AUC has completed its 60% earn-in commitment.

7. Strathmore has retained a right to earn back 11% of the Project whereby it will have up to 90 days of a bankable feasibility study by paying $14,000,000 to AUC.

AMERICAN URANIUM CORPORATION (OTCBB:AUUM) is an American focused uranium company that is dedicated to the acquisition and development of uranium properties within the United States.

STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties in the United States. 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 & 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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