Strathmore Minerals Corp.

Strathmore Minerals Corp.

August 14, 2007 09:01 ET

Strathmore Completes Joint Venture With Yellowcake Mining on Jeep, Wyoming Uranium Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2007) - STRATHMORE MINERALS CORP. ("the Company") (TSX Venture:STM) is pleased to announce it has completed a formal Joint Venture Agreement with Yellowcake Mining Inc. ("Yellowcake") for the development of Strathmore's Jeep property, which is located 45 miles east of the Company's US exploration and development office in Riverton, Wyoming. The JV agreement includes revised expenditure requirements from terms disclosed in Strathmore's news release dated April 19, 2007.

The Jeep property comprises approximately 803 hectares (1985 acres) and is situated in the Gas Hills Uranium District in central Wyoming. Historically, the Gas Hills Uranium District is the second largest uranium producing area in the United States with cumulative production in excess of 100 million pounds.

As disclosed in a news release dated July 23, 2007, Strathmore's US subsidiary has begun a 6,000 m exploration drill program at the Jeep Property. The current exploration program, which uses a conventional rotary drill rig, is targeted for the area immediately south of the historical work completed by Federal American Partners. The intent is to further define and extend the known roll-front. The program is scheduled for completion by the end of the summer. Also disclosed was an independent National Instrument 43-101 Technical Report for the Jeep property. The NI 43-101 report provides a Measured and Indicated mineral resource estimate totaling 483,395 lbs U3O8 at an average grade of 0.08%. An additional 168,000 lbs have been classified as an Inferred mineral resource.

Strathmore has granted Yellowcake the exclusive right to earn a 60% interest in the Jeep property in consideration of US $10 million in expenditures by Yellowcake. Expenditures will be made in accordance with schedules and programs which have been approved by both companies. The terms of the transaction are summarized in the following schedule:

1. Yellowcake will spend US $250,000 on or before the first anniversary of closing;

2. an additional US $1,250,000 on or before the second anniversary of closing;

3. an additional US $1.5 million on or before the third anniversary of closing;

4. an additional US $2 million on or before the fourth anniversary of closing;

5. an additional US $2 million on or before the fifth anniversary of closing;

6. an additional US $3 million on or before the sixth anniversary of closing.

Yellowcake will have earned a 25% interest in the property once it has expended US $1.5 million on the property. Strathmore will remain operator of the project until Yellowcake has completed its 60% earn-in commitment. Thereafter, Yellowcake will become operator. Strathmore retains the right to earn back an additional 11% undivided interest in the property up to 90 days after receiving a Bankable Feasibility Report by reimbursing Yellowcake's expenditures on the property.

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 policy NI 43-101. It should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability.

Yellowcake Mining Inc. (OTCBB:YCKM) is a Uranium company focused solely on exploring and developing Uranium properties in the United States.

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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