Strathmore Minerals Corp.
TSX VENTURE : STM

Strathmore Minerals Corp.

August 13, 2007 10:30 ET

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

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 13, 2007) - Strathmore Minerals Corp. ("Strathmore") (TSX VENTURE:STM) is pleased to announce it has completed a formal Joint Venture Agreement with Yellowcake Mining Inc. ("Yellowcake") to finance the development of Strathmore's Sky ISR uranium project located in the Gas Hills Uranium District in Fremont County, Wyoming. The JV agreement includes revised expenditure requirements from terms disclosed in Strathmore's news release dated April 10, 2007.

Sky is Strathmore's first project in Wyoming to begin data collection activities for permitting purposes. The intent is to develop the Sky project as a satellite ISR operation. The property comprises 50 unpatented mining claims totaling 418 hectares (1,033 acres).

Yellowcake will provide up to $US 7,500,000 in development expenditures over four years to earn a 60% interest in the project. Yellowcake will be obligated to spend $500,000 in the first year, $2,000,000 in the second year, $2,000,000 in the third year, and $3,000,000 in the fourth year of the agreement. Yellowcake will have earned 25% once they have spent $2,500,000, with the balance of $5,000,000 expenditure amounts earning the additional 35%. Strathmore will be the operator until Yellowcake has earned in its 60% interest. In addition, Strathmore retains the right to earn back 11% of the project by paying $7,500,000 to Yellowcake within 90 days of the completion of a bankable feasibility study.

In conjunction with the initiation of permit activities, the Company recently completed an independent National Instrument 43-101 technical report for the Sky property. The 43-101 report provides an Indicated mineral resource estimate totaling 948,098 lbs U3O8 contained within 668,688 tons at an average grade of 0.07%. An additional 54,496 lbs U3O8 have been classified as an Inferred mineral resource (See Strathmore's February 28, 2007 news release for additional information on the project). The 43-101 technical report for the Sky property can be viewed in its entirety on the SEDAR website www.sedar.com and the Company's website www.strathmoreminerals.com.

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.

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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