Strathmore Minerals Corp.

Strathmore Minerals Corp.

June 11, 2007 09:52 ET

Strathmore Completes LOI With Nu-Mex Uranium Corp. for $25 Million Commitment at Nose Rock, New Mexico Uranium Project

KELOWNA, BRITISH COLUMBIA--(Marketwire - June 11, 2007) - Strathmore Minerals Corp. (TSX VENTURE:STM) is pleased to announce that its subsidiary, Strathmore Resources (US) Ltd. ("Strathmore"), has entered into a Letter of Intent ("LOI") to form a joint venture with Nu-Mex Uranium Corp. ("Nu-Mex") to explore and develop Strathmore's Nose Rock properties (the "Nose Rock" project). The Nose Rock project is located northeast of Crownpoint within the Grants Mineral District in the State of New Mexico. The Company acquired the property through the acquisition of mineral leases and by claim staking. The Nose Rock property comprises approximately 5,000 acres (2,023 Ha) of land.

According to the previous operator Phillips Uranium, a division of Phillips 66 Oil Company in the 1970's, part of the original mine site now under Strathmore's control, contains a demonstrated resource of 6,694,217 tons ore grading 135% U3O8. This historical resource totals 18,230,955 lbs U3O8 (not 43-101 compliant). The discovery of the Nose Rock ore body by Phillips Uranium was announced in December, 1975 (p. 20, New Mexico Bureau of Mines and Minerals). By 1981, Phillips was in the final stages of completing production and ventilation shafts at the mine. However, no production ever occurred because of the collapse of uranium prices soon after the shafts were completed.

Strathmore will grant Nu-Mex sole and exclusive rights to earn-in a 60% interest in the Nose Rock project. The terms of the transaction are summarized as follows (all dollar amounts are in US $):

1. Nu-Mex paying to Strathmore $250,000 and 5,000,000 common shares in the capital stock of Nu-Mex on closing; and

2. incurring a total of $19,000,000 in work commitment expenditures on the Property ("Expenditures"), and additional payments of $6,000,000 to Strathmore in accordance with the following schedule:

- $750,000 work commitment plus $1,000,000 payment in cash or stock in each of the first 2 years,

- an additional $1,500,000 work commitment plus $1,000,000 payment in cash or stock in the third year,

- an additional US$6,000,000 work commitment plus $1,000,000 payment in cash or stock in the fourth year, and

- an additional $5,000,000 work commitment plus $1,000,000 payment in cash or stock in each of the fifth and sixth years.

Nu-Mex will earn a 25% interest in the Property once Nu-Mex has completed its commitments (cash/shares of $3,000,000 and work of $3,000,000) on or before the anniversary of the third year. Nu-Mex will earn an additional 35% interest in the Property once Nu-Mex has completed its additional commitments (additional cash/shares of $3,000,000 and additional $16,000,000 in work) on or before the anniversary of the sixth year.

The parties have agreed to the terms of the LOI based upon an understanding that the property will require additional estimated expenditures of approximately $40,000,000 for permitting and mine construction in each of years seven and eight of the proposed joint venture.

Following the sixth anniversary of the Closing Date, the Operator will retain a third party engineering firm to prepare a Bankable Feasibility Study to determine how best to proceed. If the third party evaluation results in a positive recommendation, then Strathmore and Nu-Mex will proceed with their pro-rata payments under the Joint Venture to further develop the project.

The Parties will use their best efforts to obtain all regulatory and other approvals and close within 90 days or as soon as mutually agreed upon.

Nu-Mex Uranium Corp. is a New Mexico based uranium company. The Company's shares trade under the symbol OTCBB-NUMX.

The foregoing historical resource estimates were completed prior to the implementation of NI 43- 101. Given the quality of the historic work completed on the properties discussed herein, the Company believes the resource estimates to be both relevant and reliable. However, a qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resource, and is not treating the historic resources as current. Hence, they 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.


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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