Strathmore Minerals Corp.

Strathmore Minerals Corp.

July 11, 2007 11:41 ET

Strathmore Completes LOI With Nu-Mex Uranium for US $18 Million Commitment at Dalton Pass, New Mexico Uranium Project

KELOWNA, BRITISH COLUMBIA--(Marketwire - July 11, 2007) - Strathmore Minerals Corp. (TSX VENTURE:STM) is pleased to announce that its subsidiary, Strathmore Resources (US) Ltd. ("Strathmore" or "the Company"), has completed a Binding Letter of Intent ("LOI") to enter into an option and a joint venture with Nu-Mex Uranium Resources Inc.("Nu-Mex") to explore and develop Strathmore's Dalton Pass properties (the "Dalton Pass" project).

The Property consists of approximately 1320 acres controlled by federal lode mining claims and lies between the Church Rock and Crownpoint uranium districts of the western Grants Mineral Belt. The previous operator, Pathfinder Mines Corporation, drilled in excess of 130 exploratory holes and demonstrated a resource of 5.5 million pounds U3O8 at an average grade of 0.07%. Pathfinder was in the process of determining the feasibility and amenability of in-situ extraction of the uranium resource prior to the 1980s price drop in uranium.

As per the terms of the LOI, Strathmore will grant Nu-Mex sole and exclusive rights to earn-in a 65% interest in the Dalton Pass. The terms of the transaction are summarized as follows (all dollar amounts are in US $):

1. Nu-Mex paying to Strathmore $250,000 upon signing of the LOI; and

2. incurring a total of $16,750,000 in work commitment expenditures on the Property ("Expenditures"), and additional payments of $1,000,000 in cash or stock in accordance with the following schedule:

- a $1,000,000 work commitment expenditure plus $250,000 payment in cash or stock on or before the first year,

- an additional $2,000,000 work commitment expenditure plus $250,000 payment in cash or stock on or before the second year,

- an additional $2,750,000 work commitment expenditure plus $250,000 payment in cash or stock on or before the third year,

- an additional $3,000,000 work commitment expenditure plus $250,000 payment in cash or stock on or before the fourth year,

- an additional $4,000,000 work commitment expenditure in the fifth year, and

- an additional $4,000,000 work commitment expenditure in the sixth year.

Nu-Mex will earn a 25% interest in the Property once Nu-Mex has completed its commitments (cash/stock of $1,000,000 and work of US $8,750,000) on or before the anniversary of the fourth year. Nu-Mex will earn an additional 40% interest in the Property once Nu-Mex has completed its additional commitments (US $8,000,000 in work) on or before the anniversary of the sixth year. The LOI provides for accelerated work and expenditure commitments should a property evaluation demonstrate that a feasibility study could be completed at an earlier date.

After the fourth year and provided Nu-Mex has fulfilled its commitments, the parties shall review all work completed under the terms of the agreement and prepare an independent NI 43-101 compliant technical report and resource calculation. Recommendations from this report will help plan further development initiatives.

Following the sixth anniversary of the Closing Date, or other mutually agreed upon time, the Operator will retain a third party engineering firm to prepare a Bankable Feasibility Study. Should the third party evaluation result in a positive recommendation, Strathmore and Nu-Mex will then proceed with their pro-rata payments under the proposed joint venture agreement to further develop the project.

Strathmore will have up to 90 days after the date the Bankable Feasibility Report is delivered to elect whether or not to earn back a 16% undivided interest in the Property by paying US $8,000,000 to Nu-Mex providing Nu-Mex has met all its obligations to earn 65%.

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 Resources Inc. (OTCBB:NUMX) is a New Mexico based uranium company.

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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