Strathmore Minerals Corp.

Strathmore Minerals Corp.

November 08, 2005 09:30 ET

Strathmore Expands Uranium Property Holdings in Wyoming

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Nov. 8, 2005) - STRATHMORE MINERALS CORP. ("the Company") (TSX VENTURE:STM) is pleased to announce that it has acquired a number of leases and claims in several uranium basins of Wyoming. The majority of the acquisitions are in areas where the Company has substantial holdings. One new area was added. One State Lease was added to the Red Creek property in southern Wyoming, while several leases were added in the Powder River Basin and Shirley Basin areas. Mining claims were acquired to expand the Copper Mountain Project and new claims were added in Shirley Basin and the Gas Hills. The new additions consist of 11 State of Wyoming uranium leases and 99 mining claims totaling 9,504 acres (3,846 ha.). Several of the properties have previously discovered uranium mineralization. These properties will be evaluated for their in-situ leach (ISL) uranium extraction potential.

The Wyoming Basins are home to the second largest uranium production in the United States. Total production exceeds 200 million pounds. Currently three in-situ leach (ISL) uranium extraction operations are permitted and operating in Wyoming and nearby Nebraska.

SIDEX Financing

The Company is also pleased to confirm the closing of its private placement with SIDEX announced on July 19, 2005. The placement raised gross proceeds of CDN $200,000. The securities are subject to a hold period that expires on February 27, 2006. The placement consisted of a total of 114,286 units at $1.75 per unit. Each unit consists of one common share and one half common share purchase warrant exercisable at $2.00 per share until October 26, 2007. Proceeds are to be expended on Strathmore's Dieter Lake uranium project in Northern Quebec.

SIDEX, the Diversification of Exploration Investment Partnership, was established by the Government of Quebec and the Solidarity Fund QFL. The mission of SIDEX is to invest in companies engaged in mineral exploration in Quebec in order to diversify Quebec's mineral base and open new territories to exploration and investment. SIDEX benefits from an investment budget of $50 million.


Strathmore is pleased to report the continued upward movement of the uranium market. The Ux Consulting Company, LLC, reported that spot uranium prices are now at $33.25. The long term price is currently at $34.00 per pound.

STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties. STRATHMORE MINERALS CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "STM".


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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