Strathmore Minerals Corp.
TSX VENTURE : STM
February 12, 2009 09:00 ET
Strathmore Announces Key Property Additions to Pine Tree-Reno Creek Uranium Project, Wyoming
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 12, 2009) - STRATHMORE MINERALS CORP. ("Strathmore" or "the Company") (TSX VENTURE:STM) is pleased to announce that it has entered into two exclusive options to acquire additional private mineral rights, known as the Moore-McCullough Properties. The options grant Strathmore the exclusive right to lease 1,949 acres of private mineral, together with the accompanying surface access and land use rights. Combined with Strathmore's adjacent split-title lands (private surface, federal minerals) for which the Company controls the mineral rights through previously staked lode mining claims, the land package now totals 2,694 acres. The new optioned properties are strategic additions to Strathmore's Pine Tree-Reno Creek project in the Pumpkin Buttes Uranium District, Wyoming, and have the potential to bring the total size of the project to approximately 18,000 acres.
The Pine Tree-Reno Creek Properties are located between AREVA's idled Christensen Ranch in-situ recovery (ISR) operation 25 miles to the northwest and Cameco's producing Smith Ranch ISR facility located 30 miles to the south. Adjacent to the newly optioned properties is Cameco's Ruby Ranch property with a published probable reserve totaling 5,500,000 lbs of uranium grading 0.09% U3O8 contained within 2,830,000 tonnes of ore (Source: Cameco website). To date, Strathmore has completed NI 43-101 resource estimates for the Reno Creek and Southwest Reno Creek lands within the overall project. The 43-101 report for Reno Creek provides a Measured and Indicated resource estimate of 7,433,499 lbs contained within 5,677,929 tons at an average grade of 0.065% U3O8, up from the historically reported 4 million lbs. An additional 3,406,771 lbs of U3O8 within 2,633,800 tons at an average grade of 0.065% is classified as an Inferred mineral resource (see press release dated February 5, 2008). At Southwest Reno Creek, the 43-101 report provides a total Measured and Indicated resource estimate of 3,526,495 lbs contained within 2,590,943 tons at an average grade of 0.068% U3O8, up from the historically reported 1.3 million lbs U3O8 for Section 36 only. An additional 1,327,635 lbs of U3O8 within 1,163,130 tons at an average grade of 0.057% is classified as an Inferred mineral resource (see press release dated April 22, 2008). Additional properties that make up the Pine Tree-Reno Creek project, which contain significant historical resource estimates, include Pine Tree, the FMC Claim area and the SWD claims (see "Uranium Resources Summary by Property" under the heading Projects: Resource Summary at the Company's website www.strathmoreminerals.com).
Significant long-term exploration potential exists on the Moore-McCullough Properties, which complement a resource base revised upwards with the completion of the Reno Creek and Southwest Reno Creek NI 43-101 resource estimates completed in 2008. The newly optioned lands, and adjacent previously staked lands, were explored in the past by uranium mining companies including Rocky Mountain Energy (RME) Uranium Corporation, Utah International, and Pathfinder. These operators explored several miles of mineralized trends on the properties. A total of 1,992,000 tons grading 0.09% eU3O8 for a historical resource estimate of 3,670,000 lbs U3O8 (not NI 43-101 compliant) was previously outlined by RME in the mid 1980s.
The foregoing historical resource estimates were completed prior to the implementation of the NI 43-101 requirements. Given the quality of the historic work completed on the properties in Wyoming 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 resources, 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, Chief Executive Officer for Strathmore Minerals Corp., a qualified person under National Instrument 43-101.
The Moore-McCullough Properties will be evaluated to determine how they will be best incorporated into the Pine Tree-Reno Creek development project. Ongoing permitting activities at both the State and Federal levels include compiling environmental baseline studies, re-evaluation of the mineralized trends, preliminary design of well fields, and engineering of a central processing facility.
The Pine Tree-Reno Creek Properties are controlled by the Company's wholly-owned subsidiary Strathmore Resources (US) Ltd., and were subsequently joint ventured with American Uranium Corporation in 2007. American Uranium Corporation is a US uranium exploration and development company committed to spending $12.375 million to earn an initial 22.5% interest in the Pine Tree-Reno Creek project and a total of $33 million over 6 years to earn a 60% interest.
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 contains "forward-looking information" that is based on Strathmore Minerals Corp.'s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Strathmore's exploration and development plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Strathmore's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the historical resource estimates, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes in input prices; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining, or advancing, the Gas Hills projects; and labour relations matters.
This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Strathmore Minerals Corp. disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
David Miller, CEO