Strathmore Minerals Corp.

Strathmore Minerals Corp.

March 15, 2007 17:04 ET

Strathmore Minerals Corp.: Yellowcake Completes Joint Venture on Baggs-Juniper Ridge Uranium Property

LAS VEGAS, NEVADA--(CCNMatthews - March 15, 2007) - Yellowcake Mining Inc. (OTCBB:YCKM) ("Yellowcake") is pleased to announce that it has completed a definitive joint venture agreement with Strathmore Minerals Corp. (TSX VENTURE:STM) ("Strathmore") on The Baggs, Juniper Ridge Project (Red Creek Claims and associated State of Wyoming Lease) uranium properties in Wyoming, USA.

As per the news release dated Tuesday January 30, 2007, Strathmore has optioned an 80% interest in the Baggs Properties to Yellowcake, as well as agreeing to be partners on the evaluation and development of the Strathmore Texas Database.

As previously outlined, Yellowcake will proceed on:

1. issuing 9,000,000 shares to Strathmore;

2. paying $100,000 USD, and $100,000 USD on the subsequent anniversary dates for 4 years for a total obligation of $500,000 USD;

3. spending $1.6 million USD per year for a period of 5 years for a total commitment of $8 million USD. Yellowcake will earn 50% of the optioned interest upon spending $4 million USD and earn the remaining 50% optioned interest upon spending the additional $4 million USD;

4. paying a Royalty payment of 3% on the optioned portion of all future production.

5. the initial financing of the evaluation of the Texas Database (also known as the Conoco files). Subsequently, Strathmore and Yellowcake will be 50/50 partners in the development of the identified targets resulting from the database.

William Tafuri, director of Yellowcake, commented: "The completion of this agreement is a milestone for Yellowcake in becoming a strong uranium focused company. With the recent completion of our successful financing, we are prepared to move aggressively ahead on our business plan."

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.


Dev Randhawa, Chairman and CEO

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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