Strathmore Minerals Corp.

Strathmore Minerals Corp.

April 19, 2007 09:01 ET

Strathmore Signs LOI with Yellowcake Mining Inc. for US $10 Million for Uranium Exploration at Jeep, Wyoming, Property

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - April 19, 2007) - STRATHMORE MINERALS CORP. ("the Company") (TSX VENTURE:STM) is pleased to announce it has entered into a binding Letter of Intent ("LOI") to form a joint venture with Yellowcake Mining Inc. ("YCKM") to explore and develop Strathmore's Jeep property, which is located 45 miles east of the Company's US exploration and development office in Riverton, Wyoming. The Jeep property comprises approximately 803 hectares (1985 acres) and is situated in the Gas Hills Uranium District in central Wyoming. Historically, the Gas Hills Uranium District is the second largest uranium producing area in the United States with cumulative production in excess of 100 million pounds.

Previous exploration work completed by Federal American Partners outlined a historical demonstrated resource totaling 329,112 lbs U3O8 at a grade of .078% (See Table in news release dated February 1, 2007). The Company has identified new unexplored targets which offer excellent potential to extend the existing mineralization. Significant infrastructure exists on the property including haulage roads, electrical power lines and a natural gas pipeline. In November, 2006, the Company announced it was planning a 6,000 meter drill program subject to state regulatory approval and receipt of a drill permit (See news release dated November 2, 2006). This program will now become part of the Strathmore/Yellowcake transaction. It will be funded by YCKM and operated and technically supervised by Strathmore.

Strathmore will grant YCKM the exclusive right to earn a 60% interest in the Jeep property in consideration of US $10 million in expenditures by Yellowcake. Expenditures will be made in accordance with schedules and programs which have been approved by both companies. The terms of the transaction are summarized in the following schedule:

1. YCKM will spend US $500,000 on or before the first anniversary of closing;

2. an additional US $1 million on or before the second anniversary of closing;

3. an additional US $1.5 million on or before the third anniversary of closing;

4. an additional US $2 million on or before the fourth anniversary of closing;

5. an additional US $2 million on or before the fifth anniversary of closing;

6. an additional US $3 million on or before the sixth anniversary of closing.

Yellowcake will have earned a 25% interest in the property once it has expended US $1.5 million on the property. Strathmore will remain operator of the project until YCKM has completed its 60% earn-in commitment. Thereafter, Yellowcake will become operator. Strathmore retains the right to earn back an additional 11% undivided interest in the property up to 90 days after receiving a Bankable Feasibility Report by reimbursing Yellowcake's expenditures on the property.

Strathmore's President David Miller commented, "We are pleased that our working relationship with Yellowcake has grown to a third project in Wyoming. The commitment shown by the Yellowcake Mining Inc. team will assist Strathmore in advancing its many and diverse uranium projects in that state."

Strathmore Minerals Corp. and Yellowcake Mining Inc. will use their best efforts to obtain all regulatory and other approvals and close within 90 days or as soon as mutually agreed upon.

Yellowcake Mining Inc. (OTCBB:YCKM) is a Uranium company focused solely on exploring and developing Uranium properties in the United States. Current properties and potential future acquisitions give Yellowcake the expectation of near to medium term production.

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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