Strathmore Minerals Corp.

Strathmore Minerals Corp.

October 06, 2009 10:37 ET

Strathmore Updates Proposed Pine Tree-Reno Creek Sale to Bayswater Uranium Corporation

KELOWNA, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2009) - STRATHMORE MINERALS CORP. ("Strathmore" or "the Company") (TSX VENTURE:STM) is pleased to update shareholders regarding the proposed sale of its Pine Tree-Reno Creek Wyoming Uranium Properties to Bayswater Uranium Corporation. On August 24, the Company announced that its wholly owned subsidiary Strathmore Resources (US) Ltd. completed a binding Letter of Intent (LOI Agreement) with NCA Nuclear Inc. (NCA), a wholly owned subsidiary of Bayswater Uranium Corporation for the sale of its properties known as "Pine-Tree Reno Creek" for US $30,000,000 in cash. As per the terms of the agreement, Bayswater has 60 days from the date of this LOI Agreement to complete a purchase agreement and 120 days from the date of the LOI Agreement to close this transaction.

On October 5th, Bayswater announced that it had received a positive NI 43-101 compliant Pre-Feasibility Study (PFS) prepared by TREC Inc. on the technical and economic feasibility of the Pine-Tree-Reno Creek Uranium Project. The report is dated September 28, 2009, and was authored by Douglas H. Graves, P.E., a Qualified Person as defined by NI 43-101 Policy. In addition, Bayswater notified Strathmore that it intends to file the PFS with the TSX and SEDAR.

The PFS is based on the Project's NI 43-101 measured and indicated resources of 10.9 million pounds with an in situ recovery mine (ISR) and central processing plant facility (CPP) designed to produce up to 2 million pounds per year of U3O8. Further details can be found in Bayswater's October 5th press release.

The highly positive independent PFS study represents the most significant part of Bayswater's due diligence required to support its fund raising efforts necessary to ultimately close this proposed transaction.

Strathmore will provide further updates as additional information becomes available.

STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of advanced uranium properties in the United States. Headquartered in Kelowna, British Columbia, the Company also has U.S. based Development Offices in Riverton, Wyoming and Santa Fe, New Mexico. The common shares of the Company are listed on the TSX Venture Exchange under the symbol "STM".

Cautionary Note Regarding Forward-Looking Information

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 lands, 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 project; 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.


David Miller, CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts reasonability for the adequacy or accuracy of this release.

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