Strathmore Minerals Corp.

Strathmore Minerals Corp.

October 13, 2010 09:31 ET

Strathmore Updates Roca Honda, New Mexico Uranium Development Project

KELOWNA, BRITISH COLUMBIA--(Marketwire - Oct. 13, 2010) - STRATHMORE MINERALS CORP. (TSX VENTURE:STM) ("Strathmore" or the "Company") is pleased to provide a progress update to shareholders on the advancements made at its flagship Roca Honda uranium project in the Grants Mineral District, New Mexico. This property is held by Strathmore and Sumitomo Corp of Japan under their jointly owned subsidiary, Roca Honda Resources LLC ("RHR"). Strathmore believes Roca Honda represents one of the largest and highest grade proposed uranium mines in the United States in the last thirty years.

Roca Honda, New Mexico: Strathmore 60% Sumitomo Corp (Japan) 40%

In October 2009 Strathmore announced that it has submitted its RHR mine permit application for the proposed development of its underground uranium mining project in the Grants Mineral District to the New Mexico Mining and Minerals Division ("MMD") and the U.S. Forest Service ("USFS"). In November 2009, the MMD determined the application to be "administratively complete", signaling the beginning of technical review and public notice. Since that time the RHR project has made significant progress moving through the state and federal environmental permitting process.

The following highlights the major accomplishments of 2010 and the ongoing permitting activities scheduled for 2011:

  • January 2010 – USFS and MMD commenced consultations with interested Indian communities on cultural property and environmental concerns.
  • February 2010 – USFS, the state, and RHR chose Mangi Environmental Group, Inc. as the third party independent consultant to prepare the Environmental Impact Statement (EIS) for the Roca Honda mine project.
  • April 2010 – Scheduled field activities commenced at Roca Honda in continued support of the mine permit application. Radiological characterization surveys, detailed soils characterization studies, wildlife studies, and meteorological and air quality sampling were initiated and completed during the summer.
  • May 2010 – Performed a site-specific hydrologic pump test in the project area. Results confirm that the mine will produce water as proposed in the previously submitted groundwater model.
  • June 2010 – Finalized and executed the third party contract with Mangi Environmental Group for preparation of the EIS for the USFS, in addition to environmental analysis support for the state agencies reviewing the Roca Honda mine project.
  • July 2010 – Began 60% design of the water treatment plant and associated ancillary surface facilities, including the mine water treatment ponds.
  • July 2010 – Drilled the first of a series of monitoring/water wells to be installed on adjacent private land. This first well was completed into the Gallup formation, one of the major aquifers to be transected by mine shaft construction.
  • August 2010 – Preparation of the EIS formally began with a kick-off meeting with the state and federal agencies and Mangi.
  • September 2010 - A draft Phase I Feasibility Study report, which identified data requirements and analysed project planning issues has been completed and is under internal review. Phases II and III of the four phase study are underway. Phase II addresses revisions required to upgrade the NI 43-101 resource, while Phase III examines the design and feasibility analysis of the Roca Honda mine.
  • September 2010 – Mangi developed a "Description of Proposed Action" and EIS project schedule to be used to initiate the public participation process, which will begin later in the fall.

Strathmore anticipates that the USFS, EIS, and state agency permit review will continue through early 2012 in accordance with the schedule provided by Mangi. The public participation process will begin this fall with the scheduling of a number of public information meetings to be held in the Grants area to fully inform the local citizens of RHR's plans and to allow for their input. RHR will continue to provide the state and federal agencies with additional detailed design information regarding the project as it is developed and respond to agency comments.

For 2011, permitting activities at Roca Honda project will focus on the continued development of site specific baseline characterization data, the generation of necessary mine and support facility engineering designs, and working with the state and federal agencies as they continue their review and conduct the environmental assessment leading to preparation of the final EIS.

In addition to the activities directly related to permitting of the Roca Honda project, Strathmore recently resumed data gathering for the preparation of a future U.S, Nuclear Regulatory Commission (NRC) permit application for construction and operation of a conventional uranium mill. In 2010 Strathmore performed the archaeological studies of the preferred site, conducted preliminary soils characterization investigations, completed a surface radiological background survey, and air quality and meteorological investigations. For 2011, Strathmore will advance its existing mill design to the 60% level and develop a tailings disposal design.

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 as defined by National Instrument 43-101.

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 Vancouver, British Columbia with a branch administrative office in Kelowna, the Company also has a U.S. based Development Office in Riverton, Wyoming and a Government, Regulatory & Environmental Affairs Office in 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.


"David Miller"
David Miller, CEO

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