Strathmore Minerals Corp.

Strathmore Minerals Corp.

April 04, 2006 11:03 ET

Strathmore's Roca Honda, New Mexico Uranium Deposit Resource Estimate Increased to 17.5 Million Pounds U3O8

KELOWNA, BRITISH COLUMBIA--(CCNMatthews - April 4, 2006) - Strathmore Minerals Corp ("Strathmore") (TSX VENTURE:STM) is pleased to announce it has completed an independent National Instrument 43-101 compliant resource estimate for its Roca Honda uranium property located in Grant's Mineral Belt in New Mexico. This new resource estimate provides an update to the previously completed independent National Instrument 43-101 technical report for Roca Honda which was filed on March 6, 2005. The 43-101 update provides a new resource estimate which has been increased to 17.5 million pounds at an average grade of .23% U3O8 up from the historically reported 11.48 million pounds U3O8 for part of the property. An additional 15.8 million lbs. of U3O8 at an average grade of .17% is classified as an inferred mineral resource. Adjacent land, owned by Strathmore, was also included in the calculation which in part accounted for the larger resource estimate. The report was prepared by David C. Fitch, C.P.G., who is a qualified person under National Instrument Policy 43-101. Mr. Fitch has over 17 years of uranium experience in the Grant's Mineral Belt, which was the largest producing uranium district in the world during the last uranium cycle.

Upon reviewing the report, David Miller, Strathmore's President and COO, commented, "I am extremely pleased with the thoroughness of Mr. Fitch's NI 43-101 property update. Strathmore is excited about the upward revision in the resource estimate, which has increased the size of the Roca Honda uranium deposit." David Miller further noted that additional infill drilling is not planned at this time because a sufficient uranium resource has been identified to justify the development of the Roca Honda property.

The Roca Honda uranium property consists of 63 unpatented mining claims located on land owned by the Federal government and administered by the US Bureau of Land Management. In addition, the property includes one State of New Mexico Lease. The combined land package is 745 hectares (1,840 acres) in size.

Strathmore acquired the Roca Honda property from Rio Algom mining LLC, as successor to the Kerr McGee Corporation. Kerr McGee explored the property extensively during the 1970's and 1980's, which resulted in the discovery of significant sandstone-type uranium mineralization. During this period a mine plan was designed and a production shaft was constructed to the southwest of Strathmore's current property boundary. The sharp decline in uranium prices which accelerated during the late 1980's resulted in the project's cancellation.

Strathmore acquired the Roca Honda property and data base from Rio Algom in 2004. On March 6, 2005, Mr. Fitch completed an independent NI 43-101 technical report, which reported a historical resource of 11.48 million pounds of U3O8. On March 31, 2006, Mr. Fitch completed a NI 43-101 update, which included a new resource estimate of approximately 17.5 million pounds of U3O8.

Mr. Fitch writes:

"From a review of all the data, it is concluded that Kerr-McGee and Rio Algom collected reliable and accurate data in their performance of exploration drilling, log interpretation, map posting, and calculating the historical resources. It also concluded that there is very good potential for additional uranium mineralization."

Based on available drill hole information, Mr. Fitch's NI 43-101 update estimates a measured and indicated mineral resource of 17,512,000 lbs. U3O8 contained within 3,782,000 tons at an average grade of .23% U3O8 for the Roca Honda property. An additional 15,832,000 lbs. at an average grade of .17% U3O8 are estimated an inferred mineral resource. Further details on the quantity and grade for each mineral resource category are summarized in the following table.

Resource Cutoff Grade Pounds Thick.
Category GT Tons (% U3O8) (U3O8) (Feet)
Measured 0.6 1,305,000 0.23 6,035,000 19.3
Indicated 0.6 2,477,000 0.23 11,477,000 19.5
--------- ---- ----------
Total(s) 0.6 3,782,000 0.23 17,512,000 19.4

Inferred 0.6 4,546,000 0.17 15,832,000 19.3

The resource estimate is based on over 445 drill holes totaling almost 1 million feet of drilling, most of which was completed by Kerr McGee. Polygons, centered on the drill holes, were used to define areas of influence and the U3O8 resource was calculated by Kerr McGee et. al. from gamma ray logs for each drill hole by converting counts per second to % U3O8 (eU3O8). Periodically the gamma-ray equipment was calibrated at locations with known concentrations of uranium.. Drill holes within the resource vary from 100 feet to 300 feet apart. Thickness and grade of the mineralized intercepts were assigned to each polygon for computing tonnage, at a factor of 15 cubic feet per ton at an initial cutoff of 0.03%. A grade time thickness cutoff of 0.6 was used to calculate the resource. This methodology accounts for the larger areas of influence within the property, in addition to the increase in the total uranium resource.

Historically, uranium resources in the Grant's Mineral District have been recovered using conventional underground mining methods. The Roca Honda uranium deposit is found within sandstone units of the Westwater Canyon member of the Jurassic Morrison Formation, and may be amenable to recovery by in-situ-recovery (ISR) extraction (also known as in-situ leach or ISL mining), in addition to conventional mining methods. Because of the potentially world-class nature and extent of the Company's resource at Roca Honda, Strathmore has commenced preliminary technical, regulatory, and economic feasibility studies necessary to evaluate in-situ and conventional mining and milling recovery scenarios.

The NI 43-101 Roca Honda technical report (March 6, 2005) and resource update (March 31, 2006) can be viewed on SEDAR and the Company's website

This news was prepared on behalf of the company by Jody Dahrouge, P.Geol., of Dahrouge Geological Consulting Ltd., Edmonton, Alta. Mr. Dahrouge is a qualified person. It should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability.

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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