Strathmore Commences Development Drilling Program at Gas Hills Uranium Properties, Wyoming
KELOWNA, BRITISH COLUMBIA -- (Marketwire) -- 09/15/10 -- STRATHMORE MINERALS CORP. ('Strathmore' or 'the Company') (TSX VENTURE: STM) is pleased to announce that its wholly owned subsidiary Strathmore Resources (US) Ltd. will commence development drilling in September at its Gas Hills Uranium Properties in central Wyoming. Data obtained from this drill program will supplement information learned from the two uranium data libraries acquired earlier this year (see news release dated August 9th, 2010), enabling the completion of NI 43-101 compliant resource calculations and the advancement of the mine permit application targeted for submittal by Q2 2011.
The fall 2010 program for the Gas Hills will consist of approximately 100 drill holes totalling 25,000 feet. Drilling will occur in four prioritized areas: George-Ver/Frazier-Lamac, Day Loma, Loco-Lee, and Rock Hill. The purpose of this program is to confirm and expand known areas of mineralization. The drilling information will also help determine final pit designs and enable core sampling for further metallurgical testing. Twelve to fifteen drill holes will be completed as monitor wells for baseline water quality testing, hydrology evaluation, and general permitting purposes. In addition, eight geotechnical holes are planned as part of a preliminary evaluation of a mill/heap leach facility/mill tailings site.
Since August, Strathmore has analysed considerable historical drill data from the extensive exploration data recently acquired including: reserve reports, gamma logs, interpretation results, survey control, drill hole location maps, and other geological data, for each of the prioritized areas within the Gas Hills Properties planned for initial development. The following table highlights the historical resources controlled by Strathmore in these four development priority areas:
Gas Hills Uranium District: Historical Measured & Indicated Resource
Estimates for George-Ver, Frazier-Lamac, Loco-Lee, Day Loma, & Rock Hill
(Not NI 43-101 Compliant)
------------------------------------------------------------------------
Deposit/ Previous Resource Pounds
Location Operator Classification Tons Grade % U3O8
------------------------------------------------------------------------
Gas Hills Federal Historical: 6,131,327 0.069 8,440,490
(George- American Measured +
Ver, Partners Indicated
Bullrush, (1984)
Loco-Lee)
------------------------------------------------------------------------
Gas Hills Pathfinder, Historical: 696,327 0.109 1,522,000
(Frazier- 1996 Measured +
Lamac) Indicated
------------------------------------------------------------------------
Gas Hills Energy Historical: 456,096 0.213 1,940,945
(Day Loma) Fuels Measured +
(1978) Indicated
------------------------------------------------------------------------
Gas Hills Adobe/Union Historical: 900,000 0.050 900,000
(New Rock Carbide Measured +
Hill) (1977) Indicated
------------------------------------------------------------------------
The foregoing historical resource estimates presented in the table above were completed prior to the implementation of the NI 43-101 requirements. Given the quality of the historical work completed and the 100 million pounds production history of the Gas Hills Uranium District in Wyoming, the Company believes the data and historical estimates to be both relevant and reliable. However, a Qualified Person has not completed sufficient work to classify the historic mineral resources as current mineral resources, and the Company is not treating the historic resources as current. Hence, they should not be relied upon. It should be noted that mineral resources which are not mineral reserves, do not have demonstrated economic viability. 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 under National Instrument 43-101.
David Miller, Strathmore's CEO, commented, 'Historically, the Gas Hills Uranium District was the second largest uranium producing region in the United States with total production exceeding 100 million pounds. Today, the Gas Hills represents one of the best areas for future uranium mining in this country. Strathmore is the dominant player in the Gas Hills with a land position exceeding 34,000 acres and the Company's technical personnel has extensive mining experience here. Today's announcement represents a part of the ongoing permitting activities necessary for the long-term sustainable development of the Gas Hills deposits.'
The fall 2010 drill program is scheduled to be completed by mid-November. Results will be provided when 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 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 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.
ON BEHALF OF THE BOARD
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 responsibility for the adequacy or accuracy of this release.
Contacts:
Strathmore Minerals Corp.
Craig Christy
Investor Relations
1-800-647-3303
info@strathmoreminerals.com
www.strathmoreminerals.com