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STRATHMORE MINERALS CORP.
("Strathmore" or "the Company") (TSX:STM - News; OTCQX:STHJF)
is pleased to announce that it has contracted Behre
Dolbear and Company (USA), Inc. ("Behre Dolbear") to
complete a scoping study, also known as a preliminary economic assessment,
for the Company's Church Rock uranium deposit, located in McKinley County,
New Mexico. Behre Dolbear
will prepare a phased study that will evaluate the extraction of uranium by
both In-Situ Recovery (ISR) and conventional underground techniques. This
study will provide Strathmore with an independent review of mining
alternatives for determining the best option for advancing this project and
enhancing shareholder value. Table 1 summarizes the Church Rock NI 43-101
resource estimate, which was completed in 2005. The resource is 100% owned
by Strathmore, and is not encumbered with production royalties.
Table 1: Strathmore Minerals - Church Rock, New Mexico: NI 43-101 Resource
Estimate
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Previous
Operator/
Source:
Date of Millions
Resource Resource Millions Grade % of Pounds
Property Estimate Classification of Tons U308 U308
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Church Rock, Kerr McGee Measured &
New Mexico (1980) Indicated 6.2 0.10 11.8
D. Fitch
43-101 NI 43-101
(2005) Inferred 1.9 0.09 3.5
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The NI 43-101 resource estimates used
in this press release were taken from the NI 43-101 report entitled
"Technical Report on the Strathmore Church Rock Uranium Property,
McKinley County, New Mexico," dated December 20th 2005, and prepared
by David C. Fitch, a qualified and independent person under National
Instrument Policy 43-101. This report can be viewed in its entirety on the
Company's website www.strathmoreminerals.com. It should be noted that
mineral resources, which are not mineral reserves, do not have demonstrated
economic viability as defined by the NI 43-101 guidelines.
Strathmore's Church Rock deposit is a
valuable asset in the Company's long-term project pipeline that has been on
care and maintenance since 2006, when litigation challenging the
development of Uranium Resources Inc's (URI) immediately adjacent uranium
development project, also known as Church Rock, ensued. Now that the legal
challenges have concluded in their favour, URI is
currently moving forward with its Nuclear Regulatory License renewal and is
preparing a feasibility study, targeted for completion by the end of 2011
(See URI press release dated November 15, 2010). The favourable
court ruling has also enabled Strathmore to complete an internal review to
determine the best alternative for enhancing the value of this previously
dormant asset (See news release dated July 6, 2010). The preparation of
this scoping study represents a significant first step for renewing an
effective development plan for the Church Rock resource.
Behre Dolbear has
operated as a global mining industry consultant by providing technical,
financial, operational, managerial, and environment services since its
founding in 1911. Their expertise in uranium includes in-situ recovery,
surface and underground mining. Mr. Bernard J. Guarnera,
Chairman of the Behre Dolbear
Group, will act as Senior Project Advisor for this study. Phase I, which
includes a background review of the property, geology and resources, in
addition to a general review of ISR and underground mine development
findings is underway. Phase II will examine the project economics,
environmental and permitting issues, and related project inputs.
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 under the symbol "STM"
and trade on the OTCQX International electronic trading system in the
United States under the symbol "STHJF".
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.
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
Contact:
Craig Christy
Strathmore Minerals Corp.
Investor Relations
1-800-647-3303
info@strathmoreminerals.com
www.strathmoreminerals.com |