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MONTREAL, QUEBEC--(Marketwire - June 1, 2009)
- Strateco Resources Inc. ("Strateco")
(TSX:RSC)(OTCBB:SRSIF)(FRANKFURT:RF9) is pleased to announce that
drilling as part of the 30,000-metre exploration drilling program which
started in February 2009, has resumed on the wholly-owned Matoush
property.
The ongoing drilling campaign was halted temporarily on April 27th,
2009 for the spring break-up. Exploration drilling resumed on May 27th,
2009.
Drilling continues with one of two drills, in hole MT-09-11 which was
interrupted at a depth of 180 metres and is located on the new MT-06
zone discovered in April 2009. The MT-06 zone is located on section
46+00S, 1.0 km south of the MT-34 core zone. Hole MT-09-006 returned an
8.9-metre intersection grading 0.21% eU3O8 including 1.1 metres at
0.96% eU3O8. This intersection is strongly altered in fuschite with the
presence of pitchblende and uranophanes and is similar in size, grade
and alteration to intersections near the MT-34 and MT-22 core zones
(ref. press release April 22, 2009).
As for the second drill actually mobilized for geotechnical drilling as
part of preliminary work for the underground drilling program, it will
go back to exploration drilling in the first week of June 2009.
Before going back to the MT-06 zone, where the potential to find a new
lens appears excellent, the drill will make a stop in the sector of the
high grade MT-34 lens, where hole MT-08-34 had intersected 1.32% eU3O8
on 28.0 metres including 6.13% eU3O8 on 4.8 metres. Two strategic drill
holes will be carried out in order to expand already delineated mineral
resources.
On the MT-34 zone, indicated mineral resources are estimated to total
88,000 tonnes grading 0.97% U3O8 containing 1,890,000 pounds U3O8 and
inferred resources are estimated to total 527,000 tonnes grading 0.55%
U3O8 containing 6,350,000 pounds U3O8. These results come from the NI
43-101 resource estimate updated by Scott Wilson Roscoe Postle
Associates in September 2008.
Strateco pursues aggressively its exploration activities in order to
increase the mineral resources on the Matoush property. Furthermore,
Strateco has the necessary liquidity to do so. Strateco recently
received $7.8 M from the Quebec government in exploration credit and
should receive amounts of more than $2.0 M in the upcoming months. The
cash flow is presently more than $15.0 M for monthly expenses of $1.2
million.
Strateco's exploration activities are all concentrated in Quebec,
considered to be amongst the most favourable region in the world for
mine development, considering credits and the absence of political
risks.
Licence and Environmental Impact Study
Following filling on November 4th, 2008, of the Licence Application to
the Canadian Nuclear Safety Commission (CNSC) for the underground
exploration program and following the comments received from the CNSC
in February 2009, Strateco continues its detailed engineering plans and
field work related to the environmental impact study.
Strateco is also proceeding, with the help of a number of consultants, including
Genivar, Golder and Melis, to the preparation of detailed engineering
plans for the surface facilities, underground work, health and safety
programs, radiation protection and environmental protection in order to
finalize the licence application.
Regarding the environmental impact study, Strateco received guidelines
from the Evaluating Committee (COMEV), the Canadian Environmental
Assessment Agency and from the CNSC in March 2009 pursuant to the
filing of the Project Description in July 2008.
Strateco expects to have all the detailed plans and programs and the
environmental impact study completed and filed with the various
authorities by the end of the third quarter of 2009.
This news release has been approved by Jean-Pierre Lachance, Geo,
Executive Vice President of Strateco Resources Inc. which is the
qualified person as defined in National Instrument 43-101.
This news release contains forward-looking statements subject to
certain risks and uncertainties. There can be no assurance that these
statements will prove to be correct, and actual results and future
events could differ materially from those implied by such statements.
These risks and uncertainties are discussed in the annual report filed
with the securities commissions of Alberta, British Columbia, Ontario
and Quebec and in the 10-K annual report filed with the US Securities
and Exchange Commission.
CAUTIONARY NOTE TO U.S. INVESTORS -The United States Securities and
Exchange Commission permits U.S. mining companies, in their filings
with the SEC, to disclose only those mineral deposits that a company
can economically and legally extract or produce. We use certain terms
on this press release, such as "measured,"
"indicated," and "inferred" "resources,"
which the SEC guidelines strictly prohibit U.S. registered companies
from including in their filings with the SEC. U.S. Investors are urged
to consider closely the disclosure in our Form 10-K which may be
secured from us, or from the SEC's website at http://www.sec.gov/edgar.shtml.
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