STRATHMORE MINERALS CORP. ("the Company") is pleased to announce it has entered into a binding Letter of Intent ("LOI") to form a joint venture with Yellowcake Mining Inc. ("YCKM") to explore and develop Strathmore's Jeep property, which is located 45 miles east of the Company's US exploration and development office in Riverton, Wyoming. The Jeep property comprises approximately 803 hectares (1985 acres) and is situated in the Gas Hills Uranium District in central Wyoming. Historically, the Gas Hills Uranium District is the second largest uranium producing area in the United States with cumulative production in excess of 100 million pounds.

Previous exploration work completed by Federal American Partners outlined a historical demonstrated resource totaling 329,112 lbs U3O8 at a grade of .078% (See Table in news release dated February 1, 2007). The Company has identified new unexplored targets which offer excellent potential to extend the existing mineralization. Significant infrastructure exists on the property including haulage roads, electrical power lines and a natural gas pipeline. In November, 2006, the Company announced it was planning a 6,000 meter drill program subject to state regulatory approval and receipt of a drill permit (See news release dated November 2, 2006). This program will now become part of the Strathmore/Yellowcake transaction. It will be funded by YCKM and operated and technically supervised by Strathmore.

Strathmore will grant YCKM the exclusive right to earn a 60% interest in the Jeep property in consideration of US $10 million in expenditures by Yellowcake. Expenditures will be made in accordance with schedules and programs which have been approved by both companies. The terms of the transaction are summarized in the following schedule:

1. YCKM will spend US $500,000 on or before the first anniversary of closing;
2. an additional US $1 million on or before the second anniversary of closing;
3. an additional US $1.5 million on or before the third anniversary of closing
4. an additional US $2 million on or before the fourth anniversary of closing;.
5. an additional US $2 million on or before the fifth anniversary of closing;
6. an additional US $3 million on or before the sixth anniversary of closing.