|Strathmore Acquires Historical Data Libraries for George-Ver, Loco Lee & Day Loma Deposits in the Gas Hills, Wyoming|
Mon Aug 9, 4:00 PM
KELOWNA, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2010) - STRATHMORE MINERALS CORP. ("Strathmore" or "the Company") (TSX: STM.TO) announces the acquisition of two uranium exploration data libraries, in separate transactions, for its Gas Hills uranium development project in Wyoming. Extensive exploration data for the George-Ver and Loco Lee deposits have been acquired from Cameco, and a second data base for the Day Loma deposit was acquired in an earlier private transaction.
David Miller, Strathmore's CEO, noted, "These data libraries are strategic to advancing Strathmore's mine permit application in the Gas Hills. They are also necessary for the preparation of NI 43-101 technical reports and resource calculations, in particular at George-Ver and Loco Lee, which have been the primary focus of our permitting activities. However, Day Loma may turn out to be our best existing uranium deposit in the Gas Hills as a preliminary review of the extensive drill log data indicates there may be significantly more uranium mineralization present as a result of historical exploration and development work that was not previously known to Strathmore."
The libraries comprise thousands of drill logs, drill location maps, and additional important geological and technical information specific to Strathmore's projects in the Gas Hills Uranium District including:
The George-Ver Property is contiguous to the famous Lucky Mc Mine, which produced approximately 40 million lbs of uranium from 1957-1988. Strathmore obtained 646 full scale drill logs totalling 161,500 feet drilled and accompanying drill hole location maps. Work was completed by Federal-American Partners in the 1970s.
The Loco Lee Property adjoins the Day Loma deposit, both of which were past producers. Strathmore acquired 349 full scale drill logs totalling 52,350 feet drilled and accompanying drill hole location maps. The majority of the exploration work was completed by Federal-American Partners in the 1960s through to the 1980s. Additional work was completed by Tennessee Valley Authority in the late 1980s and Power Resources Inc. in the early 1990s.
Strathmore acquired approximately 2,000 full scale drill logs. This total includes over 700 holes in areas previously mined by both open pit and underground methods. The majority of the exploration work was conducted by Western Nuclear during the 1950s-1970s, with additional drilling completed by Energy Fuels Inc from 1978-1983, Pathfinder Mines (1979), and Union Carbide in the 1970s.
The Company is currently incorporating the new data into the open-pit design plans for George-Ver and for completing the mine permit application. In addition, preparation of NI 43-101 compliant technical reports for George-Ver, Loco Lee, and Day Loma will begin shortly.
The historical exploration and development work that comprise the data libraries discussed in this news release were completed prior to the implementation of NI 43-101. Given the quality of the historic work completed and the 100 million pounds production history of the Gas Hills Uranium District in Wyoming, the Company believes the data to be both relevant and reliable. However, a qualified person has not completed sufficient work to verify the classification of mineral resource estimates. The historical data contained in these libraries require considerable further evaluation, which will be carried out by a qualified and independent consultant in due course. This news release has been reviewed by David Miller, Chief Executive Officer for Strathmore Minerals Corp, a Qualified Person under NI 43-101 guidelines.
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.
Strathmore Minerals Corp.