Science & Technology
Science and Technology
Science and Technology
Tue, July 6, 2010
Strathmore to Review Alternatives at Church Rock, New Mexico
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 6, 2010) - STRATHMORE MINERALS CORP. (TSX VENTURE:STM) ("Strathmore" or "the Company") announces that in light of the recent US Tenth Circuit Court of Appeals ruling in favour of Uranium Resources' ("URI") Church Rock project, the Company is re-examining its alternatives for its 100% owned adjoining property, also known as Church Rock. The court ruling determined that Section 8 of URI's Church Rock Property is not "Indian Country", and that the In–Situ Recovery (ISR) Underground Injection Control Permit granted by the New Mexico Environment Department is valid. If no appeal to the Supreme Court is lodged, advancement of the project to the production stage can proceed.
David Miller, Strathmore's CEO, noted, "This favourable ruling is significant to Strathmore and our nearby Church Rock uranium project. Strathmore will continue to monitor URI's progress as a result of this new ruling, which represents a positive step forward to the eventual revitalization of the Grant's District. We have since advanced our Roca Honda project, which will remain our main focus in New Mexico."
Strathmore's adjoining 640 acre Church Rock Property was acquired from Rio Algom Corporation, successor to the Kerr McGee Nuclear Corporation, in 2004. By the mid-1980s, Kerr McGee had completed over 300,000 feet of drilling and had initiated plans to develop the project as a conventional underground mine. The project was later abandoned due to a prolonged weak uranium price.
In December 2005, Strathmore completed a NI 43-101 Measured and Indicated resource estimate of 6,221,467 tons at an average grade of 0.10% U3O8for a total of 11,848,007 pounds. An additional 1,950,560 tons averaging 0.090% U3O8for a total of 3,525,342 lbs has been classified as an Inferred mineral resource (see Table 1). This property is not encumbered by production royalties. Strathmore initiated permitting in 2005, and began studies to determine if uranium extraction was amenable to ISR methods. Work was subsequently abandoned when litigation challenging URI's plans to advance the neighbouring project ensued.
Church Rock represents an extremely valuable uranium asset in the Company's long-term project pipeline. However, given this important recent development, Strathmore will revisit this project by conducting an internal review to determine how best to enhance shareholder value.
Table 1: Strathmore Minerals - Church Rock, New Mexico: NI 43-101 Resource Estimate
| Property | Previous | Resource Classification | Tonnage | Lbs U3O8 | |
| Operator/Source: | Grade | ||||
| Date of Resource | % | ||||
| Estimate | U3O8 | ||||
| Church Rock, New Mexico | Kerr McGee (1980) | NI 43-101 Measured & Indicated | 6,221,467 | 0.100 | 11,848,007 |
| D. Fitch 43-101 (2005) | NI 43-101 Inferred | 1,950,560 | 0.090 | 3,525,342 |
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 Kelowna, British Columbia, the Company also has U.S. based Development Offices in Riverton, Wyoming and Santa Fe, New Mexico. STRATHMORE MINERALS CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "STM".
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 12, 2005, and prepared by David C. Fitch, a qualified and independent person under National Instrument Policy 43-101. 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. 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
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.
