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Strathmore Minerals

Market woes fail to deter Strathmore’s development activities

Market woes should never hold back development efforts, the old adage goes. Strathmore Minerals Corp. (TSX.V: STM) is certainly heeding that advice. It has been a busy 2007 and an even busier 2008 for the company.

Brisk mine permitting activities have been underway at Strathmore’s George-Ver Property, Gas Hills, Wyoming. The George-Ver/Frazier LeMac deposits are the first of a series of open pits planned for sequential mining development in the Gas Hills. The deposit hosts a historical measured and indicated resource estimate of 1,029,055 tons grading 0.072% U3O8 for a total of 1,491,995 lbs U3O8. The adjacent Frazier LeMac deposit hosts 696,327 tons grading 0.11% U3O8 for an additional 1,522,000 lbs U3O8. (Estimates predate the NI 43- 101).

In late 2007, Strathmore drilled and installed 3 groundwater monitor wells and 1 piezometer well at the project site. The monitor wells characterize the groundwater geochemistry and other aquifer properties. This was followed by eight overburden characterization holes on the property. Two holes, drilled to a depths of 380 and 410 feet, collected core samples over their entire lengths. Analysis of these core samples help Strathmore define the uranium mineralization and overburden materials to support the design of an open pit mining operation.  

Uranium mineralization was encountered from near surface (~30 feet) to depths of 270 feet. The planned open-pits will range from depths of 160 feet on the north end to 300 feet on the south end of the project. The grades identified were generally consistent with historical data and were found in a range between a low of 0.020% eU3O8 and a high of 1.218% eU3O8. Of significance, was the gamma signature and indication of three, stacked roll fronts in a monitor well, located over ½ mile west of the planned open-pit mining area. Strathmore anticipates that planned development drilling will further define this occurrence and may delineate additional nearby uranium mineralization that can be later incorporated into the George-Ver mine plan.

Other activities include cultural (archeology), floral-faunal, meteorological and air-sampling studies, and geologic and engineering designs of the planned open-pits. A mine permit application is expected to be submitted to Wyoming Dept. of Environmental Quality in 1Q2009.

Meanwhile, spot uranium prices appear to have turned the corner, rising another 7% last week to US $64/lb. The long-term contract price has remained stable in the higher US $80-85/lb. range. Record petroleum prices and the need for fairly priced, reliable energy are expected to underpin uranium prices.

Strathmore is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties. Headquartered in Kelowna, British Columbia, the Company also has U.S. based Development offices in Riverton, Wyoming and Santa Fe, New Mexico.
                                                                      

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