Monday, 16 April 2012

Strathmore Minerals updates on technical report status of Churck Rock, Gas Hills

Strathmore Minerals (TSE:STM)(OTCQX:STHJF) said after market Friday that further to its announcement in January, it has provided updates to the status of technical reports on both its Churck Rock and Gas Hills properties in New Mexico and Wyoming, respectively.

The company said that its independent consultant, Behre Dolbear and Company, has completed a new NI 43-101 compliant technical preliminary economic assessment of the Church Rock deposit in New Mexico. Strathmore has submitted the report to the British Columbia Securities Commission (BCSC) for review, it added.

In addition, consulting firm Chlumsky, Armbrust & Meyer is proceeding on schedule with the task of preparing a new NI 43-101 technical report for the company's Gas Hills properties in Wyoming. The report is expected to be completed for submission to the BCSC by the end of April, Strathmore said.

In early December, the uranium explorer said that after an "extensive review" of the technical report on the Gas Hills uranium project dated July 20, 2011, and consultation with the BCSC, it decided to appoint another author to prepare a new technical report on the property.

As noted in a company statement in August, and again in December and January, Strathmore reiterated: "Investors should not rely on the previously filed technical reports for Gas Hills or Church Rock and should not rely on the mineral resources for Gas Hills disclosed in the company's press releases dated July 21, 2011 or August 5, 2011 nor the Church Rock preliminary economic assessment disclosed in the company's news release dated April 5, 2011."

Strathmore is a Vancouver-based resource company specializing in the strategic acquisition, exploration and development of uranium properties in the United States.

In March, the company set the largest budget in its history for 2012 to aggressively advance its core Roca Honda, New Mexico and Gas Hills, Wyoming, uranium development projects.

The assets represent two of the most significant conventional uranium development projects in the United States in the past thirty years, the company said, and are partnered with Sumitomo, one of the world's largest integrated trading companies, and Korea Electric Power Corporation (KEPCO), one of the largest diversified worldwide energy companies.

Strathmore's 2012 capital budget will total $15.8 million, including $7.4 million for Roca Honda and $8 million for Gas Hills as part of the strategic definitive agreement announced with KEPCO.

The company also recently decided to diversify its asset base beyond uranium, and last month, agreed to acquire Saratoga Gold Company, whose primary asset is the Copper King project in Wyoming.

BC-based private company Saratoga's main project comprises two State of Wyoming leases, totaling 1,120 acres in the Silver Crown Mining District of Wyoming.

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