NEWS RELEASE!!
April 16, 1997
STRATHMORE RESOURCES LTD. ("SMR-V;SHMFF-L")
- Letter of Intent Signed to Option a Uranium Property
Kenneth Friedman, President & CEO of Strathmore Resources Ltd.,
announces that the Company has signed a letter of intent to option a
uranium property in eastern Utah. This 2 square kilometer property
contains a bedded deposit 5 to 10 feet thick. Previous drilling on the
property, which was widely spaced, provided excellent results, with an
average assay of 0.7% U308. The Company intends to begin a drilling
program on this property this summer. In the event that the drilling
program confirms the initial results to date, the Company intends to
being the permitting process this fall. The Company will pay $100,000
USD in four quarterly payments of $25,000, or the equivalent value in
stock at the option of the vendor, and a 4% net yellowcake royalty on
production.
Further the Company announces that it has completed the previously
announced private placement with Global Resource Investment Ltd. and has
received $740,000 CDN as proceeds from the private placement of 400,000
units at $1.85 per unit.
TEL: 800-647-3303 Kenneth Friedman, President & CEO
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