News Release properties acquired
VSE SYMBOL: SMR
September 29, 1997
STRATHMORE RESOURCES LTD. is pleased to announce that since September 1, 1997 the Company has completed the staking, applying for, and securing of 15 uranium properties in four Western States as part of an ongoing acquisition program. On just five Wyoming properties and two Utah properties previous exploration drilling was sufficiently close-spaced to establish a drill-indicated resource of more than 18 million pounds of uranium oxide. All have significant additional uranium potential. Seven of the eight other properties have known uranium mineralization and considerable potential, but no drill-indicated resource has yet been established on these.
ÿUranium Resource
ProjectStatePounds U3O8Red CreekWyoming4,000,000Cedar RimWyoming2,000,000Pine TreeWyoming2,000,000SundanceWyoming4,500,000Savery CreekWyoming2,000,000AntelopeUtah1,300,000Radium KingUtah2,500,000Total ÿ18,300,000
Although not economic at today's spot price of $10.50/lb., most of these properties are amenable to either in-situ leaching or to open pit heap leach technologies, or have a sufficiently high grade to make them moderate cost producers.
In addition, the Company has established a Peruvian subsidiary, Peruran S.A. Peruran has acquired mineral rights to roughly 40 square kilometers in southern Peru. Upon completing specific additional acquisitions, Strathmore Resources Ltd. will make a comprehensive announcement of its position in Peru.
Strathmore is presently negotiating on several additional U. S. properties, and expects to announce increases to its resource base by the end of the year.
STRATHMORE RESOURCES LTD. is a Canadian based company specializing in the acquisition and development of low cost uranium properties. STRATHMORE RESOURCES LTD. Common Shares are listed on the Vancouver Stock Exchange under the symbol "SMR".
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ON BEHALF OF THE BOARD
Kenneth Friedman, President & CEO |
