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Nu-Mex Uranium Completes LOI With Strathmore Minerals for US

$18 Million Commitment at Dalton Pass, New Mexico Uranium Project 
ALBUQUERQUE, N.M., July 11 /PRNewswire-FirstCall/ -- Nu-Mex Uranium Corp.
(OTC Bulletin Board: NUMX) ("Nu-Mex" or "the Company") has completed a Binding
Letter of Intent ("LOI") with Strathmore Resources (US) Ltd. ("Strathmore"),
to enter into an option and a joint venture to explore and develop
Strathmore's Dalton Pass properties (the "Property"). 
The Property consists of approximately 1320 acres controlled by federal
lode mining claims and lies between the Church Rock and Crownpoint uranium
districts of the western Grants Mineral Belt. The previous operator,
Pathfinder Mining Company, drilled in excess of 130 exploratory holes on the
property. Pathfinder was in the process of determining the feasibility and
amenability of in-situ extraction of uranium prior to the 1980s price drop in
uranium. 
As per the terms of the LOI, Strathmore will grant Nu-Mex sole and
exclusive rights to earn-in a 65% interest in the Property. The terms of the
transaction are summarized as follows (all dollar amounts are in US $): 


    1.  Nu-Mex paying to Strathmore $250,000 upon signing of the LOI; and
    2.  Nu-Mex incurring a total of $16,750,000 in work commitment
    expenditures on the Property ("Expenditures"), and additional payments
    of $1,000,000 in cash or stock to Strathmore in accordance with the
    following schedule:
    --  a $1,000,000 work commitment expenditure plus $250,000 payment in cash
        or stock on or before the first anniversary of the entry into a
        binding option and joint venture agreement as contemplated by the LOI
        (the "Closing"),
    --  an additional $2,000,000 work commitment expenditure plus $250,000
        payment in cash or stock on or before the second anniversary of the
        Closing,
    --  an additional $2,750,000 work commitment expenditure plus $250,000
        payment in cash or stock on or before the third anniversary of the
        Closing,
    --  an additional $3,000,000 work commitment expenditure plus $250,000
        payment in cash or stock on or before the fourth anniversary of the
        Closing,
    --  an additional  $4,000,000 work commitment expenditure on or before the
        fifth anniversary of the Closing, and
    --  an additional  $4,000,000 work commitment expenditure on or before the
        sixth anniversary of the Closing.


Nu-Mex will earn a 25% interest in the Property once Nu-Mex has completed
its commitments (cash/stock of $1,000,000 and work of US $8,750,000) on or
before the fourth anniversary of the Closing. Nu-Mex will earn an additional
40% interest in the Property once Nu-Mex has completed its additional
commitments (US $8,000,000 in work) on or before the sixth anniversary of the
Closing. 
After the fourth year and provided Nu-Mex has fulfilled its commitments,
the parties shall review all work completed under the terms of the agreement
and prepare an independent NI 43-101 compliant technical report and resource
calculation.  Recommendations from this report will help plan further
development initiatives. 
Following the sixth anniversary of the Closing, or other mutually agreed
upon time, the Operator will retain a third party engineering firm to prepare
a Bankable Feasibility Study. Should the third party evaluation result in a
positive recommendation, Strathmore and Nu-Mex will then proceed with their
pro-rata payments under the proposed joint venture agreement to further
develop the Property. 
Strathmore will have up to 90 days after the date the Bankable Feasibility
Report is delivered to elect whether or not to earn back an 16% undivided
interest in the Property by paying US $8,000,000 to Nu-Mex, providing Nu-Mex
has met all its obligations to earn 65%. 
The Parties will use their best efforts to negotiate in good faith and use
best efforts to execute a detailed option agreement within 90 days. 
Nu-Mex Uranium Corp. is an international development stage uranium mining
company with corporate offices in London, England, and operational offices in
New Mexico, USA. Its foundational assets are located in the southwest United
States. The Company is focused on the exploration for, and development of in-ground uranium  that can be brought to near-term production. 


    For further information see: http://www.nu-mexuranium.com
    Symbol: OTCBB - NUMX; Frankfurt AN4, WKN NO. A0MUN4
    Contact North America: Investor Relations
    Tel.: 866-676-0153
    Contact Europe: Investor Relations
    Tel.: +44-20-7665-1646
    SAFE HARBOR STATEMENT


THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS", AS THAT TERM IS
DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934,
AS AMENDED.  STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL,
ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS,
PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE. 
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED
IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO
CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR
IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS,
INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH
WORDS AS "ESTIMATE," "ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR
STATEMENTS ARE FORWARD-LOOKING STATEMENTS.  RISKS AND UNCERTAINTIES FOR THE
COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH PROPERTY
DEVELOPMENT AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST
RECENT ANNUAL REPORT ON FORM 10-KSB AND ON FORM 10-QSB AND FROM TIME-TO-TIME
IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY.  OTHER RISKS
INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE
COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF
SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES.  THERE CAN BE NO
ASSURANCE THAT THE COMPANY'S DEVELOPMENT EFFORTS WILL SUCCEED AND THE COMPANY
WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS.  THESE FORWARD-LOOKING STATEMENTS
ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO
OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS
WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING
STATEMENTS.  ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS,
EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE,
THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS
WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION
SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE
COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION. 
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES
FULL RESPONSIBILITY FOR ITS CONTENTS.  EACH OF THE NASD, THE SEC AND THE OTCBB
NEITHER APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE.  THIS
NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN
OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY
JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR
TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH
JURISDICTION. 

SOURCE  Nu-Mex Uranium Corp. 
CONTACT:
North America, Investor Relations, 1-866-676-0153, or Europe, Investor 
Relations +44-20-7665-1646, both of Nu-Mex Uranium Corp.
-0- Jul/11/2007 13:15 GMT
 
 
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