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Strathmore Updated Gas Hills NI 43-101 Technical Report Shows Significant Increase to Resource Estimates

Strathmore Updated Gas Hills NI 43-101 Technical Report Shows Significant 
Increase to Resource Estimates 
KELOWNA, BRITISH COLUMBIA -- (Marketwired) -- 04/24/13 -- Strathmore
Minerals Corp. ("Strathmore" or "the Company") (TSX:STM)(OTCQX:STHJF)
announces that it has filed a new National Instrument 43-101
Technical Report with an updated resource estimate for its Gas Hills
Uranium Properties in Wyoming. The technical report was prepared by
Chlumsky, Armbrust & Meyer LLC ("CAM") of Lakewood, Colorado, and is
titled, "National Instrument 43-101 Technical Report, Update of Gas
Hills Uranium Project, Fremont and Natrona Counties, Wyoming, USA",
and dated March 22, 2013 ("the Gas Hills Technical Report"). The
report replaces the previous technical report filed by the Company in
August 2012 (See the Company's press release dated August 29, 2012).  
The Gas Hills Technical Report calculates an indicated mineral
resource estimate for the Day Loma and George-Ver properties (Table
1), and an inferred mineral resource estimate for the Bullrush, Day
Loma, George-Ver, Loco-Lee and Rock Hill properties (Table 2), all
located within the Main Gas Hills Area. Using a cutoff of 0.035%
eU3O8 and 1 ft., the total Indicated resource estimate is 5.4 million
lbs eU3O8 based on 2.3 million tons at an average grade 0.13% eU3O8.
The total Inferred resource estimate is 5.5 million lbs eU3O8 based
on 3.9 million tons at an average grade of 0.07% eU3O8. The new
Indicated resource estimate, in addition to the updated Inferred
estimate represents a significant increase to the Inferred resource
reported in the Company's press release dated August 29, 2012. Other
mineralized properties within the Main Gas Hills Area, with
historical estimates including Amazon, Andria, Badlands,
Frazier-Lamac, Jeep and Sunset (Table 3), could not be verified at
this time, as the Company does not possess historical or recent core
data for inclusion in the Gas Hills Technical Report.  
Based on CAM's recommendations in the previous technical report,
Strathmore continued with confirmation and exploration drilling in
the Main Gas Hills Area, including core recovery and assaying, as
part of its overall US$8 million Gas Hills Phase I program to provide
sufficient verifiable data and information to support the preparation
of new resource estimates for those properties with historical
estimates (Bullrush, George-Ver, Loco-Lee). Additional exploration
drilling occurred on targets atop Beaver Rim, a prospective, but
unexplored area immediately south of the Main Gas Hills Area.  
The following summarizes the Gas Hills Technical Report's new NI
43-101 mineral resource estimates, in addition to the remaining
non-compliant historical estimates and exploration targets that merit
further exploration.  


 
Table 1: Summary of Indicated Mineral Resource Estimates, Gas Hills       
Project                                                                  
                                                                          
--------------------------------------------------------------------------
Area                              Contained                               
(Indicated          Contained        Pounds  Ave. Grade %   Ave. Thickness
Resources)               Tons        (eU3O8)       (eU3O8)           (feet)
--------------------------------------------------------------------------
Day Loma            1,400,000     4,000,000          0.14              4.4
--------------------------------------------------------------------------
George-Ver            900,000     1,400,000          0.08              4.1
--------------------------------------------------------------------------
Total               2,300,000     5,400,000          0.13              4.3
--------------------------------------------------------------------------
 
 
Table 2: Summary of Inferred Mineral Resource Estimates, Gas Hills Project
                                                                          
--------------------------------------------------------------------------
Area                              Contained                               
(Inferred           Contained        Pounds  Ave. Grade %   Ave. Thickness
Resources)               Tons        (eU3O8)       (eU3O8)           (feet)
--------------------------------------------------------------------------
Bullrush              900,000       900,000          0.05              5.7
--------------------------------------------------------------------------
Day Loma              600,000     1,200,000          0.10              3.2
--------------------------------------------------------------------------
George-Ver            400,000       500,000          0.07              3.2
--------------------------------------------------------------------------
Loco-Lee            1,000,000     1,200,000          0.06              3.2
--------------------------------------------------------------------------
Rock Hill           1,100,000     1,700,000          0.08              8.3
--------------------------------------------------------------------------
Total               3,900,000     5,500,000          0.07              5.1
--------------------------------------------------------------------------

 
CAM reviewed the geometry of the mineralization in three dimensions
using a minimum cutoff of 1 foot of 0.035% eU3O8, and by completing
grade-thickness contouring. Tons and contained pounds are reported to
the nearest 100,000, and average grade and thickness are report to
two and one decimal places respectively. Cutoffs for grade and
thickness are applied to each mineralized intercept used in the
resource estimate. Cutoff for grade-thickness is applied to the
contour map. It should be noted that mineral resources, which are not
mineral reserves, do not have demonstrated economic viability.  


 
Table 3: Summary of Historical Estimates, Gas Hills Project               
                                                                          
--------------------------------------------------------------------------
                                                Contained                 
Area                           Contained           Pounds     Ave. Grade %
(Historical Resources)              Tons           (eU3O8)          (eU3O8)
--------------------------------------------------------------------------
Amazon                           285,000          366,000             0.06
--------------------------------------------------------------------------
Andria                           740,000          950,000             0.06
--------------------------------------------------------------------------
Badlands                         163,000          216,000             0.07
--------------------------------------------------------------------------
Frazier-Lamac                    697,000        1,522,000             0.11
--------------------------------------------------------------------------
Jeep                             297,000          463,000             0.08
--------------------------------------------------------------------------
Sunset                         1,395,000        1,813,000             0.06
--------------------------------------------------------------------------
Total                          3,577,000        5,330,000             0.07
--------------------------------------------------------------------------

 
The historic estimates in Table 3 were completed prior to
Strathmore's acquisition of these properties and generated by
American Nuclear Corporation in 1985 and Pathfinder Mines Corporation
(Frazier-Lamac only) in 1996, using accepted engineering practices at
the time. Although exact details for determining the historic
estimates are not available, they appear to have been done using the
"nearest neighbor" method for grade and grade-thickness to calculate
tons and pounds. Given the extensive mineral production in the Gas
Hills Uranium District by experienced mining companies, and the
quality of their historical work completed, the Company believes
these historical estimates to be relevant and reliable. However, a
Qualified Person has not completed sufficient work to verify and
classify the historical estimates as current mineral resources, and
the Company is not treating the historical estimates as current
mineral resources. Hence, they should not be relied upon. Additional
work including confirmation drilling, sampling and chemical assay
verification, and other technical support work, as deemed necessary,
is required in order to verify the historical estimates as current
mineral resources.  
As part of the Phase I US$8 million Gas Hills development program,
Strathmore completed 279 rotary drill holes, including 21 holes cored
for recovery of mineralized samples for assay purposes. A total of
109,920 feet of drilling, including 5,040 feet of core drilling was
completed in 2012, and used in this latest Gas Hills Technical
Report. Additional drilling occurred after the cutoff date for
receipt of drilling data used in this technical report, but
terminated early in December due to winter weather constraints. The
remaining portion of the Phase I drill program is scheduled to resume
by May 2013.  
All drill holes were logged with a standard gamma probe, which
indirectly measures uranium content, and most with a Prompt Fission
Neutron (PFN) tool, which directly measures the uranium content in
the drill hole. Three logging trucks were used during 2012. Two are
PFN trucks: one operated by GAA Wireline Services of Casper, Wyoming,
and one Company owned and operated by either Strathmore or GAA
technical personnel. The third is the Company's conventional Century
geophysical truck with a gamma probe. Logging tools owned by the
Company and GAA Wireline, and operated by GAA Wireline, are routinely
calibrated at the U.S. Department of Energy's Test Pits located in
Casper, Wyoming. While using a PFN logging tool to provide direct
readings of downhole uranium mineralization is a widely used
procedure by many companies drilling roll front style uranium
deposits, the Canadian Institute of Mining ("CIM") Estimation of
Minerals Resources and Mineral Reserves Best Practice Guidelines
recommends traditional chemical assaying to provide supporting assay
results. Samples from 20 core holes were submitted for assay analysis
by Intermountain Labs of Sheridan, Wyoming, a Nuclear Regulatory
Commission accredited facility. Assay results from core analysis, and
comparisons to the PFN and gamma log results, are discussed in the
updated Gas Hills Technical Report.  
Exploration Targets 
The Gas Hills project has several exploration targets believed to
contain uranium mineralization that merit further exploration. These
include the remainder of the Bullrush and Loco-Lee properties where
only portions of the historical resources were verified as compliant
mineral resources, and the Day Loma NE & SE, Frazier-Lamac,
George-Ver/Antelope, Jeep South, and Tablestakes targets. The
characteristics of each target such as grade, length of mineralized
trend, width and thickness can only be projected from nearby areas
containing well-defined mineralization. CAM believes that these
exploration targets have significant potential for the discovery of
additional uranium mineralization in the Main Gas Hills area. Further
details for each target area are highlighted in the Gas Hills
Technical Report. In addition, Strathmore initiated exploration
drilling at the Beaver Rim, to the south of the Main Gas Hills area.
A total of 34 holes were drilled, which confirmed the presence of
"roll-front" uranium mineralization at depths between 900-1,200 feet.
Extensive drilling will be required to fully evaluate this area.  
About the Gas Hills, Wyoming 
Strathmore's Gas Hills Properties comprises approx. 36,000 acres in
the Gas Hills Uranium District of central Wyoming. Between 1953 and
1988, many companies explored, developed, and produced uranium in the
Gas Hills Uranium District, including on lands in the Main Gas Hills
Area now controlled by Strathmore. Cumulative production exceeded 100
million pounds making it the second largest uranium mining region in
the USA. Strathmore is actively pursuing the advancement of a mine
permit application, which was submitted to the State of Wyoming in
November 2012, and is preparing a Source Materials License
application to the US Nuclear Regulatory Commission. Strathmore owns
100% of the Gas Hills Uranium Properties, subject to a 5% net
production royalty on 155 Rock Hill claims. There are no other
royalties on all other claims which total 1,556 lode mining claims. 
Upon completion of the ongoing Phase I US $8 million program in
Q2-2013, Korea Electric Power Corp. (KEPCO) can elect to participate
in a Phase II program, and earn-in up to a 40% interest in the
project by incurring US $32 million in expenditures over three years
beginning in 2013. 
The Gas Hills Technical Report can be viewed in its entirety on the
Company's website, www.strathmoreminerals.com or SEDAR,
www.sedar.com.  
The technical information in this news release has been prepared in
accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed by David Miller, Chief
Executive Officer for Strathmore Minerals Corp., and a Qualified
Person under National Instrument 43-101.  
STRATHMORE MINERALS CORP. is a Canadian based resource company
specializing in the strategic acquisition, exploration and
development of mineral properties in the United States. Headquartered
in Vancouver, British Columbia with a branch administrative office in
Kelowna, the Company also has U.S. based Development Offices in
Riverton, Wyoming and Santa Fe, New Mexico.  
STRATHMORE MINERALS CORP. Common Shares are listed on the TSX under
the symbol "STM" and trade on the OTCQX International electronic
trading system in the United States under the symbol "STHJF". 
This press release contains "forward-looking information" that is
based on Strathmore Minerals Corp.'s current expectations, estimates,
forecasts and projections. This forward-looking information includes,
among other things, statements with respect to Strathmore's National
Instrument 43-101 Technical Report, Update of Gas Hills Uranium
Project, Fremont and Natrona Counties, Wyoming USA", dated March 22,
2013, and the Phase I exploration, drilling results, development, and
permitting plans for the Gas Hills Properties The words "may",
"would", "could", "should", "will", "likely", "expect," "anticipate,"
"intend", "estimate", "plan", "forecast", "project" and "believe" or
other similar words and phrases are intended to identify
forward-looking information. 
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause Strathmore's actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking information. Such factors include, but are not
limited to: uncertainties related to the historical resource
estimates, the work expenditure commitments; the ability to raise
sufficient capital to fund future exploration or development
programs; changes in economic conditions or financial markets;
changes in input prices; litigation; legislative, environmental and
other judicial, regulatory, political and competitive developments;
technological or operational difficulties or an inability to obtain
permits required in connection with maintaining, or advancing
projects; and labour relations matters. 
This list is not exhaustive of the factors that may affect our
forward-looking information. These and other factors should be
considered carefully and readers should not place undue reliance on
such forward-looking information. Such forward-looking statements are
made as of the date of this press release and the Company assume
s no
obligation to update or revise them to reflect new events or
circumstances, except as required by law. 
ON BEHALF OF THE BOARD 
David Miller, CEO 
Contacts:
Strathmore Minerals Corp.
Craig Christy
Investor Relations
1-800-647-3303
info@strathmoreminerals.com
www.strathmoreminerals.com
 
 
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