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| | Mon Feb 27, 2006
Strathmore Acquires 900,000 Acres In Southwestern Alberta: Uranium Exploration Land Holdings Among The Largest In North America
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| | Strathmore Minerals Corp is pleased to announce that it has acquired approximately 900,000 acres (364,218 ha) of uranium mineral properties near Fort McLeod, Alberta. This acquisition brings the Company's land holdings in Canada to approximately 4,000,000 acres (approximately 1.6 million ha), which is among the largest uranium exploration land packages in North America. Strathmore now has land holdings with an active presence in Saskatchewan's Athabasca basin, Alberta, Quebec, Wyoming, South Dakota, and New Mexico, in addition to international holdings in Peru.
The part of the western sedimentary basin covering southwestern Alberta is host to a number of uranium occurrences and showings, primarily hosted within the sandstones of the Tertiary Willow Creek formation. Other prospective Upper Cretaceous to Tertiary sandstones found within the region include the Brazeau, Porcupine Hills and Paskapoo formations.
Historical exploration during the 1980's identified a number of sandstone hosted roll-front uranium occurrences within the region. Grab samples from a roll-front uranium occurrence, exposed along the Waterton River near Fort McLeod, returned up to 2,000 ppm or .2% U308. Exploration in other parts of the region reportedly returned a number of grab samples in excess of .5% U308.
Within the Company's Fort McLeod property, at least two distinct trends of anomalous radioactivity were identified from gamma ray logs from oil and gas wells. Most of the anomalous intervals were found in the Willow Creek or Paskapoo formations.
Given the size of the Fort McLeod property and known uranium mineralization, the Company is optimistic that its extensive land holdings within the region are potentially host to a number of sandstone, roll-front style uranium occurrences. This type of uranium deposit is typically irregular in shape and can vary from thin pods to mineralized bodies that can be thousands of meters in length. The geology is analogous to the Wyoming sandstone occurrences. Wyoming is the second largest uranium producing state in the United States, and home to two operating ISL uranium mines.
Strathmore holds a number of similar sandstone hosted uranium properties and deposits in the western United States. Some of these deposits are amenable to ISL extraction techniques.
Strathmore's technical team has extensive experience in the exploration and development of sandstone uranium deposits that are amenable to ISL extraction techniques.
To acquire the Fort McLeod property, the Company will issue 200,000 shares over a two year period and cover all costs associated with the acquisition of the project.
Separately, the Company announces that the letter of intent signed with North American Gem Inc. on August 18, 2005 did not proceed.
STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties. STRATHMORE MINERALS CORP Common Shares are listed on the TSX Venture Exchange under the symbol "STM"
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
ON BEHALF OF THE BOARD
"David Miller"
David Miller, President and COO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. |
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