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| | Wed Mar 15, 2006
Strathmore to Commence 3,000 Metre Drill Program at its Waterbury Lake Uranium Project
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| | STRATHMORE MINERALS CORP is pleased to announce that it has commenced a winter exploration program at its 100% owned Waterbury Lake Project located within the eastern part of Saskatchewan's Athabasca Basin. The Waterbury Lake Property comprises approximately 40,468 hectares (100,000 acres) and covers lands to the north, east and west of the Cogema/Denison Midwest Uranium Deposit. Denison Mines Inc. recently provided an updated reserve estimate for the Midwest Deposit which now contains approximately 41.7 million pounds U3O8 (see news for Denison dated May 12, 2005). A number of additional significant uranium occurrences are in close proximity to the property, including the Cigar Lake Deposit, the Natona Bay Deposit, and the La Roque and Waterfound River uranium occurrences.
Last summer the Company completed a MegaTEM geophysical survey at the Waterbury Lake property which identified two significant conductors; one near Midwest Lake and one near Murphy Lake. Both of these conductors are high-priority exploration drill targets that will be tested during this program.
Cogema/Denison's Midwest Lake property exhibits a strong northeast-trending conductor that extends from the Midwest Uranium Deposit onto Strathmore's Waterbury Lake Property for approximately 2-2.5 km. Historic drilling by Cameco and other operators has failed to intersect the conductive lithology in the basement rocks. With the aid of the MegaTEM airborne geophysical survey and the follow-up ground UTEM, the 2006 drilling will attempt to intersect the conductive basement lithology located approximately 200 meters below the surface. Near Murphy Lake, within the northwest part of the Waterbury Lake Property, another strong conductor was identified. In the mid 1990's Cogema completed 5 drill holes along parts of this conductor, which exceeds several kilometers in length. The 2006 drill program will attempt to fill in the large gap between historic drill holes with previously identified uranium mineralization.
Strathmore's 2006 winter exploration program at Waterbury Lake will include additional ground geophysics to be followed by a 3,000 m drill program. The program is expected to be completed in 4- 6 weeks.
This news was prepared on behalf of the company by Jody Dahrouge, P.Geol, of Dahrouge Geological Consulting Ltd., Edmonton, Alta. Mr. Dahrouge is the qualified person responsible for the exploration of Waterbury Lake.
STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties. Headquartered in Kelowna, British Columbia, 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 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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