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| | Thu Oct 22, 2009
Strathmore Executes Formal Agreement for Pine Tree-Reno Creek Sale to Bayswater Uranium Corporation
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| | STRATHMORE MINERALS CORP. ("Strathmore") is pleased to announce that further to the binding Letter of Intent (LOI Agreement) with NCA Nuclear Inc. (NCA), a wholly owned subsidiary of Bayswater Uranium Corporation, for the sale of the properties known as "Pine-Tree Reno Creek" for US $30,000,000 in cash, a formal agreement pursuant to the original terms outlined in the LOI Agreement has now been signed and SEDAR filed.
The execution of this formal agreement follows Bayswater's October 5th announcement that it had received a positive NI 43-101 compliant Pre-Feasibility Study (PFS) prepared by TREC Inc. on the technical and economic feasibility of the Pine-Tree-Reno Creek Uranium Project (see also Strathmore press release dated October 6, 2009). The highly positive PFS has allowed Bayswater to complete this formal agreement and more aggressively pursue its fund raising efforts. Bayswater has 120 days from the August 24th date of the LOI Agreement to close this transaction.
STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of advanced uranium properties in the United States. Headquartered in Kelowna, British Columbia, the Company also has U.S. based Development Offices in Riverton, Wyoming and Santa Fe, New Mexico. The common shares of the Company are listed on the TSX Venture Exchange under the symbol "STM".
Cautionary Note Regarding Forward-Looking Information
This news 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 exploration and development lands, outlook and business strategy. 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, the project; 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. Strathmore Minerals Corp. disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
"David Miller"
David Miller, CEO
For Investor Relations:
Craig Christy
1-800-647-3303
cchristy@strathmoreminerals.com
www.strathmoreminerals.com |
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