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02-03-2012
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The Juniper Ridge Property comprises 201 claims and one state mineral lease for a total 4,710 acres. In 1986 AGIP completed a historical resource estimate totalling 5.2 million tons grading 0.07% U308 for 6.97 million pounds (Not NI 43-101 compliant).
In November 2010, Strathmore entered into an agreement for the phased sale of the Juniper Ridge property to Crosshair Exploration and Mining Corp. now known as Crosshair Energy Corp. Details of this transaction can be reviewed in the Company's press release dated November 1, 2010. In November 2011, Strathmore received a US $500,000 milestone payment comprised of US $250,000 in cash and 522,513 common shares of Crosshair The Crosshair common shares are subject to a four month hold period. Strathmore intends to hold these securities for investment purposes only, and may increase or decrease its holdings, in the open market, by privately negotiated agreement, or otherwise, depending on market and other conditions. Prior to this transaction, Strathmore owned or controlled no common shares of Crosshair.
Juniper Ridge, Wyoming: Historical Resource Estimate (Not NI 43-101 Compliant)
Location |
Previous Operator/Source
(Date of Resource Estimate) |
Resource
Classification |
Tonnage |
Grade % U3O 8 |
lbs/U 30 8 |
Juniper Ridge, WY |
AGIP Mining (1986) |
Historical* |
5,200,000 |
0.07 |
6,970,000* |
*The foregoing historical resource estimates presented in the table above were completed prior to the implementation of the NI 43- 101 requirements. Given the quality of the historic work completed on the Juniper Ridge property in Wyoming, the Company believes the resource estimates to be both relevant and reliable. However, a qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resource, and the Company is not treating the historic resources as current. Hence, they should not be relied upon. It should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability. The technical information in the above table 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., PG 363 Wyoming and Society for Mining, Metallurgy & Exploration Registered Member 2205106RM, a Qualified Person under National Instrument 43-101.
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