Stage: Permitting

The Roca Honda Property was acquired in 2004, along with the Kerr McGee uranium data base. Kerr McGee completed over 800,000 feet of exploratory and development drilling, and planned to develop a mine, but abandoned the project in the 1980's, when the price of uranium collapsed.

Based on available drill hole information, Strathmore completed a NI 43-101 resource calculation which estimated a Measured and Indicated mineral resource of 17,512,000 lbs. U3O8 contained within 3,782,000 tons at an average grade of .23% U3O8. An additional 15,832,000 lbs. at an average grade of .17% U3O8 are estimated as an Inferred mineral resource (The Roca Honda NI 43-101 reports can be viewed in their entirety on SEDAR or the Company's website: See Projects: Technical Reports section).

Strathmore believes that Roca Honda may be one of the best undeveloped uranium deposits in the United States. The New Mexico Operations office was opened in Santa Fe in 2005 and permitting activities for Roca Honda began in 2006. The project attracted Sumitomo Corporation of Japan and a joint venture agreement was signed in July, 2007. An ongoing permitting effort and feasibility study is underway. Should the Joint Venture elect to proceed with the development of this project, Sumitomo will make a pre-determined additional lump sum contribution to the Joint Venture to help fund the mine development costs.

The Strathmore/Sumitomo Joint Venture will continue comprehensive permitting activities in 2009. (See news release dated January 29, 2009 for a detailed update)