"Strathmore believes that Roca Honda is one of the best and highest grade undeveloped uranium deposits in the United States."

"The Roca Honda permit application submission is the culmination of three years of dedicated effort on behalf of Strathmore's permitting team and consultants, with the guidance and support of our partner, Sumitomo Corporation and the local Grants community."

"Roca Honda may be the most comprehensive mine permit document to be prepared in New Mexico since the New Mexico Mining Act of 1993 was enacted.

On October 27, 2009, Strathmore announced that the RHR LLC Joint Venture submitted a mine permit application for the proposed development of its flagship Roca Honda underground uranium project in the Grants Uranium District, New Mexico. This property, which is situated on public lands managed by the US Forest Service and the State of New Mexico, is held by Strathmore and Sumitomo Corporation of Japan, in their jointly owned subsidiary Roca Honda Resources LLC (RHR). Roca Honda represents one of the largest proposed uranium mines in the United States in over thirty years. Development is subject to obtaining the necessary regulatory approvals and a positive production decision.

The five volumes of supporting documents that comprise this application include:

1. Application --Documentation;
2. Sampling and Analysis Plan;
3. Baseline Data Report;
4. Mine Operations Plan; and
5. Reclamation Plan

Project Summary

The following summarizes the extensive work completed to advance the Roca Honda project through the mine permit process.

• March 2004: Roca Honda Property acquired along with the Kerr McGee uranium data base.
• August, 2005: Strathmore opens New Mexico Operations, Environmental, Permitting, and Regulatory Affairs office in Santa Fe.
• October, 2005: Strathmore acquires 640 acre New Mexico State Lease contiguous to Roca Honda.
• April, 2006: NI 43-101 technical report and resource estimate completed.

Roca Honda, New Mexico: NI 43-101 Compliant Resource Estimates

Location	Previous Operator/Source (Date of Resource Estimate)	Resource  Classification	Tonnage	Grade % U 3O 8	lbs/U 30 8
Roca Honda, New Mexico	Kerr McGee (1980) Rio Algom (1995) D. Fitch, 43-101 (2006, 2008, 2010)	NI 43-101 Measured NI 43-101 Indicated NI 43-101 Measured + Indicated NI 43-101 Inferred	1,305,000 2,477,000 3,782,000 4,546,000	0.23 0.23 0.23 0.17	6,035,000 11,477,000 17,512,000 15,832,00

• June, 2006: Strathmore initiates studies for an underground mine and a mill in New Mexico.
• September, 2006: Strathmore begins permitting process at Roca Honda.
• November, 2006: Strathmore purchases land for a potential mill site in Ambrosia Lake District near the Roca Honda project.
• July, 2007: Strathmore completes joint venture agreement with Sumitomo Corporation for the development of the Roca Honda project. RHR and a Joint Management Committee to oversee the project are created.
• April, 2008: Completed a 30% mill design report that presents the preliminary layout and equipment configuration for a 3,500 ton per day throughput capacity expandable to 7,000 tons per day.
• NI-43-101 report updated.
• September, 2008: Positive core assays received from monitor well drilling.
• November, 2008: Sampling and Analysis Plan submitted for regulatory review.
• January, 2009: Water Discharge Plan submitted for regulatory review.
• April, 2009: Roca Honda Water Discharge Permit deemed "administratively complete."
• April, 2009: Sampling and Analysis Plan, which was deemed "administratively complete."
• October, 2009. Mine Permit application submitted to state regulatory authorities and the US Forest Service.
• December 2009: Mine permit application deemed "administratively complete."
• March 2010: Scott Wilson Roscoe Postle Associates Inc. commissioned to prepare Roca Honda feasibility study.
• December 2010: Public information meetings held.
• January 2011: Environmental Impact Statement (EIS) preparation underway.
• August 2011: Detailed Reclamation Plan and submitted it to the New Mexico Mining and Minerals Division.
• September 2011: Mine dewatering permit application submitted to the Office of the New Mexico State Engineer.
• October 2011: Agreement signed between RHR, the United States Forest Service and Mangi Environmental Group for a definitive schedule that commits to completing the EIS by December 2012

An agreement between RHR, the United States Forest Service and Mangi Environmental Group, for a definitive schedule that commits to completing the EIS by December 2012, was recently signed by all three parties. A decision regarding the mine permit is expected shortly thereafter. In addition, RHR is developing the baseline data and is completing the engineering design for its associated mill project. A mill license application to the Nuclear Regulatory Commission ("NRC") is expected to be submitted in mid-2012.