Strathmore Submits Roca Honda, New Mexico Uranium Mine Permit
Application
Press Release
Source: Strathmore Minerals Corp.
On 9:30 am EDT, Tuesday October 27, 2009
http://finance.yahoo.com/news/Strathmore-Submits-Roca-Honda-iw-2946824352.html?x=0&.v=1
KELOWNA, BRITISH COLUMBIA--(Marketwire - 10/27/09) - STRATHMORE MINERALS CORP. ("Strathmore" or the "Company") (TSX-V:STM - News) is pleased to announce that it has submitted a mine permit application for the proposed development of its flagship Roca Honda underground uranium project in the Grants Mineral 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).
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. The application was submitted to the New Mexico Energy, Minerals and Natural Resources Department (Mines and Minerals Division) and the US Forest Service (Cibola National Forest) on October 23rd, 2009.
John DeJoia, Senior Vice-President New Mexico Operations commented, "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 represents the largest proposed uranium mine in the United States in over thirty years. I am pleased to report Strathmore has been consistent in its timelines for this project, in addition to submitting this permit application under-budget."
Juan Velasquez, Vice-President of Government, Regulatory & Environmental Affairs added, "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. Strathmore has taken great care in addressing environmental issues, public health, and safety concerns in its permit application submission. The Roca Honda Sampling and Analysis Plan and Water Discharge Plan, submitted earlier, have been deemed "administratively complete" by the regulatory agencies and are undergoing technical review. The team has continued to work closely with state and federal regulatory authorities and remains confident that environmental, public health, and safety concerns meet or exceed regulatory requirements. On behalf of our Strathmore team I would like to extend my sincere appreciation to the citizens of Grants and surrounding communities in Cibola and McKinley Counties for the assistance and support they have provided."
The Roca Honda mine permit application submission represents a major milestone in Strathmore's short corporate history. The Company's permitting team is now preparing for the technical review process in the months ahead. In addition, Strathmore is reviewing proposals for the preparation of a bankable feasibility study to begin in early 2010.
Roca Honda: Project Summary
The Roca Honda Property was acquired in 2004, along with the Kerr McGee uranium data base. On March 31, 2006, Strathmore completed an independent 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 0.23% U3O8. An additional 15,832,000 lbs. contained within 4,546,000 tons at an average grade of 0.17% U3O8 are estimated as an Inferred mineral resource. The NI 43-101 report was subsequently updated on May 14, 2008. Both reports can be viewed in their entirety on SEDAR or the Company's website at www.strathmoreminerals.com/s/TechReports.asp.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed by David Miller, CEO for Strathmore Minerals Corp., a qualified person under NI 43-101 guidelines. It should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability as defined by NI 43-101 guidelines.
The following summarizes the extensive work completed to advance the Roca Honda project to the permit application submission stage.
- 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.
- 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.
- 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.
David Miller, Strathmore's CEO summarized, "The Company believes that Roca Honda is one of the best and highest grade undeveloped uranium deposits in the United States. Strathmore is excited to participate in the revitalization of the largest uranium district in the world in the 20th Century: the Grants Uranium Belt. The proposed Roca Honda mine will provide many high paying jobs in the region, and a new source of tax revenues for New Mexico. In this new era, Grants will supply the United States and the world with carbon free electricity for generations to come. With the broader national issues of energy self sufficiency, alternative energy, and climate change making daily headlines, it is significant to point out that the proposed Roca Honda development represents a needed progression toward energy self-sufficiency, while contributing to a future reduction in green house gas emissions. Strathmore's employees and consultants, in co-operation with the New Mexico Government, citizens of Grants, the state regulatory agencies, and the US Forest Service are to be commended for their combined efforts in advancing the Roca Honda project to this stage. Since 2006, when permitting began, Strathmore has remained committed to the orderly and environmentally sound development of the Roca Honda project. This permit application submission marks a major step toward achieving our overall corporate goal of becoming a leading uranium producer in the United States."
STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in the strategic acquisition and development of advanced uranium projects 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. STRATHMORE MINERALS CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "STM".
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 plans, 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 Gas Hills projects; 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, CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:Strathmore Minerals Corp.Craig ChristyInvestor Relations1-800-647-3303info@strathmoreminerals.comwww.strathmoreminerals.com
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