Paladin’s Fission Uranium takeover delayed by Canada security review
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KELOWNA, BRITISH COLUMBIA–(Marketwire – Dec. 3, 2012) – Strathmore Minerals Corp. (“Strathmore” or the “Company”) (TSX:STM)(OTCQX:STHJF) announces that it has received notice of termination of the Juniper Ridge Purchase and Sale agreement (“the Agreement”) from Crosshair Energy Corporation (“Crosshair”). Crosshair has advised the Company that due to the continued deterioration in existing market conditions, it is not able to comply with the terms of the Agreement. Strathmore retains its 100% interest in this property, which is located in south-central Wyoming. The Juniper Ridge Project is geographically within shipping distance of Strathmore’s proposed Gas Hills uranium processing facility, for which the Company is completing the final work necessary for a Nuclear Regulatory Commission application submittal.
Since 2011, Crosshair has spent considerable time, effort, and funds to advance the Juniper Ridge project. According to several press releases posted to its website, between January 12, 2011 and October 4, 2012, Crosshair has completed approximately 549 drill holes in two drill programs, reported positive drill results and identified a new uranium trend from exploration drilling, completed a National Instrument 43-101 technical report and compliant resource estimate (Indicated mineral resource estimate totalling 5.2 million pounds of uranium oxide: 4.14 million tons at 0.063% eU3O8, using a grade-thickness (GT) cut-off of 0.1%-ft.), completed preliminary baseline work including a radiometric soil survey on approximately 40% of the unexplored part of the property, undertaken an independent Class III Cultural survey, and completed metallurgical testing with indicated uranium recovery rates of up to 94%.
Strathmore will comment further on the status of this project once its technical team has had an opportunity to review the work completed to date by Crosshair.
STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of mineral properties in the United States. Headquartered in Vancouver, British Columbia with a branch administrative office in Kelowna, the Company also has U.S. based Development Offices in Riverton, Wyoming and Santa Fe, New Mexico. Common Shares are listed on the TSX under the symbol “STM” and trade on the OTCQX International electronic trading system in the United States under the symbol “STHJF”.
This press 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 work completed by Crosshair Energy Corporation on the Company’s Juniper Ridge property. 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 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. Such forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
ON BEHALF OF THE BOARD:
David Miller, CEO
1-800-647-3303
