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Strathmore Announces NI 43-101 Compliant Resource Estimate of 24,400,000 lbs U3O8 at its Dieter Lake Quebec Property
KELOWNA, BRITISH COLUMBIA--(CCNMatthews - Nov. 29, 2006) - Strathmore Minerals Corp. (the "Company") (TSX VENTURE:STM) has completed an independent National Instrument 43-101 compliant resource calculation for its Dieter Lake Uranium Property located in north-central Quebec. The NI43-101 Report provides an estimated inferred resource of 24.4 Million lbs U3O8 at an average grade of 1.14 lbs/ton (0.057%) U3O8. The report was prepared by Clinton Davis, P.Geol. and Michael Guo, P.Geol., who are qualified persons under National Instrument Policy 43-101. This new resource estimate provides an update to the previously completed independent National Instrument 43-101 technical report for Dieter Lake which was prepared by James McCrea, P.Geol., and filed on May 6, 2005.
The Dieter Lake Uranium Property consists of 496 mineral tenures covering approximately 23,836 hectares (58,900 acres) located about 150 km north of Hydro-Quebec Reservoir LG-4, in north-central Quebec. Uranerz Exploration and Mining (Uranerz) conducted significant exploration in the late 1970's and early 1980's. Extensive mapping and sampling programs were completed, involving the collection of rock, soil, lake water, and lake sediment samples. Airborne and ground geophysical programs followed, in addition to diamond drilling, which included 145 drill holes.
In 1981, Uranerz identified a Global In-situ Resource of 21.3 million lbs U3O8. with an average grade of 0.98 lbs/ton (0.049%) U3O8. This historical resource, which was previously reported on August 2, 2005, has been reviewed and upgraded to the current resource estimate disclosed in this news release.
Based on available drill hole information, the NI 43-101 technical report by Davis and Guo estimates an inferred mineral resource of 24,424,306 pounds U3O8 contained within 21,424,829 tons at an average grade of 1.14 lbs/ton (0.057%) U3O8. Further details outlining the quantity and cut-off grades for each mineral resource category are summarized in the following table: