KELOWNA, BRITISH COLUMBIA--(Marketwire -05/11/12)- STRATHMORE MINERALS CORP. ("Strathmore" or "the Company") (STM.TO)(STHJF.PK) is pleased to announce that it has completed the acquisition of all the issued and outstanding shares of privately held Saratoga Gold Company Ltd. ("Saratoga"). The acquisition was structured as a court approved Plan of Arrangement ("the Arrangement"). Pursuant to the Arrangement, 18,255,003 common shares of Strathmore were issued to the Saratoga shareholders on the basis of 1.25 Strathmore shares for each share of Saratoga.
With the completion of the Arrangement, Strathmore has acquired:
-- 100% ownership of the "Copper King" Au-Cu property, which comprises two
State of Wyoming leases totalling 1,120 contiguous acres, located in the
Silver Crown Mining District in Wyoming. (See press release dated March
19, 2012 for a detailed summary of the Copper King project)
-- 100% ownership of 52 lode mining claims in the State of Montana near
Tintina Resources' Black Butte copper-cobalt-silver project (formerly
known as Sheep Creek).
Strathmore has contracted Mine Development Associates ("MDA") of Reno Nevada to prepare a NI 43-101 technical report and resource estimate that will include drilling results from Saratoga's programs completed in 2007-08, in addition to data acquired after MDA completed its initial report for Saratoga in 2007. On completion of the NI 43-101 technical report, which is expected later this summer, Strathmore will review the results and MDA's recommendations, prior to finalizing a budget and work program for the Copper King project.
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. STRATHMORE MINERALS CORP. 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 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 intention to prepare a NI 43-101 compliant technical report for the Copper King Property, and the exploration potential of Saratoga's properties. 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 outcome of the exploration and development programs; the historical resource estimates; 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. 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