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Strathmore to Sell Juniper Ridge, Wyoming, Uranium Development Project to Crosshair Exploration

KELOWNA, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2010) - Strathmore Minerals Corp. (TSX VENTURE:STM - News; "Strathmore" or "the Company") is pleased to announce that its wholly owned subsidiary Strathmore Resources (US) Ltd. has entered into a Purchase and Sale Agreement ("the Agreement") with Crosshair Exploration & Mining Corp ("Crosshair") for the sale of its property known as "Juniper Ridge", located in south-central Wyoming.The Juniper Ridge Property, also known as Red Creek, comprises 197 claims and one state minerals lease totaling 4,710 acres (1,906 Ha). It has historical resource estimates (not NI 43-101 compliant) of 5,971,000 tons grading 0.063% U308 for a total of 7,359,000 lbs (Urangesellschaft 1978) and 5.2 million tons grading 0.067% U3O8 for a total 6.97 million pounds (AGIP Mining Company 1986) The deposit was originally discovered by Urangesellschaft U.S.A., Inc. in the late 1970s.Crosshair will acquire a 100% interest in the Juniper Ridge Property. The purchase will be staged and include payments in cash and common shares of Crosshair. The terms of the transaction as specified in the Agreement are summarized as follows:




-- Crosshair has paid Strathmore a US $25,000 non-refundable deposit.
Crosshair shall pay Strathmore an additional US $175,000, due within two
days of receipt of the Toronto Stock Exchange and TSX Venture Exchange
approval of the Agreement, which is expected on or before November 15,
2010.
-- On the first anniversary of the Agreement, Crosshair shall pay
Strathmore US $500,000: 50% to be paid in cash and 50% in common shares
of Crosshair.
-- On the Second Anniversary of the Agreement, Crosshair shall pay
Strathmore US $0.50 per pound of measured, indicated and inferred
uranium resources, as determined by a National Instrument 43-101
technical report ("Technical Report"), to be prepared by Crosshair. If
Crosshair has not prepared a Technical Report by the second anniversary,
the uranium resources on the Juniper Ridge Property will be set at five
million pounds. Should Crosshair prepare a Technical Report subsequent
to the Second Anniversary of the Agreement, Crosshair shall make a
payment of US $0.50 per pound, for each additional pound in excess of
five million pounds; 50% of these payments to be paid in cash and 50% in
common shares of Crosshair.
-- On the Third Anniversary of the Agreement, Crosshair shall pay
Strathmore US $0.50 per pound of measured, indicated and inferred
uranium resources, as determined by a Technical Report, to be prepared
by Crosshair. If Crosshair has not prepared a Technical Report by the
third anniversary, the uranium resources on the Juniper Ridge Property
will be set at five million pounds. Should Crosshair prepare a Technical
Report subsequent to the Third Anniversary of the Agreement, Crosshair
shall make a payment of US $0.50 per pound, for each additional pound in
excess of five million pounds; 50% of these payments to be paid in cash
and 50% in common shares of Crosshair.
-- Upon receipt of all permits required for production, Crosshair shall pay
Strathmore US $0.30 per pound of proven and probable uranium reserves as
determined by a pre-feasibility or feasibility study. If Crosshair has
not prepared a prefeasibility or feasibility study, the uranium reserves
on the Juniper Ridge Property will be set at five million pounds. If
permits have not been received by the sixth anniversary of the
Agreement, Crosshair shall be required to make this payment as of that
date. Payment will be made in cash and/or common shares of Crosshair, as
elected by Strathmore.
-- Strathmore shall retain a 2% Gross Revenue Royalty on the property.
Crosshair shall have the option to repurchase this royalty at any time
during the first three years after commercial production commences for
US $1.5 million for each 1% of the Gross Revenue Royalty.
-- Should Crosshair fail to make any of the scheduled payments, Strathmore
shall be entitled to keep all payments made by Crosshair, and title to
100% of the property.

The Purchase and Sale Agreement completed and executed by Strathmore and Crosshair is subject to regulatory approval, including approval of the Toronto Stock Exchange and TSX Venture Exchange.Further updates will be provided when available.STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of advanced uranium properties in the United States. Headquartered in Vancouver, British Columbia with a branch administrative office in Kelowna, the Company also has a U.S. based Development Office in Riverton, Wyoming and a Government, Regulatory & Environmental Affairs Office in Santa Fe, New Mexico. STRATHMORE MINERALS CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "STM".The Juniper Ridge historical resource estimates were completed prior to the implementation of NI 43-101 policy. Given the quality of the historical work completed, the Company believes the data and historical estimates to be both relevant and reliable. However, a Qualified Person has not completed sufficient work to classify the historic mineral resources as current mineral resources, and the Company is not treating the historic resources as current. Hence, they should not be relied upon. It should be noted that mineral resources which are not mineral reserves, do not have demonstrated economic viability. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by David Miller, Chief Executive Officer for Strathmore Minerals Corp., a Qualified Person under National Instrument 43-101.This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.ON BEHALF OF THE BOARDDavid Miller, CEONeither 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.