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Abstract
(Marketwire - Aug. 5, 2011) - STRATHMORE MINERALS CORP. ("Strathmore", "the Company", "STM", or "STR") (TSX:STM)(OTCQX:STHJF) is pleased to announce that it has entered into a binding "Heads of Agreement" ("HOA") with Korea Electric Power Corporation ("KEPCO"), whereby KEPCO shall subscribe for a US $8 million placement in common shares of Strathmore, in addition to a US $2 million "project development allowance", with the proceeds to be used for a first year Phase I exploration and development of the Gas Hills Beaver Rim Area, located south of the Company's Main Gas Hills deposits, and for completing a pre-feasibility study for all the Gas Hills Uranium Properties. Subject to achieving successful results from the completion of Phase I, KEPCO, at its sole discretion, may enter into a Phase II program, allowing them to earn-in up to a 40% interest in the Gas Hills Properties, for an additional $35 million in expenditures over the subsequent three years.
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.