News,,,STRATHMORE MINERALS CORP. (TSX VENTURE:STM) is pleased to announce it has negotiated a non-brokered private placement with SIDEX for 114,286 units at $1.75 per unit. Each unit will consist of one common share and one half common share purchase warrant exercisable at $2.00 for two years after the closing. The Company will pay to SIDEX 3% of the offering as reimbursement for its expenses.
SIDEX, the Diversification of Exploration Investment Partnership, was established by the Government of Quebec and the Solidarity Fund QFL. The mission of SIDEX is to invest in companies engaged in mineral exploration in Quebec in order to diversify Quebec's mineral base and open new territories to exploration and investment. SIDEX benefits from an investment budget of $50 million.
Proceeds from the private placement will be used to fund the ongoing exploration at the Dieter Lake Property, which currently encompasses approximately 52,000 acres located in north-central Quebec. Several historical resource estimates have been completed for the Dieter Lake Property. They range from a global in situ resource estimate of about 20 million pounds U3O8 to a possible resource of 110 million pounds U3O8. The foregoing estimates were based on several years of exploration, including approximately 145 drill holes totalling 21,597 metres, by joint venture partners Uranerz Exploration & Mining Ltd. and La Societe de Developpment de la Baie James (S.D.B.J.). As the foregoing resource estimates were completed prior to the implementation of NI 43-101, they should not be relied upon. However, they do provide a historical context and a framework for the continued exploration of the property.
During June, the company mobilized field crews to the property. Ground exploration will include re-logging of old drill core. In addition the company will conduct property wide mapping, sampling and ground geophysical surveys. The company has also retained Fugro Airborne Surveys to conduct a GEOTEM 1000 Electromagnetic Survey over the property. The survey will get underway shortly, and will consist of approximately 1,100 line-kilometers. This is the first survey of its kind to be conducted at the Dieter Lake Property and should provide a number of additional exploration targets.
The foregoing press release was reviewed on behalf of the company by Jody Dahrouge, PGeol., of Dahrouge Geological Consulting Ltd., Edmonton, Alta. The qualified person responsible for the field exploration of the Dieter Lake Property is Clinton Davis, P.Geo., also of Dahrouge Geological Consulting Ltd., Edmonton, Alta. Also, the company wishes to reiterate that some of the foregoing resource estimates were quoted from third party publications, and not all the original reports are currently available for consultation; hence the historical resource estimates should not be relied upon or considered a defined resource according to NI 43-101.
The private placement is subject to regulatory and TSX Venture Exchange approvals.
STRATHMORE MINERALS CORP. is a Canadian based company specializing in the strategic acquisition of low cost mineral properties. STRATHMORE MINERALS CORP. Common Shares are listed on the TSX Venture Exchange under the symbol "STM".