CIM Cagim Real Estate Corp

Strathmore Minerals Corp. (TSX:STM)(OTCQX:STHJF) ("Strathmore" or the "Company")
announced today that it has retracted the resource estimate and the results of
the Scoping Study published in its report entitled "Scoping Study of the
Strathmore Resources (US) Ltd. Church Rock Deposit, McKinley County, New Mexico
USA," dated April 4, 2011 and has retracted the resource estimate in its report
entitled "Technical Report on the Strathmore Church Rock Uranium Property,
McKinley County, New Mexico," dated December 20, 2005 for its Church Rock, New
Mexico Property, and that the public should no longer rely on the mineral
resource estimate or Scoping Study. The Company's decision to retract the
mineral resource estimate and Scoping Study was made after discussions with the
British Columbia Security Commission ("BCSC") in response to the issues raised
by the BCSC's review. Because Strathmore considers Church Rock to be a non-core
property, the Company is not planning to complete any further work or prepare
new or amended independent supporting technical reports. The Company is
considering future disposition plans for the Church Rock property along with its
other non-core properties. 


The independent qualified persons who authored the Church Rock technical reports
included a mineral resource estimate based upon a historical database compiled
by Kerr-McGee Nuclear Corporation ("Kerr-McGee"). However, the BCSC raised
concerns that the authors' reliance on the historical data did not include
sufficient verification to support a current mineral resource. The authors were
not able to adequately verify the historical data through chemical assays or
other means. Therefore, the mineral resource estimate for the Church Rock
property is not a compliant current mineral resource, and as such, the mineral
resource estimate and the results of the Scoping Study, as stated in these
technical reports, have been retracted.


Scientific and technical information contained in the two Church Rock technical
reports was based on data collected by Kerr-McGee, which was the largest uranium
producing company in the United States for several decades from the 1960s
through to the 1990s. A total of 165 drill holes totalling 306,000 feet drilled
were completed on the Church Rock property from the late 1960s to 1991 (data
from drill summary sheets). Most of the 165 drill holes were subsequently
identified and marked by Strathmore during field inspections. Kerr-McGee logged
the completed drill holes with a gamma-ray, self potential, and resistivity
probe by either a contract logging company or by a Kerr-McGee company-owned
logging truck. Typical operating practice in the Church Rock district was to
rely on calibrated gamma log interpretation of mineralized intercepts in
drilling up to and including resource estimates. No chemical analyses or core
holes were reported within the Church Rock project data, although Freeman (1987)
noted Kerr-McGee did run ISR lab tests on core samples. At that time, the
practice of core sampling for chemical assay was most often carried out for
metallurgical confirmation or to address disequilibrium issues, not for
verifying the resource estimate as is required under the Canadian Institute of
Mining ("CIM") Estimation of Minerals Resources and Mineral Reserves Best
Practice Guidelines. 


An historical Measured and Indicated mineral resource estimate reported by
Kerr-McGee in 1979 totalled 10.9 million pounds U3O8 based on 6,050,000 tons at
an average grade of 0.09% U3O8. Kerr McGee's Measured and Indicated mineral
resource categories are most likely comparable to CIM Measured and Indicated
mineral resource categories. In 1995, Rio Algom LLC, the successor company to
Kerr-McGee, prepared a resource estimate utilizing Kerr-McGee's methodology, but
using a higher cut-off grade of 5 feet of 0.10%. An historical Measured resource
estimate totalling 5,426,000 lbs U3O8 based on 2,532,000 tons at an average
grade of 0.11% U3O8, an Indicated resource estimate totalling 76,000 lbs U3O8
based on 34,000 tons at an average grade of 0.11% U3O8, and a total Measured &
Indicated Resource estimate of 5,502,000 lbs U3O8 based on 2,564,000 tons at a
grade of 0.11% U3O8 was provided. Strathmore cautions readers that the Company
is not treating either of these two historical resource estimates as current
mineral resources as a qualified person has not completed sufficient work to
verify and classify these historic estimates as a current mineral resources. 




Table 1- Kerr-McGee Historical Resource Estimate:                           
Cutoff of 6 ft of 0.05% (GT of 0.30) (Faulk 1979)                           
                                                                            
Category                                  Tons    Grade %U3O8    Pounds U3O8
----------------------------------------------------------------------------
Total Measured & Indicated           6,050,000           0.09     10,900,000
                                                                            
Table 2- Rio Algom LLC Historical Resource Estimate:                        
Cutoff of 5 ft of 0.10% (GT of 0.50) ( Smouse 1995)                         
                                                                            
Category                                  Tons    Grade %U3O8    Pounds U3O8
----------------------------------------------------------------------------
Measured                             2,532,000           0.11      5,426,000
Indicated                               34,000           0.11         76,000
Total Measured & Indicated           2,564,000           0.11      5,502,000



The Kerr-McGee and Rio Algom LLC historical Measured and Indicated resource
estimates stated herein were completed prior to the implementation of the
National Instrument 43-101. Given the extensive mineral production in the Church
Rock and Crownpoint areas (approximately 16 million pounds) and the experienced
companies and the quality of their historical work completed, the Company
believes these historical resource estimates to be relevant and reliable.
However, a qualified person has not completed sufficient work to verify and
classify these historical resource estimates as current mineral resources, and
the Company is not treating the historical resource estimates as current mineral
resources. Additional work including confirmation drilling, sampling and
chemical assay verification, and other technical support work as deemed
necessary, is required in order to verify the historical estimates as a current
mineral resource.


Investors should not rely on the resource estimate or economic information
regarding the Church Rock property contained in (i) the "Technical Report on
Strathmore Church Rock Uranium Property, McKinley County, New Mexico dated
December 20, 2005 prepared by David C. Fitch, C.P.G; (ii) the "Scoping Study of
the Strathmore Resources (US) Ltd. Church Rock Deposit McKinley County, New
Mexico USA," dated April 4, 2011 prepared by Behre Dolbear & Company (USA),
Inc.; or (iii) any other documents previously filed by the Company relating to
the Church Rock property which reference the retracted resource estimate or
Scoping Study. 


Status of New Gas Hills Technical Report

The Company advises that the new independent NI 43-101 technical report for the
Company's Gas Hills Properties is forthcoming. The new report is now expected to
be finalized and submitted to the BCSC by mid-June 2012. The report is being
completed by Chlumsky, Armbrust & Meyer LLC (CAM), an international mineral
resources and engineering consulting firm based in Lakewood, Colorado. 


As noted in the Company's August 19, 2011, December 6, 2011, January 6, 2012 and
April 13, 2012 press releases, investors should not rely on the previously filed
technical reports for Gas Hills and should not rely on the mineral resource
estimates for Gas Hills disclosed in the Company's press releases dated July 21,
2011 or August 5, 2011. 


The technical information in this news release has been reviewed by David
Miller, Chief Executive Officer for Strathmore Minerals Corp., a Qualified
Person under National Instrument 43-101. 


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 statements, including statements
regarding the timing of the new technical report for the Gas Hills project, the
resolution of the issues raised in the BCSC's limited technical disclosure
review and the plans for the Church Rock property. 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. Such forward-looking statements are made as of
the date of this press release and the Company assumes no obligation to update
or revise them to reflect new events or circumstances, except as required by
law.


ON BEHALF OF THE BOARD

David Miller, CEO

Cagim Real Estate Corp (TSXV:CIM)
Historical Stock Chart
From Jun 2024 to Jul 2024

Cagim Real Estate Corp (TSXV:CIM)
Historical Stock Chart
From Jul 2023 to Jul 2024