Pink Sheets

March 31, 2005

cash increased from C$9 million to C$23 million (net C$15.4 million cash from stock issue)
mineral properties increased from C$2.7 million to C$3.9 million.
accounts payable increased from C$63K to C$248K.

Stock based compensation increased to C$195K from C$150K.
Trade shows and conferences increased from C$6K to C$56K.
Office and misc increased to C$115K from C$23K.
Regulatory fees increased.
Travel and promotion dropped more than half.

Big jump in future income taxes (C$356K).
Accounts payable increased by C$183K.
Deferred exploration costs increased by C$597K.

Changes in mineral property rights:
Athabasca property: +$203K (the additional 100K shares were apparently issued)
Chord: no change (now the Company is required to pay 50K shares or US$10K per year till 2009)
Comstock: +C$166K (100K shares were issued in Q1, 100K more to go in 2005)
Dieter Lake: +C$406K (200K shares issued in Q1, another 100K to go in 2005)
Duddridge Lake: no change
New Mexico: no change
staked properties, Canada: no change
staked properties, Peru: no change
Wyoming: +C$413 (more properties bought, now an addition 775K shares to be issued over 2 years)
pre-acquisition costs: down by C$24K

49.2 million shares end of Q1.

In Feb 2005, 10,000,000 shares were issued in private placement at C$1.50 per unit (1 share 0.5 warrants at C$1.75 till Feb 2006 thereafter at $2.00 till 2007). Also, options on 1 million shares with the same terms as the warrants above.

2.3 million options and warrants exercised in Q1. 17.4 million remaining.

C$50K related party payments (Randhawa, Khan, Hemmerling). An officer bought 8K shares for C$12K.

C$1 million gained by selling off flow-through shares, apparently selling off the NOL.

1.2 million options and warrants were exercised between March 31 and May 31. [that's all?]

During the first quarter of 2005, uranium prices continued their uptrend [to $29] and the company continued to acquire additional properties in Saskatchewan, Alberta, New Mexico and Wyoming. Investment markets were very favorable towards funding uranium companies and Strathmore took advantage of the opportunity by completing a larger private placement financing and raised a total of $15,000,000. These funds are primarily for general working capital, the acquisition of additional uranium properties and the exploration and development of the Company's uranium properties. The Company is planning to commence a number of work programs this summer to advance both the exploration and development of targeted properties.

C$1.2 million in property acquisition costs in Q1. Expect C$2.2 million in exploration and development costs in 2005, mostly in Canada (C$1.7 million vs C$500 million in US). C$597 spent in Q1.

G&A increased from C$177K to C$455K cash due to activity to take advantage of high uranium prices. This will continue to increase.