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Tuesday, April 04, 2006

Strathmore Minerals (STHJF, STM.V) finds more Roca Honda uranium

...and that uranium just keeps getting more and more valuable. The spot price increased another 50 cents this week to $41.00. And in the uranium news at that link:
Florida Power and Light might build another reactor.
Nuclear power is significantly less expensive than coal in most countries.
Tony Blair is pushing for nuclear power.

But here's the Strathmore press release.
The Roca Honda property has gone through the NI 43-101 compliant resource estimate (most of the properties owned by Strathmore had work done, but before the stringent NI 43-101 standard was in place) increases the old estimate of 11.48 million pounds of U3O8 to 17.5 million pounds. This is a resource estimate. There's also an additional 15.8 million pounds of U3O8 classified as an inferred mineral resource (a less confident category). The increase was due in part because additional adjacent property owned by Strathmore was included in the calculation.

This was a qualified NI 43-101 done by a guy with 17 years experience in that region.

A year ago, the same guy did a NI 43-101 report reporting a historical resource of 11.48 million pounds of U3O8. Presumably this means using NI 43-101 standard methods on old data. I don't know the details of it.

Most of the 445 drill holes ("almost 1 million feet of drilling") was done previously by the prior owners, Kerr McGee.

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