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Strathmore Minerals announced a big joint venture with a big player in the mining industry: Sumitomo. Presumably this is the SC Minerals America, Inc subsidiary or perhaps Sumitomo Metal Mining Co. This is for the Roca Honda venture which is to be an underground mine, if I understand correctly. After an initial investigation period, the two companies have the option to proceed. Sumitomo puts in "more than $50 million (US) in development costs of the Roca Honda Mine." They will also have the right to enter into new projects that Strathmore undertakes in New Mexico.

A National Instrument 43-101 compliant mineral resource report for the Roca Honda deposit reported a Measured and Indicated Resource total of 17,512,000 lbs. at an average grade of 0.23% U3O8, in addition to an Inferred Resource of 15,832,000 lbs. at an average grade of 0.17% U3O8 (See press release, April 4, 2006). In November 2006, Strathmore finalized the purchase of lands for a potential mill site for production from Roca Honda and other conventional mining projects in the area (See press release, Nov. 20, 2006). During 2006, the Company began the permitting application process to advance this project towards production and these efforts are ongoing.

That's around 30 million pounds of uranium oxide, perhaps 60% of it will be owned by Sumitomo. This is a core property of Strathmore's. There are 77 million shares of Strathmore.

In other news, Strathmore Minerals' spinoff company Fission Energy started trading and ended the day at 78 Canadian cents, down from a Canadian dollar. I still don't know if the spinoff was one share of FIS.V for each share of Strathmore.

There's also news of a joint venture up there in Canada with Tribune Resources Corp.

They found rock samples containing up to 1.39% uranium in addition to other indications of good stuff.

Under the terms of the Option Agreement, Tribune may earn a 60% undivided interest in the property by issuing 600,000 common shares, which will be subject to hold periods from four months to one year, and incurring expenditures of $10 million over six years.

I have no idea how big the news is about Sumitomo. It doesn't seem that big to me because it doesn't seem the least bit unexpected that Strathmore would do a joint venture on Roca Honda with a big player.

Here's another article on the deal from Sumitomo's side of things.