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Tuesday, October 02, 2007

Strathmore Minerals (STHJF, STM.V) humorous press release

Strathmore Minerals (combined links) issued a press release stating that they have no exposure to sub-prime paper in its $19 million liquid portfolio. So if you call up their office and say that you heard that they invested in sea monkeys, will they issue a press release denying it? I guess it's good they err on the side of communication.

I haven't covered their annual report. After going past lots of pictures of mountain ranges and sunsets, we get to the substance: a cash and short term investment portfolio of roughly $33 million, presumably Canadian but by now it really doesn't matter, they're 1-for-1. (funny joke: Perhaps they no longer have any exposure to sub-prime stuff now that the value dropped by a third). And there's less than a million in liabilities.

In cash flow, here's how I see it. Garden variety operations burned up about $2 million. They invested around $18 million in short term investments. They spent around $8 million on exploration. They raised around $22 million in stock sales.

They had 70,631,548 shares at year end. If I recall, I'm assuming 77 million fully diluted shares. There are about 6 millon options and warrants outstanding, total. Ave strike prices are in the $2 range.

UPDATE Wed Oct 3, 2007:
There was a trading halt in Fission Energy stock today at 3:08 PM, the spinoff from Strathmore Minerals. The reason is pending news.

Here's what I want to see in the news: I want to see them drill 50 holes and have all 50 of them intercept 25+ feet of 10% uranium.

On Fission...I have 666 shares, last sale before the halt was .66 I don't think that's a good omen.
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