Nov 7 2012
STRATHMORE MINERALS CORP. announces that it has submitted a mine permit application for the proposed development of its open pit uranium project in the Gas Hills Uranium District of Wyoming.
This property comprises over 35,000 acres and includes multiple, shallow, mineralized deposits with a National Instrument 43-101 (NI 43-101) compliant resources. The application provides an overall plan for the sequential development of these shallow open pit deposits. The Company believes that Gas Hills is one of the best undeveloped uranium districts in the United States.
Strathmore's Gas Hills mine permit application was completed with the financial support of Korea Electric Power Corporation (KEPCO). Earlier this year, KEPCO became the Company's largest shareholder after entering into a strategic agreement, which included a private placement of Strathmore common shares, and a two phase plan for advancement of the Gas Hills development project (see press release dated January 31, 2012). The 2012 Phase 1 portion of this strategic agreement budgeted US$ 8 million for the exploration, development, permitting and upgrading of historical mineralized estimates to NI 43-101 compliant resources. Phase I work is ongoing, and KEPCO has the option to enter into Phase II and can earn up to a 40% interest in this project by spending US$ 32 million over the next 3 years upon the completion of Phase I in early 2013.
David Miller, Strathmore's CEO commented, "The Gas Hills mine permit submission represents a major milestone in the Company's uranium development plans. This permit is unique in the 59 year history of the Gas Hills uranium district. The 100 million pounds that were produced by over 10 companies on dozens of properties contained enough fission energy to power nearly 100% of the US electric grid for over a year. This permit consolidates areas permitted in the past by 5 different companies with 6 different mine permits. The old permits were held by companies such as Utah International (General Electric, Pathfinder Mines Corp, AREVA), Union Carbide Corp, Western Nuclear (Phelps Dodge Corp), Federal American Partners (TVA), and others. All areas will now be regulated under the one Strathmore permit as we move further into the 21st Century. With the continued support of KEPCO, the local Riverton community, and the state and federal regulators, we believe that Strathmore's Gas Hills properties can again help to resume this district's role as a leading provider of reliable domestically sourced uranium to help meet the country's long-term energy needs."
The mine permit application was submitted on October 31st to the state of Wyoming Department of Environmental Quality (WDEQ) and the US Bureau of Land Management (BLM). The submission includes documentation addressing, among other things, environmental issues, public health, and safety concerns in significant detail. The team will continue to work closely with state and federal regulators to ensure that environmental, public health, and safety concerns meet or exceed regulatory requirements.
Source: http://www.strathmoreminerals.com/