Mr. David Miller reports
STRATHMORE & KEPCO CONTINUE PHASE I GAS HILLS PROGRAM
Strathmore Minerals Corp. and Korea Electric Power Corp. are continuing with work on phase 1 of the Gas Hills exploration, development and permitting program. Originally scheduled for completion at the end of January, 2013, approximately $1.7-million (U.S.) remains in the phase 1 budget, which will be applied to continuing permitting and follow-up drilling of the main Gas Hills properties. Drilling is now planned to resume in March, with completion expected in the second quarter of 2013. On completion and review of the phase 1 program results, KEPCO can elect to participate in phase 2 by financing $12-million (U.S.) in the first year of the phase 2 program.
Chlumsky, Armbrust & Meyer LLC of Denver, Colo., author of the initial NI 43-101 Gas Hills technical report dated July 31, 2012, is currently updating the main Gas Hills properties resource estimate, based on the recommended phase 1 drilling and continuing work completed in 2012. The newly updated report will be completed during the quarter.
About Gas Hills, Wyoming
The Gas Hills uranium district in Wyoming was the second-largest uranium-producing region in the United States, having produced 100 million pounds of uranium concentrates from 1957 to 1989. Strathmore controls over 34,000 acres of mineral claims in the Gas Hills, including approximately 16,000 acres in the highly prospective, relatively unexplored "Beaver Rim," located to the south of the main Gas Hills properties. Strathmore submitted a mine permit application for the main Gas Hills properties in the fourth quarter of 2012.
Strathmore holds a 100-per-cent interest in the Gas Hills properties. Upon completion of the phase 1 $8-million (U.S.) program, KEPCO can elect to participate in a phase 2 program and earn up to a 40-per-cent interest in the project by incurring $32-million (U.S.) in expenditures over three years.
The technical information in this news release has been reviewed by David Miller, chief executive officer for Strathmore Minerals and a qualified person under NI 43-101.
KEPCO is a Korean-government-invested diversified energy company with over $120-billion (U.S.) in assets. The company is involved in the generation, transmission and distribution of electrical power from nuclear, hydro, coal, oil and liquid natural gas sources worldwide. KEPCO provides electricity to almost all households in Korea and operates 21 nuclear power plants in the country, with seven more under development. The company has over 46,000 employees and is listed on the Korean Stock Exchange and the New York Stock Exchange.
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