Strathmore Completes Strategic Investment With KEPCO
KELOWNA, BRITISH COLUMBIA -- (Marketwire) -- 02/10/12 -- STRATHMORE MINERALS CORP. ('Strathmore' or 'the Company') (TSX: STM)(OTCQX: STHJF) is pleased to announce that further to its press release dated January 31 2012, regarding the strategic Definitive Agreement with Korea Electric Power Corporation ('KEPCO'), the common share private placement with KEPCO has been completed. KEPCO acquired 14,586,182 common shares of Strathmore at C$0.55 per share for total gross proceeds of US $8 million. Proceeds will be used to fund the Phase I exploration, development, and permitting of the Company's Gas Hills Uranium properties in Wyoming, in accordance with the program and budget plans for 2012.
All securities issued pursuant to the Private Placement are subject to a four month hold period expiring on June 11, 2012. With completion of this Private Placement, KEPCO is now Strathmore's largest shareholder with an approximate 14% interest in the Company.
STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties in the United States. Headquartered in Vancouver, British Columbia with a branch administrative office in Kelowna, the Company also has U.S. based Development Offices in Riverton, Wyoming and Santa Fe, New Mexico. STRATHMORE MINERALS CORP. Common Shares are listed on the TSX under the symbol 'STM' and trade on the OTCQX International electronic trading system in the United States under the symbol 'STHJF'.
Korea Electric Power Corporation (KEPCO) is a Korean government-invested diversified energy company with over US$120 billion in assets. The company is involved in the generation, transmission and distribution of electrical power from nuclear, hydro, coal, oil and LNG sources worldwide. Korea Electric Power 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. (www.kepco.co.kr)
This news release contains 'forward-looking information' that is based on Strathmore Minerals Corp.'s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Phase I exploration and development and permitting plans for the Gas Hills properties; The words 'may', 'would', 'could', 'should', 'will', 'likely', 'expect', 'anticipate', 'intend', 'estimate', 'plan', 'forecast', 'project' and 'believe' or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Strathmore's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the outcome of the Phase I and Phase II exploration and development programs; the historical resource estimates; changes in economic conditions or financial markets; changes in input prices; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining, or advancing projects; and labour relations matters.
This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Strathmore Minerals Corp. disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
David Miller, CEO
Contacts:
Strathmore Minerals Corp.
Craig Christy
Investor Relations
1-800-647-3303
info@strathmoreminerals.com
www.strathmoreminerals.com
