Strathmore Minerals Corp.

TER: So how can an investor decide whether to put money into companies that are fluctuating based on a few people in a room or on a conference call deciding what the spot price is?

MF: That's a good question. I think you've got to look for uranium companies of value. Look for potential developers or explorers in the right part of the world and pick companies that are going to be viable no matter what the spot price does.

My two favorites are Hathor Exploration Limited (TSX-V:HAT) and Strathmore Minerals (TSX-V:STM). . .Strathmore is my favorite U.S. uranium development company. I'm a long-term committed investor. Roca Honda in New Mexico. Strathmore is undervalued compared to its peers.
    -   The Energy Report Interview with Mickey Fulp (01/21/10)

"I had a chance to visit a property in New Mexico recently with Mickey Fulp. I have tremendous respect for Mickey and he covers a uranium company called Strathmore Minerals (TSX-V:STM). Strathmore has two major properties that have had significant exploration and the deposits are outlined, if not defined. This is not an exploration story, but a permitting and production story. Mickey and I toured their Roca Honda property outside of Grants, New Mexico. It is under joint venture with Sumitomo. The Japanese are very motivated to secure uranium resources and they have committed a minimum of $50MM to advance the project following a positive production decision. Roca Honda has over 33MM pound of very high-grade ore and will likely get much larger when development and production commence. They have just submitted the permit which in and of itself is a milestone. These are some very smart and experienced uranium guys and seeing the extent of the permitting process was a real eye-opener. Grants has a long history of uranium mining and I believe this project will be permitted in the next two years.

Their second flagship project is called Gas Hills and is in Wyoming. This is also in the permitting stage but in is in a district that has seen over 100MM pounds of historic production. They already have 17MM pounds identified which can be mined in an open pit. The property includes several other areas of known mineralization and is 70 miles from the idle Sweetwater Mill owned by BHP Billiton. BHP is trying to sell the mill and if I am right about uranium mining in the U.S., it will be re-opened. The Gas Hills assets will be very valuable to whoever ends up with Sweetwater.

Strathmore has many other non-core assets that they are selling off to avoid share dilution as they move towards production. They just sold one property for $30MM, yet the entire market cap of Strathmore is only is only about $55MM. Selling this property will probably allow them to permit both Roca Honda and Gas Hills without selling additional equity."
    -   The Gold Report Interview with Trey Wasser (01/11/10)

"Another junior I very much like in this sector is Strathmore Minerals Corp., which operates in Wyoming and New Mexico. Strathmore is the true super uranium junior company. Strathmore is focused on the Gas Hills of Wyoming and the Roca Honda Deposit in the Grants Mineral Belt of New Mexico. The company presently has about 140 million pounds in the ground resources—by far the highest number of pounds of any company in this sector. These two flagship projects will be relatively near-term producers.

Strathmore will monetize several projects that are not core assets, and recently announced the sale of one of them. They are selling their Powder River Basin properties to Bayswater Uranium Corporation (TSX.V: BAY) for $30 million. The monies from this sale will enable them to permit the two flagship projects and work toward feasibility.

So these are catalysts that could move the Strathmore price, which is presently about 60 cents. A couple of analyst reports coming out of financial institutions are also very bullish on Strathmore now."
    -   The Energy Report Interview with Mickey Fulp (10/08/09)

TER: What favorite uranium companies, seniors or juniors, are you following?

MM: One of my favorites is Strathmore Minerals Corp. There is simply no way to overlook 159.658mlbs of STM's 43-101 and Historical (non-43-101 compliant) uranium resources. Most explorers and many developers should be so lucky. On an EV/Lb basis, the company is one of the cheapest in the world. (I have one of, if not the largest, compliant uranium database in the world.) If you exclude companies whose projects have little chance of producing I would say STM is definitely the cheapest in the world. Many of STM's projects are lower cost and simpler technologically, in situ leaching ("ISL") projects. STM owns significant and diverse land packages in the premier historical uranium producing districts in the U.S.

. . .when modern geological exploration techniques and drilling are applied to STM's older projects they have been able to expand the historical uranium resources. I expect that to continue. While I have had some concern about STM's ability to execute (cut expenses, marketing) the company President David Miller is very capable and seasoned; and STM has Japanese trading giant Summitomo Corp. ("Summi") as a $50mil JV partner on its more difficult/expensive "Roca Honda" NM project. In short, I expect Mr. Miller can, and Summi will, be able to carry the ball and get the projects developed. At the end of the day if STM cannot monetize these lbs someone will—note: STM's market cap is $11 million less than the $50 million Summi is paying for only roughly 12.5mlbs of STM's 160mlbs in projects. If it were politically viable (it is not), Summi would do better to buy the company, recapture the other 40% of the JV, and gain roughly 145mlbs in resources!
    -   The Energy Report Interview with Merrill McHenry (08/13/09)

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