Strathmore Closes Acquisition of Saratoga Gold Company Ltd.

  • STRATHMORE MINERALS CORP. (TSX:STM)(OTCQX:STHJF) announce that it has completed the acquisition of all the issued and outstanding shares of privately held Saratoga Gold Company Ltd.. The acquisition was structured as a court approved Plan of Arrangement. Pursuant to the Arrangement, 18,255,003 common shares of Strathmore were issued to the Saratoga shareholders on the basis of 1.25 Strathmore shares for each share of Saratoga.

    Acquisition Summary

    With the completion of the Arrangement, Strathmore has acquired:

    --  100% ownership of the "Copper King" Au-Cu property, which comprises two
    State of Wyoming leases totalling 1,120 contiguous acres, located in the
    Silver Crown Mining District in Wyoming. (See press release dated March
    19, 2012 for a detailed summary of the Copper King project)
    --  100% ownership of 52 lode mining claims in the State of Montana near
    Tintina Resources' Black Butte copper-cobalt-silver project (formerly
    known as Sheep Creek).

     
    Strathmore has contracted Mine Development Associates ("MDA") of Reno Nevada to prepare a NI 43-101 technical report and resource estimate that will include drilling results from Saratoga's programs completed in 2007-08, in addition to data acquired after MDA completed its initial report for Saratoga in 2007. On completion of the NI 43-101 technical report, which is expected later this summer, Strathmore will review the results and MDA's recommendations, prior to finalizing a budget and work program for the Copper King project.

    STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of mineral 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".

Posted May 11, 2012

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