Share Structure
Shares Outstanding: 71 Million
Fully Diluted: 77 Million
Cash: C$45 Million (Fully diluted and in the money)
Market Cap: 77,000,000*4.94 = 380,000,000
Major Shareholders
Management owns 8.7% of the company
Sprott Asset Management
Properties:
Strathmore has properties in Canada, Peru and the United States. In Canada, Strathmore is one of the largest property holders in the Athabasca Basin, holding more than 2.9 million acres.
Some of the American projects include:
Roca Honda (Currently in 2nd year of permitting)
NI 43-101 compliant resource calculation
Measured and Indicated Resource
3,782,000 tons @ 4.63lbs/ton = 17,512,000 lbs.
Inferred Resource
4,546,000 tons @ 3.48lbs/ton = 15,832,000 lbs.
Depth of Mineralization = 500-600meters
Estimated cash operating costs = US $17-20 per pound
Mine ready project, over 800,000 feet of drilling completed by Kerr Mcgee and approximately 280 miles to White Mesa Mill. The project is only 2 miles away from paved road and power.
Church Rock (Currently in 1st year of permitting)
NI 43-101 compliant resource calculation
Measured and Indicated Resource
6,221,467 tons @ 1.90lbs/ton = 11,848,007 lbs.
Inferred Resource
1,950,560 tons @ 1.81lbs/ton = 3,525,342 lbs
Mine ready project, over 300,000 feet drilling completed on 640 acre parcel.
Amenable to In Situ Recovery mining.
Wyoming Projects
Gas Hills – Historical Resource estimate of 8,440,490 lbs, Est. Production 2010
Sky – NI 43-101 resource calculation of 948,098 lbs, Est. Production 2010, Permit application initiated and amenable to In Situ Recovery mining.
Pine Tree Claims – Historic resource estimate of 2,646,000 lbs
Jeep Project – Historic resource estimate of 329,112 lbs
Red Creek Project – Joint venture with Yellowcake Mining
Some of the Canadian projects include:
Waterbury Lake – 8 drill holes completed in spring 2006 and Murphy Lake drill showed one anomalous hole encountered 0.03% U3O8. An additional 3000 meter drilling program planned for 2007.
Dieter Lake - Land package totals of 21,097 hectares (52,000 acres). An NI 43-101 compliant resource calculation was completed during 2006, and confirmed an inferred resource totaling 24,000,000 lbs. U3O8. Additional exploration potential is contained in the land package. A 5,000 m drill program is planned for spring/summer 2007.
Athabasca North Shore - Geophysical surveys began during autumn 2006 and are continuing. Prospecting has identified several anomalous areas and geochemical analysis of grab samples have identified values ranging from nil up to 1% U3O8. For 2007, additional geophysics and ground work are planned during summer months.
For more on Strathmore’s other projects go to their official website
Strathmore’s Future Plans
Joint venture non core properties
Spin off Canadian assets into separate publicly traded company
Continue permitting advanced projects in New Mexico and Wyoming
Initiate drilling programs on Canadian properties
Valuation: If I only took into account Strathmore’s New Mexico and Sky, Reno and Gas Hills projects which have a cumulative total of 64,057839 million pounds of Uranium and apply a $5.25/lbs value to it I get a $4.36 target. Keeping in mind that I have put no value on the Church Rock and Roca Honda properties due to some sentiment expressed by brokerages covering Strathmore saying that there might be some permitting issues related to the environmental concerns and that Strathmore is planning to spin off its Canadian assets, which have a potential value from $0.50-0.75c) I think Strathmore will serve anyone well if bought under $4.50 on any weakness.
Management Pedigree:
Devinder Randhawa (Chairman & CEO): Mr. Randhawa founded Strathmore Minerals Corp. in 1996 and is currently the Company's President and CEO. Mr. Randhawa also founded and is currently the President of RD Capital Inc., a privately held consulting firm providing venture capital and corporate finance services to emerging companies in the resources and non-resource sectors both in Canada and the US. Prior to founding RD Capital Inc., Mr. Randhawa was in the brokerage industry for 6 years as an investment advisor and corporate finance analyst. Mr. Randhawa was formerly the President of Lariat Capital Inc. which merged with Medicure in November 1999 and the was the founder and former President and CEO of Royal County Minerals Corp. which was taken over by Canadian Gold Hunter (formerly International Curator) in July 2003. Mr. Randhawa also founded Predator Capital Inc., which became Predator Exploration.
David Miller (President, COO and Director): Mr. Miller, is a minerals industry expert in exploration, acquisition and operations. His primary focus has been on uranium, coal bed methane and gold. David worked with Cogema, the second largest producer of uranium in the world, the last 4 as its chief geologist for in-situ operations in the US. Mr. Miller has over 25 years of experience in exploration and acquisition of uranium properties. Mr. Miller has consulted in uranium exploration, deposits, mining, and "in-situ" recovery for the IAEA. Mr. Miller is also an elected member of the Wyoming Legislature, committee assignments include Minerals and the Energy Council.
Dr. Dieter Krewedl (Director): Dr. Krewedl was with Pathfinder Mines Corporation, a wholly owned subsidiary of the French uranium company Cogema, for 23 years and was Pathfinder's Vice President, Exploration from 1990 to 1995. Dr. Krewedl was instrumental in the discovery of the Green Mountain uranium deposit in Wyoming, high grade uranium breccia pipe deposits in Arizona and uranium deposits in the Grants, New Mexico mineral belt. Dr. Krewedl presently serves as the President of the Geological Society of Nevada.
Ray Larson (Director): Mr. Larson founded Uranium Resources Inc. (URI) in 1977, and was its Chairman and CEO until his retirement in 1994. URI, which was one of the few US based uranium mining companies to survive the industry's extended market downturn, pioneered the exploration, development and production of uranium ore bodies using in-situ recovery (ISR) technology. Mr. Larson's experience includes the commercial development of ISR uranium extraction plants at Kingsville Dome and Rosita in south Texas as well as developing significant uranium mineral interests at Church Rock and Crownpoint in northwestern New Mexico. In addition, he negotiated multiple long-term uranium sale contracts with both US and European utilities, and other industry participants. Under Mr. Larson's leadership, URI successfully restored ISR properties in Texas and Wyoming and was a founding member of the Uranium Producers of America Association.
John DeJoia (Vice President of Technical Services): has over 30 years of technical experience that includes underground, open pit and in-situ uranium mining. His Wyoming mining experience includes the Shirley Basin and Big Eagle uranium mines with Utah International, Development Geologist for Pathfinder Exploration Corporation, Chief Geologist for Federal American Partners in the Gas Hills District, and Director of Technical Services for American Nuclear Corporation. His extensive management experience includes work for Morrison-Knudsen, Inc. at the Idaho National Engineering Laboratory and Manager of the Washington Group projects at Los Alamos National Laboratory. Mr. DeJoia is a Registered Geologist in the State of Wyoming.
Summary:
Strathmore's managment has already demonstrated its smarts and technical expertise by acquiring large databases of past drilling on various properties before the start of the bull market in Uranium. These databases have been used to acquire good properties and can also be sold to other companies who might wish to purchase this very important information. Over the coming months, there will be several opportunities for Strathmore’s share price to benefit, whether it be good news regarding the advancing of property permits, the announcement of major joint venture partners, the spin out of Canadian assets or a massive spike in the spot price of Uranium. There is limited downside risk in this stock.
Strathmore Resource Summary
Shares Outstanding: 71 Million
Fully Diluted: 77 Million
Cash: C$45 Million (Fully diluted and in the money)
Market Cap: 77,000,000*4.94 = 380,000,000
Major Shareholders
Management owns 8.7% of the company
Sprott Asset Management
Properties:
Strathmore has properties in Canada, Peru and the United States. In Canada, Strathmore is one of the largest property holders in the Athabasca Basin, holding more than 2.9 million acres.
Some of the American projects include:
Roca Honda (Currently in 2nd year of permitting)
NI 43-101 compliant resource calculation
Measured and Indicated Resource
3,782,000 tons @ 4.63lbs/ton = 17,512,000 lbs.
Inferred Resource
4,546,000 tons @ 3.48lbs/ton = 15,832,000 lbs.
Depth of Mineralization = 500-600meters
Estimated cash operating costs = US $17-20 per pound
Mine ready project, over 800,000 feet of drilling completed by Kerr Mcgee and approximately 280 miles to White Mesa Mill. The project is only 2 miles away from paved road and power.
Church Rock (Currently in 1st year of permitting)
NI 43-101 compliant resource calculation
Measured and Indicated Resource
6,221,467 tons @ 1.90lbs/ton = 11,848,007 lbs.
Inferred Resource
1,950,560 tons @ 1.81lbs/ton = 3,525,342 lbs
Mine ready project, over 300,000 feet drilling completed on 640 acre parcel.
Amenable to In Situ Recovery mining.
Wyoming Projects
Gas Hills – Historical Resource estimate of 8,440,490 lbs, Est. Production 2010
Sky – NI 43-101 resource calculation of 948,098 lbs, Est. Production 2010, Permit application initiated and amenable to In Situ Recovery mining.
Pine Tree Claims – Historic resource estimate of 2,646,000 lbs
Jeep Project – Historic resource estimate of 329,112 lbs
Red Creek Project – Joint venture with Yellowcake Mining
Some of the Canadian projects include:
Waterbury Lake – 8 drill holes completed in spring 2006 and Murphy Lake drill showed one anomalous hole encountered 0.03% U3O8. An additional 3000 meter drilling program planned for 2007.
Dieter Lake - Land package totals of 21,097 hectares (52,000 acres). An NI 43-101 compliant resource calculation was completed during 2006, and confirmed an inferred resource totaling 24,000,000 lbs. U3O8. Additional exploration potential is contained in the land package. A 5,000 m drill program is planned for spring/summer 2007.
Athabasca North Shore - Geophysical surveys began during autumn 2006 and are continuing. Prospecting has identified several anomalous areas and geochemical analysis of grab samples have identified values ranging from nil up to 1% U3O8. For 2007, additional geophysics and ground work are planned during summer months.
For more on Strathmore’s other projects go to their official website
Strathmore’s Future Plans
Joint venture non core properties
Spin off Canadian assets into separate publicly traded company
Continue permitting advanced projects in New Mexico and Wyoming
Initiate drilling programs on Canadian properties
Valuation: If I only took into account Strathmore’s New Mexico and Sky, Reno and Gas Hills projects which have a cumulative total of 64,057839 million pounds of Uranium and apply a $5.25/lbs value to it I get a $4.36 target. Keeping in mind that I have put no value on the Church Rock and Roca Honda properties due to some sentiment expressed by brokerages covering Strathmore saying that there might be some permitting issues related to the environmental concerns and that Strathmore is planning to spin off its Canadian assets, which have a potential value from $0.50-0.75c) I think Strathmore will serve anyone well if bought under $4.50 on any weakness.
Management Pedigree:
Devinder Randhawa (Chairman & CEO): Mr. Randhawa founded Strathmore Minerals Corp. in 1996 and is currently the Company's President and CEO. Mr. Randhawa also founded and is currently the President of RD Capital Inc., a privately held consulting firm providing venture capital and corporate finance services to emerging companies in the resources and non-resource sectors both in Canada and the US. Prior to founding RD Capital Inc., Mr. Randhawa was in the brokerage industry for 6 years as an investment advisor and corporate finance analyst. Mr. Randhawa was formerly the President of Lariat Capital Inc. which merged with Medicure in November 1999 and the was the founder and former President and CEO of Royal County Minerals Corp. which was taken over by Canadian Gold Hunter (formerly International Curator) in July 2003. Mr. Randhawa also founded Predator Capital Inc., which became Predator Exploration.
David Miller (President, COO and Director): Mr. Miller, is a minerals industry expert in exploration, acquisition and operations. His primary focus has been on uranium, coal bed methane and gold. David worked with Cogema, the second largest producer of uranium in the world, the last 4 as its chief geologist for in-situ operations in the US. Mr. Miller has over 25 years of experience in exploration and acquisition of uranium properties. Mr. Miller has consulted in uranium exploration, deposits, mining, and "in-situ" recovery for the IAEA. Mr. Miller is also an elected member of the Wyoming Legislature, committee assignments include Minerals and the Energy Council.
Dr. Dieter Krewedl (Director): Dr. Krewedl was with Pathfinder Mines Corporation, a wholly owned subsidiary of the French uranium company Cogema, for 23 years and was Pathfinder's Vice President, Exploration from 1990 to 1995. Dr. Krewedl was instrumental in the discovery of the Green Mountain uranium deposit in Wyoming, high grade uranium breccia pipe deposits in Arizona and uranium deposits in the Grants, New Mexico mineral belt. Dr. Krewedl presently serves as the President of the Geological Society of Nevada.
Ray Larson (Director): Mr. Larson founded Uranium Resources Inc. (URI) in 1977, and was its Chairman and CEO until his retirement in 1994. URI, which was one of the few US based uranium mining companies to survive the industry's extended market downturn, pioneered the exploration, development and production of uranium ore bodies using in-situ recovery (ISR) technology. Mr. Larson's experience includes the commercial development of ISR uranium extraction plants at Kingsville Dome and Rosita in south Texas as well as developing significant uranium mineral interests at Church Rock and Crownpoint in northwestern New Mexico. In addition, he negotiated multiple long-term uranium sale contracts with both US and European utilities, and other industry participants. Under Mr. Larson's leadership, URI successfully restored ISR properties in Texas and Wyoming and was a founding member of the Uranium Producers of America Association.
John DeJoia (Vice President of Technical Services): has over 30 years of technical experience that includes underground, open pit and in-situ uranium mining. His Wyoming mining experience includes the Shirley Basin and Big Eagle uranium mines with Utah International, Development Geologist for Pathfinder Exploration Corporation, Chief Geologist for Federal American Partners in the Gas Hills District, and Director of Technical Services for American Nuclear Corporation. His extensive management experience includes work for Morrison-Knudsen, Inc. at the Idaho National Engineering Laboratory and Manager of the Washington Group projects at Los Alamos National Laboratory. Mr. DeJoia is a Registered Geologist in the State of Wyoming.
Summary:
Strathmore's managment has already demonstrated its smarts and technical expertise by acquiring large databases of past drilling on various properties before the start of the bull market in Uranium. These databases have been used to acquire good properties and can also be sold to other companies who might wish to purchase this very important information. Over the coming months, there will be several opportunities for Strathmore’s share price to benefit, whether it be good news regarding the advancing of property permits, the announcement of major joint venture partners, the spin out of Canadian assets or a massive spike in the spot price of Uranium. There is limited downside risk in this stock.
Strathmore Resource Summary
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