Strathmore receives milestone payment from Juniper Ridge sale

Strathmore Minerals (TSE:STM)(OTCQX:STHJF) said Monday it has received a milestone payment from Crosshair Energy Corp in connection with its sale of the Juniper Ridge Uranium property in Wyoming.

Crosshair Energy, formerly known as Crosshair Exploration & Mining Corp, paid Strathmore US$500,000, comprised of US$250,000 in cash and 522,513 Crosshair shares. 

Strathmore intends to hold these securities for investment purposes only, and may increase or decrease its holdings, in the open market, by privately negotiated agreement, or depending on market and other conditions, the Uranium explorer said. 

The Juniper Ridge property, also known as Red Creek, comprises 197 claims and one state minerals lease totaling 4,710 acres. 

In November last year, Strathmore signed a deal to sell the project to Crosshair under a cash and share agreement. Strathmore retains a two percent gross revenue royalty on the property, with Crosshair having the option to repurchase this royalty at any time during the first three years after commercial production at the site begins.

With continued focus on the advancement of Strathmore's core Roca Honda project in New Mexico and the Gas Hills property in Wyoming, the company said it has several other projects in Wyoming and New Mexico available for sale or joint venture. 

The Roca Honda Property is located in the Grants Mineral District, New Mexico. It is 60% owned by Strathmore and 40% owned by Sumitomo Corp of Japan under their jointly owned subsidiary, Roca Honda Resources (RHR).

The Uranium explorer said an agreement was recently signed between RHR, the United States Forest Service and the Forest Service's contractor Mangi Environmental Group, for a definitive schedule that commits to completing the environmental impact statement by December 2012. A decision regarding the mine permit is expected shortly thereafter. 

In July, Strathmore announced its techical report for the Gas Hills Uranium properties in central Wyoming, with 10.7 million pounds of measured and indicated resources, and the potential for a further 36 to 68 million pounds of Uranium.

The latest NI 43-101 technical report outlined 10.7 million pounds of measured and indicated Uranium, at a grade of 0.097%, plus an additional 1.2 million pounds of inferred resources at a grade of 0.064%.

A month later, the company said it entered a binding "Heads of Agreement" with Korea Electric Power Corp (KEPCO), which will see KEPCO help finance and earn an interest in Strathmore's Gas Hills project.

Vancouver-headquartered Strathmore specializes in the strategic acquisition, exploration and development of Uranium properties in the US.