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Message: Receives Superior Competing Offer for Pine Tree-Reno Creek Properties

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Receives Superior Competing Offer for Pine Tree-Reno Creek Properties

posted on Dec 29, 09 03:46PM

December 29, 2009

Strathmore Receives Superior Competing Offer for Pine Tree-Reno Creek Properties

KELOWNA, BRITISH COLUMBIA--(Marketwire - Dec. 29, 2009) - Strathmore Minerals Corp. ("Strathmore" or "the Company") (TSX VENTURE:STM) announces it has received an unsolicited superior competing offer from a foreign based corporation for its Pine Tree-Reno Creek Properties in Wyoming. The competing offer comprises US$ 17.5 million cash, US $2.5 million in common shares of the Offering Company, to be paid on closing, and a 5% gross production royalty, which can be repurchased in whole or in part by the Offering Company at any time for US $2 million (US $1 million cash and US $1 million in common shares) per 1% royalty reduction. In addition, the Offering Company has matched the previously agreed terms to acquire the interest held by American Uranium Corporation. This offer is subject to satisfactory due diligence, shareholder approval, and financing by the Offering Company, with a closing by March 30, 2010.

Strathmore's Board of Directors has accepted this superior competing offer, and in accordance with the terms of the amended and restated LLC Option Agreement, the Company has promptly provided Bayswater Uranium Corporation with the identity of the Offering Company and details of the superior competing offer, in writing.

Upon receipt of written notification, Bayswater has seven business days to complete the existing transaction or match the terms of the superior competing offer, and elect to receive additional time to complete an amended transaction based on the new superior terms (See press releases dated August 24, October 6, October 22, and December 9, 2009). Bayswater has notified Strathmore that it will formally respond to the superior competing offer on or before January 7th, 2010.

Strathmore will provide further updates, when available.

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