Strathmore Minerals Corp. Kelowna, BC, (TSX-STM.V / OTC:STHJF) is focused on bringing its Gas Hills (Wyoming) Properties into production. With it's geological office in Riverton, Wyoming and permitting office in Santa Fe, New Mexico, Strathmore is currently building out its infrastructure towards producing uranium from the prolific Gas Hills region.

Largest land holder in Wyoming’s #1 uranium district: Gas Hills

The Company's goal is to become a leading uranium producer in the United States. Strathmore has been a uranium company since 1996 and executed its property acquisition strategy when the uranium price was between US $7-15 per lb. Focus has been on the acquisition and development of advanced uranium projects in the two largest uranium producing regions in the United States: the Gas Hills Uranium District in Wyoming and the Grants Mineral District, New Mexico, but were abandoned by the major uranium mining companies during the 1980s and 1990s.

Key highlights for the year

• Successfully completed a spin-out of its Canadian and Peruvian mineral properties into Fission Energy Corp., a separately traded public company which received approval to begin trading on the TS X Venture Exchange (FIS .V) on July 25. All Fission Energy shares were distributed to Strathmore shareholders; one share of Fission Energy for every three shares of Strathmore held.

• In the Gas Hills, Wyoming, Strathmore successfully acquired key properties with historic uranium resources (Andria, East Day Loma, New Rock Hill deposits), enabling the Company to consolidate its holdings and advance its near-term production schedule. Permitting and mine planning continue at the George-Ver and Frazier Le-Mac near-surface open pit deposits.

• JV completed with Sumitomo (Japan) to co-develop the premiere Roca Honda, New Mexico uranium project: Strathmore 60% Sumitomo 40%. Permitting activities are continuing on schedule.

• Drilling at Roca Honda identified a new area with significant uranium mineralization, including a 9 foot interval grading 0.56% eU3O8 (11.2 lbs/ton), during monitor well installation in a previously unexplored area of the property.

• Acquired the Marquez Uranium Property, strategically located in close proximity to the Roca Honda project in New Mexico. Historical resource estimated at 2,754,000 tons at an average grade of 0.17% for a total of 9,362,000 lbs. (not 43-101 compliant)

• Completed NI 43-101 report for the Reno Creek portion of the much larger Pine-Tree-Reno Creek Uranium Project in Wyoming. A Measured & Indicated resource estimate of 7,433,499 lbs. at an average grade of 0.065% U3O8, up from the historically reported 4 million lbs. U3O8, was identified. An additional 3,406,771 lbs. of U3O8 at an average grade of 0.065% is classified as an Inferred mineral resource.

Uranium resources summary by property

New property additions include the Andria, East Day Loma, and New Rock Hill projects in Wyoming’s Gas Hills, and the Marquez Property in New Mexico. Additions and changes are anticipated over the following year as drilling databases are acquired and analyzed

New Mexico properties, USA

Roca Honda property

On July 26, 2007, the Company completed an agreement with Sumitomo Corp. (“Sumitomo”) of Japan to develop the Roca Honda uranium project located in New Mexico. The Company has transferred its entire interest in the Roca Honda Property to Roca Honda Resources, LLC, a subsidiary in which the Company owns 60% and Sumitomo 40%.

The following summary highlights the major accomplishments of 2008 and the ongoing permitting activity approved by the Joint Venture for 2009.

- The mine permit application remains on schedule for submittal in the fall of 2009.

The work performed in support of the mine permit application has been accomplished under the 5-year budget projections.

- Numerous economic mining models were evaluated and a "Preliminary Assessment of Roca Honda" was completed in 2008.

Included in the evaluation were a variety of surface facility scenarios, alternative shaft construction technologies, mine and ventilation locations, mine production methods, power and infrastructure requirements, and other details pertaining to mine design, construction and operation.

A Feasibility study will be completed in 2009. Permission was obtained from the State to purge and sample the wells drilled in 2007 to initiate its baseline water quality sampling program in 2008. A National Pollutant Discharge Elimination System (NPDES) permit was approved by the U.S. Environmental Protection Agency (EPA) to discharge water from the monitor wells in order to conduct hydrological pump testing, scheduled for 2009. A regional water quality well sampling program of 23 wells located within a five-mile radius of the site began in 2008.

Approved Initiatives for 2009

Roca Honda is one of the largest planned conventional uranium mines in the United States. The Strathmore/Sumitomo Joint Venture will continue comprehensive permitting activities in 2009, and remains committed to advancing the project. Planned initiatives approved for this year include:

- Continued advancement of the ongoing mill and tailings design process.

- Completion of the water quality baseline data gathering program.

- Performance of the hydrologic pump test at the site and completion of regional groundwater modeling to determine the effects of mining on the aquifers.

- Submittal of the Mine Plan permit application and Discharge Plan permit application for mine dewatering to the State.

- Continued participation in "grass roots" support and work with the citizens of Grants and the surrounding area.

Nose Rock/Crown Point property

The Company acquired a 100% interest in Nose Rock/Crown Point claims located in New Mexico, USA by paying $206,991 and issuing 300,000 common shares valued at $702,000.

On September 14, 2007 the Company granted Uranium International Corp. (formerly Nu-Mex Uranium Resources Inc.) (“UIC”) an option to acquire up to a 65% interest in the Company’s Nose Rock property by paying the Company US$250,000 and issuing 5,000,000 common shares. A nominal value has been attributed to these shares. To earn its 65% interest, UIC is required to incur a total of US$44,500,000 in exploration expenditures in stages over seven years.

The Company retains the right to earn back a 16% interest in the project in consideration for US$25,000,000.

Dalton Pass property

On October 5, 2007, the Company granted UIC an option to acquire up to a 65% interest in the Dalton Pass property. To earn its 65% interest, UIC has paid US$250,000 and is required to incur a total of US$16,750,000 in exploration expenditures in stages over six years and pay the Company an additional US$1,000,000 in cash or, at the option of UIC, common shares of UIC, in stages over four years.

The Company retains the right to earn back a 16% interest in the project interestingconsideration for US$8,000,000 The $257,700 (US$250,000) payment exceeded the property’s cost base and the Company has recorded a $217,825 gain in its statement of operations.

Marquez property

On September 5, 2007, the Company entered into a mineral lease agreement on the Marquez property located in New Mexico, for a period of ten years, with the option to extend the lease for an additional five years. The Company has paid $805,700 (US$750,000) and is required to make annual payments of US$250,000 during the initial ten year term. To extend the lease for an additional five years, the Company is required to pay US$750,000 and make annual payments of US$300,000 thereafter. To extend the lease beyond fifteen years, the Company is required to pay an additional US$750,000.

The property is subject to an 8% net proceeds production royalty. Should commercial production not commence by September, 2015, the Company will be required to pay additional annual minimum advance royalty payments of US$250,000 which may be recovered from future production royalties.

Church Rock property

The Company had acquired its original 100% interest in the Church Rock property during prior years by paying $153,655 and issuing 100,000 common shares valued at $135,500. On May 31, 2007, the Company entered into an option agreement to acquire certain water rights in the McKinley county area of New Mexico. The purchase price was US$4,000 per acre-foot per year of consumptive use and is payable as follows: an initial US$100,000 deposit and 50% of US$4,000 multiplied by the amount of water right authorized by the State Engineer. The remainder is to be paid at closing. The final amount to be paid will be determined in accordance with the agreement which includes a 5% escalator fee per year after the second year in which the petition to the State Engineer is being reviewed.

Wyoming properties, USA

Jeep property

The Company acquired, by staking, a 100% interest in the Jeep property. On July 31, 2007, the Company granted Yellowcake Mining Inc. (“Yellowcake”) an option to acquire a 60% interest in the Company’s Jeep property. To earn its 60% interest, Yellowcake is required to incur a total of US$10,000,000 in exploration expenditures in stages to September 2013. The Company retains the right to earn back an 11% interest in the project in consideration for up to US$10,000,000.

Juniper Ridge property

The Company acquired a 100% interest in the Juniper Ridge property by issuing 100,000 common shares valued at $147,000. On March 14, 2007 the Company granted an option to acquire up to an 80% interest in its Juniper Ridge property to Yellowcake. The Company transferred its entire interest in the Juniper Ridge property to Juniper Ridge LLC. In return for the option, Yellowcake paid the Company US$100,000 and issued 9,000,000 shares valued at $9,779,900 in the capital of Yellowcake to Juniper Ridge LLC. To earn its interest, Yellowcake is committed to additional payments of S$400,000 over four years and will fund US$8,000,000 over five years toward the property’s xploration.

Yellowcake will earn a 40% interest upon incurring US$4,000,000 in expenditures and will be required to pay a royalty payment to the Company of 3% of the optioned portion of all future production. Pursuant to the agreement, Yellowcake had the option to enter into an equal partnership with the Company over any mining leases acquired from certain databases.

Pine Tree/Reno Creek property

The Company acquired a 100% interest in Pine Tree/Reno Creek claims located in Wyoming, USA by issuing 300,000 common shares valued at $610,000.

On August 20, 2007 the Company granted American Uranium Corporation (“American Uranium”) an option to acquire a 60% in the Pine Tree/Reno Creek property. The Company has transferred its entire interest in Pine Tree/Reno Creek to AUC, LLC. American Uranium has contributed 5,000,000 common shares valued at $5,828,600 to AUC, LLC.

To earn its 60% interest, American Uranium will contribute US$33,000,000 for exploration by spending US$1,500,000 in both the first year and second year, US$2,000,000 in the third year, and US$28,000,000 in the fourth year.

American Uranium will have earned a 22.5% interest upon incurring US$12,375,000 in expenditures and 37.5% interest upon incurring the remaining US$20,625,000. The US$28,000,000 will be reduced proportionately depending on the results of a property evaluation.