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www.strathmoreminerals.com TSX: STM

Strathmore Minerals Corp

Corporate Update

Corporate Update

September, 2012

1


The following information may contain forward-looking statements. Forward- looking statements

address future events and conditions and therefore involve inherent risks and uncertainties. Actual

results may differ materially from those currently anticipated in such statements. Forward-looking

information is subject to known and unknown risks, uncertainties and other factors that may cause

Strathmore's actual results, level of activity, performance or achievements to be materially different

from those expressed or implied by such forward-looking information. Such factors include, but are

not limited to: uncertainties related to the historical resource estimates, the work expenditure

commitments; the ability to raise sufficient capital to fund future exploration or development

programs; changes in economic conditions or financial markets; changes in input prices; litigation;

legislative, environmental and other judicial, regulatory, political and competitive developments;

technological or operational difficulties or an inability to obtain permits required in connection with

maintaining, or advancing, the Roca Honda and Gas Hills projects; and labour relations matters.

All historical estimates were completed prior to the implementation of NI 43-101. A qualified person

has not completed sufficient work to classify the historic estimates current mineral resources, and is

not treating the historic estimates as current mineral resources. Hence, they should not be relied

upon. Strathmore cautions that reference to Preliminary Economic Assessment (PEA) is preliminary

in nature and includes inferred resources that are considered to be too speculative geologically for

economic consideration that would enable them to be classified as mineral reserves. There is no

certainty that the PEA will be realized. Technical information has been prepared in accordance with

the Canadian regulatory requirements set out in NI 43-101, and reviewed by David Miller, Chief

Executive Officer for Strathmore Minerals Corp., PG 363 Wyoming, and Society for Mining,

Metallurgy & Exploration Registered Member 2205106RM, a Qualified Person under National

Instrument 43-101. It should be noted that mineral resources which are not mineral reserves do not

have demonstrated economic viability as defined by NI 43-101 .

2


SHARE STRUCTURE

SHARE PROFILE

Stock Symbol: STM (TSX)

STHJF (OTCQX)

Working Capital Estimate: C $14.3 MM

123,274,620 shares outstanding

134,741,953 shares fully diluted

Korea Electric Power Corp (KEPCO) owns ~11.8%

3

Uranium Market

“BEAT THE ATOMIC CLOCK- URANIUM SUPPLY CRUNCH AND CRITICAL CATALYSTS ON

THE HORIZON...” David Sadowski, Raymond James (July 26 , 2012)

Source: The Ux Consulting Company LLC : www.uxc.com

Uranium price forecast: 2012 - US $58, 2013 - US $70 , 2014 - US $85 Mark Busuttil, JP Morgan (April 2012)

China, India, & South Korea constructing 37 nuclear power plants; 234 planned

China, India, & South Korea all net importers of uranium

Current Spot

Price (Sept 10)

US $48.00 /lb

Long-Term

Price (Aug)

US $60.50 /lb


4


Management Team & Directors

David Miller, PG (Wyoming) - CEO, Director

Steven Khan, MBA, CFA - Chairman, President, Director

John DeJoia, PG (New Mexico) - Sr. V.P. New Mexico Operations

Juan Velasquez, MBA - V.P. Gov’t, Regulatory & Environmental Affairs

James Crouch, BSc. - V.P. Wyoming Operations

Dieter Krewedl, Independent Director-Renaissance Gold, AuEx Ventures

Tim Janke, Independent Director-Renaissance Gold, AuEx Ventures

Ralph Goehring, Independent Director - Former CFO Berry Petroleum

5


Corporate Strategy

Active in the 2 largest uranium districts in the USA

Gas Hills Uranium District – Wyoming > 100 million lbs. cumulative uranium production

Grants Mineral District – New Mexico > 340 million lbs. cumulative uranium production

To become a leading uranium

producer in the United States

6


Why are we different?

• Timely Acquisitions

Properties acquired 2003-04 when uranium price US $7-$15 per lb

One of the largest holders of in-ground uranium resources in the USA

• Strong Management & Technical Expertise 200+ Man-years of uranium and gold experience

• Advanced Company Maker Projects • Roca Honda, NM - Mine permit decision expected in 2013

• Gas Hills, WY - Mine permit application submittal in 2012

• Copper King, WY - Positive Au-Cu PEA received

• Long-life mineral assets in politically stable region

7

Why the United States ?

8

United States was the largest uranium producer in the world in the 20th century

104 nuclear power plants consume 50-55 MM lbs annually; USA produced 3.9 million lbs (2011)

Russian HEU contract expires in 2013; DOE sales contracted to 2013

Strathmore’s technical team has over 200 years uranium mining experience in the United States

United States Uranium Production and

Consumption 1980/2010

60

50

40

30

20

10

1980 2011

Production Consumption Production Consumption

Millions lbs U3O8


Where Did it Come From?

9

US Production: Where was it Mined?

0

100,000,000

200,000,000

300,000,000

400,000,000 New Mexico

Wyoming

Utah Colorado

Texas Arizona

Nebraska

Po

un

ds U

3O

8

Tonnes U

150,000

100,000

50,000



Largest Uranium Reserves In Wyoming & New Mexico

10

Copper

Mountain

Gas Hills

Nose Rock

Church Rock

Dalton Pass

Roca Honda

Jeep

Shirley

Basin

Sky -

(Cedar

Rim)

Juniper

Ridge

Ambrosia Lake

Leases

Kaycee

Marquez


11


Property Resource Grade lbs. U3O8 Method

Roca Honda, NM Measured

Indicated

M & I

Inferred

1.30 MM @ 0.23%

2.40 MM @ 0.23%

3.70 MM @ 0.23%

4.50 MM @ 0.17%

6.00 million

11.50 million

17.50 million

15.80 million

Underground

Marquez, NM Measured

Indicated

M & I

Inferred

1.00 MM @ 0.13%

2.60 MM @ 0.13%

3.60 MM @ 0.13%

2.10 MM @ 0.12%

2.50 million

6.60 million

9.10 million

4.90 million

ISR or Underground

Nose Rock, NM Measured

Indicated

M & I

Inferred

0.31 MM @ 0.15%

0.58 MM @ 0.15%

0.88 MM @ 0.15%

0.16 MM @ 0.14%

0.90 million

1.60 million

2.50 million

0.45 million

Underground

Dalton Pass, NM Measured

Indicated

M & I

Inferred

0.45 MM @ 0.09%

1.20 MM @ 0.10%

1.60 MM @ 0.10%

0.90 MM @ 0.08%

0.80 million

2.20 million

3.00 million

1.50 million

ISR / Underground

Sky, WY

Indicated

Inferred

0.66 MM @ 0.07%

0.05 MM @ 0.05%

0.90 million

0.05 million

ISR

33.0 Million M&I NI 43-101 lbs U3O8

22.7 Million Inferred 43-101 lbs U308

12


Permitting for Production

Roca Honda, New Mexico Mine Permit Review Underway

13

GRANTS MINERAL BELT

New Mexico

Largest Uranium District in the U.S.

340 Million pounds produced

CO UT

WY

NM


14


15

• Largest historical uranium producing district in the world > 340 million lbs - Only recently surpassed by the Athabasca Basin

• Many uranium companies active in New Mexico

• Strong local government and community support

• State regulatory agencies cooperative

Grants Mineral District

16


“Company Maker” Project - One of the Largest & Highest Grade proposed

uranium mines in US in over 30 years

Roca Honda Resource Summary

Roca Honda Resources LLC Joint Venture

(Strathmore 60% / Sumitomo 40%)

Previous Operator Resource Classification Tonnage Grade % U308 lbs U308

Kerr McGee

NI 43-101 Measured

NI 43-101 Indicated

NI 43-101 M + I

1,305,000

2,477,000

3,782,000

0.23

0.23

0.23

6,035,000

11,477,000

17,512,000

NI 43-101 Inferred 4,546,000 0.17 15,832,000

17


Roca Honda Mine Permit Submitted Oct 2009


18

• Mine Development office opened in Santa Fe, 2005

• Mine Permit application submitted & deemed “Administratively Complete” Q4 2009

• Preliminary Economic Assessment (PEA) prepared by Roscoe Postle Associates Inc under internal review

• Environmental Impact Statement (EIS) to be completed by Q4 2012; Mine Permit decision expected in 2013

• Sumitomo to contribute ~ US $50 million on final investment decision to complete 40% earn-in



19




Monitor Well Drilling and Installation

New Mineralized Zone found in monitor well.

Chemical Analysis 10’ grading 0.67% U308

6’ grading 0.73% U308


Permitting for Production

GAS HILLS, WYOMING Mine Permit Application Submittal in 2012

20

GAS HILLS

URANIUM DISTRICT

100 Million pounds produced

WY

NM

GAS HILLS URANIUM DISTRICT

WYOMING

NO INFRASTRUCTURE ISSUES

• Paved Road (45 miles)

• Big Electric Power installed

• Natural Gas available

• Geothermal available


21


GAS HILLS URANIUM DISTRICT

• 2nd largest historical producing district in the USA

• CEO David Miller & Technical Team have extensive Gas Hills

experience

• Largest in-ground resources held by Strathmore & Cameco

• Highly prospective 16,000 acre Beaver Rim area to the south of

Main Gas Hills open pit deposits

• Existing infrastructure: roads, power & natural gas

• Sweetwater Mill located 70 miles from the property

22


KEPCO Agreement

• Korea Electric Power (KEPCO) acquired ~11.8% interest in STM via

US $8 MM Private Placement at C$ .55 per share

• Proceeds for 2012 Phase I program: Drilling at prospective Beaver

Rim & ongoing permitting and drilling of Main Gas Hills deposits

• KEPCO has option for Phase II US $32 MM Gas Hills Joint Venture

over 3 years beginning in 2013

• Transaction provides for long-term off-take agreements based on

KEPCO’s equity ownership in STM and Gas Hills

23


Gas Hills Uranium Development Project

(Strathmore 100% / KEPCO 40% earn-in)

• US $8 MM budgeted for drilling at prospective Beaver Rim &

ongoing permitting & drilling of Main Gas Hills deposits in 2012

• KEPCO can earn 15% by spending US $12 million in 2013

• KEPCO can earn to 27.5% by spending US $10 million in 2014

• KEPCO can earn to 40% by spending US $10 million in 2015

• KEPCO entitled to production off-take based on project ownership

24


Unmined

Uranium Roll-Front

Deposit

Gas Hills, Wyoming

25

STM Holdings - 35,000 acres

NI 43-101 Inferred Resource 2.2 MM tons @ 0.12%

U308 Total – 5.6 million lbs

Historical Estimate (Not NI 43-101 Compliant)

9.7 MM tons @ 0.07% U3O8 - 13.8 MM lbs

Near surface open pit deposits


Deposit Resource Tonnage Grade lbs. U3O8 Method

Day Loma NI 43-101

Inferred

1,600,000 0.15% 4,700,000 Open Pit

Rock Hill NI 43-101

Inferred

600,000 0.07% 900,000 Open Pit

Loco Lee Historical 3,369,000 0.07% 4,644,000 Open Pit

Frazier Lamac Historical 697,000 0.11% 1,522,000 Open Pit

George-Ver Historical 1,031,000 0.07% 1,493,000 Open Pit

Bull Rush Historical 1,737,000 0.07% 2,307,000 Open Pit

Andria Historical 750,000 0.06% 950,000 Open Pit

Sunset, Amazon,

Badlands Historical 1,843,000 0.06% 2,395,000 Open Pit

Jeep Historical 297,000 0.08% 463,000 Open Pit

Gas Hills Properties, Wyoming

26

Cameco Drill Rigs Operating Near

Strathmore’s Beaver Rim Property, Gas Hills,

September, 2011 28

www.strathmoreminerals.com TSX:STM

CAMECO PROPERTY

STRATHMORE PROPERTY

2011/2012 Drilling

New Mexico: Roca Honda,

Installation of monitoring wells

at uranium mill site location

Wyoming: Gas Hills,

Targeting new uranium

mineralization along trend

at Day Loma



Production Plans

Roca Honda, NM

Mine

Mill

Gas Hills, WY

Mine

Mill

Permitting Construction Production

Underground Mine

SUBJECT TO PERMITTING AND URANIUM MARKET

2011 2012 2013 2014 2015 2016 2017 2018

Open Pit

30


Au-Cu Exploration & Development

Copper King, WYOMING

31


Saratoga Gold Acquisition • Acquired Saratoga Gold Copper King Au-Cu project located

in Wyoming near the Company’s base of operations (May 2012)

Copper King NI 43-101 Measured, Indicated & Inferred Resource

Au-equivalent Cutoff: 0.015 oz/ton/0.51g/tonne

Classification Tons Au Grade Au Grade Total Oz Cu Grade Total Cu lbs

Measured

Indicated

Total M+I

15,130,000

44,620,000

59,750,000

0.018 oz/t

0.015 oz/t

0.015 oz/t

0.62 g/t

0.50 g/t

0.54 g/t

272,000

654,000

926,000

0.199%

0.183%

0.187%

60,120,000

162,880,000

223,000,000

32

Inferred 15,620,000 0.011 oz/t 0.38 g/t 174,000 0.200% 62,530,000

Positive PEA Results Received

33

• Base Case NPV US $159.5 MM (5% Discount), including 5% State

Royalty using US $1,100 / oz gold and US $3.00/lb Copper

• 31.2% Pre-Tax Internal Rate of Return

• Base Capital Cost US $104 million - 2.4 year Payback

• 18 Year Mine Life by open-pit method & 10,000 ton/day average

processing rate; Average Recoveries 72% Gold and 79% Copper

• Ave. Annual Production 38,655 oz Au & 10.47 million lbs Cu

• Recoverable resource totals 695,800 oz Au & 188.6 million lbs Cu


N

COPPER KING PROJECT

Orebody

200

Feet

COPPER KING Au-Cu PROJECT

9/13/2012 34

Mineralized trend

photo

COPPER KING PROJECT

Orebody

200

Feet

9/13/2012 35

Gold and Copper Mineralization on outcrop.

Next Photo

COPPER KING PROJECT

Orebody

200

Feet

9/13/2012 36


Copper King Project Recommendations

• Two Phase US $2.55 MM program over three years recommended

• Phase I includes permitting, environmental studies, and further

exploration & expansion drilling

• Upon successful completion, Phase II initiates formal permitting

& development process

• Budget and Program Plans under internal review.

37


Non-Core Property Dispositions

• Closed Pine Tree-Reno Creek WY sale in 2010 to Bayswater Uranium for

US $30 million value; US $17.5 MM cash & US $2.5 MM shares

• Strathmore retains 5% gross revenue royalty valued at US $10 million

• Strathmore holds up to 4% gross revenue royalty on WY leases sold to

Peninsula Energy Q4 2009; “Lance” project – 2012 production targeted

• Juniper Ridge WY phased sale to Crosshair Energy Q4 2010; Crosshair

spent $1.9 MM in 2011; Initial NI 43-101 compliant resource estimate

completed Jan 2012; Strathmore holds 2% gross revenue royalty

• Eight additional projects available for sale or joint venture

38


Strathmore Uranium Projects

Currently For Sale or Joint Venture

Significant exploration and development potential

Property Summary reports available from [email protected]

• NM: Marquez: 43-101 (3.6 MM tons @ 0.126% = 9.1 million lbs M&I*) - 80 % unexplored

• NM: Church Rock: 43-101 (6.2 MM tons@ 0.10% = 11.8 million lbs M&I*) (ISR)

• NM: Nose Rock: 43-101 (.9 MM tons @ 0.14% = 2.6 million lbs M&I*) & Historical Resource

• NM: Dalton Pass: 43-101 (1.6 MM tons@ 0.10% = 3 million lbs M&I*)

• WY: Juniper Ridge: (5.2 MM tons@ 0.067% = 7 million lbs Historical (Not 43-101 compliant)

• WY: Pine Tree-Reno Creek Sold for US $30 million value cash/stock/royalties

• WY: Kaycee: Exploration potential

• WY: Copper Mountain: Historical Resource & Exploration Potential

• WY: Ketchum Buttes: Historical Resource & Exploration Potential

• WY: Sky: 43-101 (.6 MM tons @ 0.07% = 1 million lbs M&I*) & Exploration Potential (ISR)

• WY: Shirley Basin: Historical Resource & Exploration Potential

• WY: Oshoto State Leases: Exploration Potential

*See www.strathmoreminerals.com/s/ResourceTable.asp for detailed property resource summaries, including total Measured, total Indicated, & total Measured + Indicated resources.

SOLD

SOLD SOLD

39


• Complete US $8 MM Gas Hills drilling and permitting program

• Submit Mine Permit Application for Gas Hills

• Complete Roca Honda Preliminary Economic Assessment (PEA)

• Complete Roca Honda Feasibility Study; Complete Environmental

Impact Statement (EIS); Mine Permit decision expected in 2013

• Submit Peña Ranch NRC Mill license application

• Continue to Monetize non-core Properties

• Initiate project development plans at Copper King Au-Cu Property

Plans for 2012

40


1. Strathmore Knows Mining

Management team has extensive mining experience in both yellow metals

Advancing two core uranium projects; significant local gold project acquired

2. Partnered with Sumitomo & KEPCO

Roca Honda one of the largest and highest grade proposed uranium mines in the

USA in over 30 years. Strategic investment made by KEPCO with 11.8% stake

3. Large Uranium Asset Base-Non-Core Being Monetized

Leverage to higher uranium prices – Little or no valuation given to gold project

Why Invest in Strathmore?

41


•David R. Miller, PG (Wyoming) - CEO, Director,

Strathmore Minerals Corp.

David's primary professional focus has been on

uranium exploration, development, and mining, and

his career has spanned over 20 years with a chain

of companies that started with Utah International

and evolved into AREVA, the French Nuclear

Power Conglomerate. In addition he has consulted

extensively for the IAEA (International Atomic

Energy Commission) in Austria and China. David is

a recognized expert in the nuclear and energy field

and has been seen, heard, and read in the New

York Times, BBC, CNBC, CNN, Business News

Network, Wall Street Journal, Globe and Mail, and

Barron's. He is also a co-author of "Investing in the

Great Uranium Bull Market." A fifth term member of

the Wyoming Legislature, serving District 55 --

Riverton, David has served on Minerals, Revenue,

Education, Corporations, and Health & Labor

Committees. He was an original appointee to the

Wyoming Energy Commission and currently serves

on the NCSL High Level Radioactive Waste

Committee. David graduated from the University of

Missouri with a degree in Geology and is a

Registered Professional Geologist in Wyoming. Mr.

Miller is the architect responsible for assembling

Strathmore's uranium property acquisitions in 1997,

renewing it in 2003, when the uranium price turned

upward, and subsequently implementing the

Company's current development strategy. He was

appointed President in 2004 and CEO in 2008.

•Steven Khan, MBA, CFA - Chairman, President,

Director, Strathmore Minerals Corp.

Steven Khan has spent close to twenty years in all

aspects of the investment industry, including retail,

and later institutional sales, corporate finance,

capital markets, and investment banking. He has

held several senior management roles including:

Executive Vice-President, President, Chief

Executive Officer, and Chairman of a number of

regional and national full service Canadian

investment brokerage houses that mostly focused

on venture capital financings. In 2003, he started his

own consulting firm that focused on business plan

development and capital fund raising for a number

of early stage private and public companies. In the

past several years, Mr. Khan has successfully

initiated, completed or partnered several major

corporate development initiatives both domestically

and internationally, including government partnered

ventures in China and Korea. Mr. Khan was also an

instrumental part of the team that negotiated

Strathmore's Roca Honda Joint Venture with

Sumitomo Corp of Japan in 2007. In January 2008,

after serving as Executive Vice-President since

2003, Mr. Khan accepted the position of President

of Strathmore Minerals Corp. A graduate of the

University of British Columbia with a BSc. (1978)

and MBA (1983), Mr. Khan also holds a Chartered

Financial Analyst designation (CFA), is a member of

the CFA Institute, and for many years was a long-

time Fellow of the Canadian Securities Institute.

42

www.strathmoreminerals.com TSX.: STM

Notes:

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CONTACT INFO:

Phone: 1-800-647-3303

Email: [email protected]

www.strathmoreminerals.com

#312- 1708 Dolphin Ave.

Kelowna, BC V1Y 9S4

Canada

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