Strathmore Executes Formal Agreement for Pine Tree-Reno Creek Sale to Bayswater Uranium Corporation

KELOWNA, BRITISH COLUMBIA--(Marketwire - Oct. 22, 2009) - STRATHMORE MINERALS CORP. ("Strathmore") (TSX VENTURE:STM) is pleased to announce that further to the binding Letter of Intent (LOI Agreement) with NCA Nuclear Inc. (NCA), a wholly owned subsidiary of Bayswater Uranium Corporation, for the sale of the properties known as "Pine-Tree Reno Creek" for US $30,000,000 in cash, a formal agreement pursuant to the original terms outlined in the LOI Agreement has now been signed and SEDAR filed.

The execution of this formal agreement follows Bayswater's October 5th announcement that it had received a positive NI 43-101 compliant Pre-Feasibility Study (PFS) prepared by TREC Inc. on the technical and economic feasibility of the Pine-Tree-Reno Creek Uranium Project (see also Strathmore press release dated October 6, 2009). The highly positive PFS has allowed Bayswater to complete this formal agreement and more aggressively pursue its fund raising efforts. Bayswater has 120 days from the August 24th date of the LOI Agreement to close this transaction.

STRATHMORE MINERALS CORP. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of advanced uranium properties in the United States. Headquartered in Kelowna, British Columbia, the Company also has U.S. based Development Offices in Riverton, Wyoming and Santa Fe, New Mexico. The common shares of the Company are listed on the TSX Venture Exchange under the symbol "STM".