BOULDER, Colo., April 12, 2007 (PRIME NEWSWIRE) -- Strategic Resources, Ltd. (OTCBB:SGCR) is pleased to announce that it has acquired an exclusive option to purchase the San Sebastian Uranium Property from a private party in Argentina. The property consists of approximately 80 hectares of mining rights in La Rioja Province in Northwestern Argentina, and covers historic mining operations and prospective geology for additional production in uranium. The option consists of an aggregate purchase price of $850,000, due and payable in stages through March, 2011, with the reservation of a 1.5% net smelter return royalty interest to the seller.
"After our recent property visit in Argentina with our Geological consultants, we were excited about this particular prospect. Based on historical published data and inspecting this prospect, we wanted this particular property on which to focus our initial exploration programs. We are excited about the San Sebastian Property, and more particularly for the fact that it has hosted production in the past. We look forward to performing additional analyses and the potential to host viable uranium mineralization," said John Anderson, Chief Executive Officer of Strategic Resources. "As with our other assets in La Rioja province, another benefit of this acquisition is that prior operators have already performed considerable exploration work, and that the infrastructure is appropriate for uranium exploration and development."
The San Sebastian Property is located approximately 75 km west-northwest of La Rioja city via national highway 40. The main uranium host rock is a strongly altered, highly fractured and sheared quartzite/siltstone. Mineralization appears to follow high angle structures striking north-northwest and east-west. Alteration minerals include dark purple fluorite, barite, copper oxides, quartz, iron and manganese oxides. Radiometric survey of the various trenches, open slot cuts and shallow drifts produced gamma anomalies ranging between 2,000 to 8,000 cps with an average background of approximately 500 cps.
The San Sebastian Property is located in proximity to other exploration properties currently being explored by other companies or in proximity to properties previously claimed by the Argentine National Commission of Atomic Energy (C.N.E.A.).
About Strategic Resources, Ltd.:
Strategic Resources, Ltd. is in the business of exploring, acquiring, and developing advanced precious metals and base metals properties. The Company's shares are quoted on the OTC Bulletin Board under the symbol "SGCR."
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, the satisfactory completion of various surveys, the availability of sufficient operating capital to effectuate our business plans; fluctuations in the price of precious and non-precious metals; stock price fluctuations; and other risks. These risks are and will be detailed, from time to time, in Strategic Resources' Securities and Exchange Commission filings, including its Forms 10-KSB, 10-QSB, and 8-K. Actual results may differ materially from management's expectations.
For further information please visit our website at www.strategicresourcesltd.com.