Uraniumletter 
the international independent information and advice bulletin for uranium resource investments
Strateco Resources (Cdn$ 0.22)
TSX :  RSC
  
H+L prices (12 months) :  Cdn$ 0.63 – 0.17
Net shares issued             :  167.8 million
Fully diluted              :  190.7 million
Market Capitalization    :  Cdn$ 36.9 million
                    Next Price Target: Cdn$ 1.20
INVESTMENT ALERT
Strateco files motion for decision on authorization 
required for the execution of its Matoush Project
underground exploration program
Strateco Resources (“Strateco”) has filed a motion for mandamus and declaratory judgement with the Quebec 
Supreme Court. Among other things, the motion is intended to ensure that the Quebec ministry of sustainable 
development, environment, wildlife and parks (Ministère du Développement durable, de l’Environnement, de 
la Faune et des Parcs or “MDDEFP”) comes to a decision on the authorization required for the execution of 
the Matoush underground exploration program.
Strateco initiated the provincial and  federal permitting process in 2008 for execution of an advanced 
underground exploration  program. This includes the excavation of an underground decline to explore a 
uranium deposit at the Matoush Property in the Otish Mountains located on Category III land of the territory 
covered by the James Bay and Northern Quebec Agreement.
In filing the motion, Strateco is seeking a decision from the MDDEFP minister in according with Section 164 of 
the Environmental Quality Act.
The Company has been awaiting the decision by the MDDEFP since August 2011, over 8 months, especially 
as it already has all the required authorizations from the other agencies involved in the process.
INVESTMENT ALERT –    January 2013                         www.stratecoinc.com? In  August 2011, the  Provincial Review Committee
(“COMEX”) recommended in its report that the MDDEFP 
approve the Matoush Project.
? On February 2, 2012, the same day that the federal Ministry 
of the Environment approved the Project, the  Canadian
Environmental Assessment Agency (“CEAA”) and the federal 
administrator of the James Bay and  Northern Quebec
Agreement did the same.
? On  October 16, 2012, the  Canadian Nuclear Safety 
Commission issued Strateco a 5-year licence for the Project
In the motion for declaratory judgement, Strateco is asking the 
judge to declare null and void one of the conditions in the 
COMEX report, which, in effect “delegates a provincial 
jurisdiction by requiring a written agreement be ratified with a 
third party concerning social acceptability”. 
On December 20, 2012, Strateco announced that it had closed 
a $ 3 million bridge loan with the Sentient Group. In connection 
with the loan the Company issued 1.5 million common share purchase warrants to Sentient exercisable at a 
price of Cdn$ 0.24 per share and 549,451 common shares to Sentient at the price of Cdn$ 0.182 per share, 
representing Cdn$ 100,000 as transaction fees.
Also on December 20, 2012, Strateco completed the buyback of the 2% NSR royalty on production from the 
Matoush Property from Ditem Exploration for Cdn$ 1 million.
Company profile and investment recommendation
Strateco’s Matoush Project including its high-grade Uranium Deposit is the most outstanding project in the 
prospective Otish Mountains Basin in Quebec, which is often compared to the world renowned Athabasca 
Basin in Saskatchewan.
Indicated Mineral Resources and Inferred Mineral Resources are estimated now at 12.33 million pounds  and
U3O8 16.44 million pounds U3O8, respectively, and offer a lot of potential to be upgraded and expanded since 
In  February 2010, Strateco announced the latest updated  Scoping Study of its Matoush Property. Total 
operating profit is calculated at Cdn$ 1.04 billion based on a 7-year mine life and capital costs of Cdn$ 342 
million.
The Company’s objective is to sustain a minimum potential production of up to 2.7 million pounds of U3O8 
per year from 2016.
With production at Matoush expected to commence in the next few years, having received a 5-year licence for 
the underground exploration and a positive decision on authorization to be expected in the near future, based 
upon the potential to produce 2.7 million pounds of U3O8 per year, Strateco has emerged to one of the top-5
advanced exploration/development companies focused on Canada (together with Rio Tinto, Fission Energy
UEX and Kivalliq Energy). Also considering the Company’s current Mineral resources of more than 28 million 
pounds U3O8, representing an in-the-ground value of approximately US$ 1.3 billion or approximately US$ 6.80 
per share (fully diluted), in our view, the shares of Strateco are strongly undervalued.
We maintain our next price target of Cdn$ 1.20