We report on our progress toward the realization of a compact optical frequency standard referenced to strontium intercombination lines. Our current setup allows the production of ultracold Sr atoms in hundreds of ms. For high resolution spectroscopy of the 1 S 0 -3 P 0 doubly forbidden transition we have prepared a 698 nm clock laser stabilized on a high finesse, symmetrically suspended cavity and a high power 813 nm light source for the optical lattice trap at the magic wavelength. Due to their compactness, reliability, and low power consumption, semiconductor laser sources represent the best choice for the development of compact and transportable devices for application both on Earth and in Space. A new Sr trapping and cooling experimental setup is also presented.