Option 1 states that Statement I is true but Statement II is false. Let`s analyze Statement I first. It states that Pasang Lhamu Sheroa is the first Nepalese woman to conquer Mt. Everest. If this statement is true, it means that Pasang Lhamu Sheroa holds the distinction of being the first Nepalese woman to achieve this feat. Since there is no information provided in the question to contradict this statement, we can conclude that Statement I is true.

Moving on to Statement II, it claims that Dicky Dolma is the youngest woman climber of Mt. Everest. Again, without any contradicting information, we can assume that this statement is also true. Therefore, both statements I and II have been found to be true.

Alert - Correct answer should be option 4: Both I and II are true.