Strategic Metals Ltd.
TSX VENTURE : SMD

Strategic Metals Ltd.

July 28, 2009 15:16 ET

Strategic Metals Ltd. to Amend Terms of Share Purchase Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 28, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Strategic Metals Ltd. (TSX VENTURE:SMD) ("Strategic") announces that it intends to make application to the TSX Venture Exchange to amend the terms of certain outstanding share purchase warrants issued as part of a private placement, as disclosed in the following table:



--------------------------------------------------------------------------
Number Proposed
of Original Original Amended Proposed
Warrants Exercise Expiry Exercise Expiry
Outstanding Price Date Price Date
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11,000,000 $1.20 August 14, 2009 $0.60 August 14, 2010
(subsequently
reduced to $1.1625
as a result of the
Company's Plan of
Arrangement with
Zinccorp
Resources Inc.)
--------------------------------------------------------------------------


Pursuant to the provisions of TSX Venture Exchange Policy 4.1, any finders' warrants issued in connection with said private placement are not eligible for the proposed re-pricing. In addition, the warrants which are to be re-priced will have their exercise period shortened to a period of 30 days if, for ten consecutive trading days (the "Premium Trading Days"), the closing price of Strategic's shares is $0.72 or greater - this 30 day period will commence 7 calendar days after the tenth Premium Trading Day.

The proposed amendments to the warrants as disclosed herein are subject to the holders of the warrants consenting to the amendments, as well as to Strategic receiving acceptance from the TSX Venture Exchange for these amendments.

For further information concerning Strategic Metals Ltd. or its various exploration projects please visit our website at www.strategicmetalsltd.com.

STRATEGIC METALS LTD.

W. Douglas Eaton, President and Chief Executive Officer

This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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