Lucky Strike Resources Ltd.
TSX VENTURE : LKY

Lucky Strike Resources Ltd.

February 27, 2014 10:00 ET

Lucky Strike Resources Ltd.: Western Athabasca Syndicate Receives Drill Permits for the Preston Lake Uranium Project in SW Athabasca Basin, Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 27, 2014) - Lucky Strike Resources Ltd. (TSX VENTURE:LKY) ("Lucky") is pleased to announce the Western Athabasca Syndicate has received drill permits for its flagship Preston Lake Uranium Property (the "Property"). The diamond drill program is slated to commence in the second week of March and will test several highly prospective targets identified by the extensive 2013-2014 fieldwork.

The 246,643 hectare Preston Lake Property is the largest land package proximal to Fission Uranium Corp.'s Patterson Lake South ("PLS") high-grade uranium discovery, as well as the recent discovery ("Arrow Prospect") made by NexGen Energy on the Rook 1 Project (see NexGen's news release dated Feb. 19th, 2014). The Syndicate holds title to an extensive and geologically prospective property package in the southwest Athabasca Basin region including properties strategically located in all directions around the PLS and NexGen discoveries.

Preston Lake Property Map and Regional Exploration Corridors: http://skyharbourltd.com/_resources/SYH_Regional_Corridors.jpg

Lucky Strike and its Syndicate partners are currently carrying out a ground EM survey to further refine conductor trends and drill pad locations. Additional details of the upcoming drill program will be provided when drill hole locations are finalized. To date, the 2013-2014 exploration expenditures on the Property total approximately $2.1 million and have delineated numerous geological, geophysical and geochemical targets associated with eight prospective exploration corridors. The Syndicate continues to employ a systematic, proven exploration methodology that has led to numerous uranium discoveries in the region and throughout the Athabasca Basin. This has been very effective in identifying numerous high-quality targets at Preston with similar geological features and exploratory indicators as those at the nearby PLS and NexGen discoveries, as well as other deposits in the Athabasca Basin.

Preston Lake Property - Gravity Survey Coverage: http://skyharbourltd.com/_resources/SYH_Feb2014_Exploration.jpg

The Western Athabasca Syndicate has a booth at the upcoming PDAC Conference in Toronto from March 2 - 5. The booth number is 2740 and all four companies comprising the Syndicate will be present. We invite you to stop by to meet management and get a full update on the progress being made by the Syndicate on its projects in the Patterson Lake region of the Athabasca Basin.

About the Western Athabasca Syndicate:

The Western Athabasca Syndicate is a strategic partnership formed between Lucky Strike, Athabasca Nuclear, Skyharbour, and Noka to explore and develop a 287,130 hectare suite of uranium properties

that is the largest land position along the highly prospective margin of the Western Athabasca Basin controlled by a single group. Under the terms of the agreement, each of the four companies has an option to earn 25% of the five uranium properties comprising the Western Athabasca Syndicate Partnership by making a series of cash payments, share payments, and incurring their pro-rata amount of the total $6,000,000 in exploration expenditures over the two-year earn-in term of the agreement. The properties were acquired for their proximity to the PLS discovery and interpreted favourable geology for the occurrence of PLS style uranium mineralization. The bulk of the Syndicate land package is bisected by all-weather Highway 955 which runs north through the PLS discovery on to the former Cluff Lake uranium mine.

The Athabasca Basin of Saskatchewan hosts the world's largest and richest high-grade uranium deposits which have grades substantially higher than the world average grade of about 0.1% U3O8. The Patterson Lake area has received escalating exploration attention and claim acquisition activity as a result of the new, near surface discoveries made by Fission which includes the recently reported drill interval of 38.49% U3O8 over 10.5 metres in drill hole PLS14-129. Consistent high-grade, near surface U3O8 assays from Fission demonstrate the potential for high-grade uranium mineralization on the geologically prospective yet underexplored margins of the western side of the Athabasca Basin.

Qualified Person:

Athabasca Nuclear Director, Charles C. (Chuck) Downie, P.Geo., is the Qualified Person as defined by National Instrument 43-101 and has approved the technical information in this release.

Lucky Strike Resources Ltd., The Company has 45,081,836 shares outstanding. To find out more about Lucky Strike Resources Ltd. (TSX VENTURE:LKY) visit the Company's website at www.luckystrikeresources.com.

On behalf of Management

Lucky Strike Resources Ltd.

Ron Rieder, CEO, President & Director

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain "Forward- Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the Toronto Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.

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