Strait Gold Corporation

Strait Gold Corporation

October 24, 2006 16:19 ET

Strait Gold Completes IPO, Lists Shares on TSX Venture Exchange

TORONTO, ONTARIO--(CCNMatthews - Oct. 24, 2006) - Strait Gold Corporation is pleased to announce that its common shares and common share purchase warrants will be listed for trading on the TSX Venture Exchange effective at the open on Wednesday, Oct. 25, 2006. The common shares will trade under the symbol "SRD" and the common share purchase warrants will trade under the symbol "SRD.WT".

The Company closed its initial public offering of shares on Oct. 20, 2006, to raise gross proceeds of $1.6 million. Following the successful financing, a total of 15,084,883 common shares and 4,000,000 common share purchase warrants will be listed.

Strait Gold Corporation is a Canadian mineral exploration company active in Peru. It holds an option to earn a 100% interest (subject to a 3% net smelter royalty, two-thirds of which it can buy back) in the 68-sq.-km Culebrilla Property located in Ancash Department, the same Peruvian jurisdiction that hosts the Pierina gold mine (Barrick Gold Corporation), the Antamina base metals mine (BHP Billiton, TeckCominco and Xstrata Minerals) and numerous other, smaller mining operations. Culebrilla lies between Pierina to the south and Lagunas Norte, another Barrick gold mine, to the north.

Surface rock sampling at Culebrilla, over an area measuring roughly 3.5x4.0 km, has found widespread gold-silver mineralization, and locally high copper, with values up to 14.4 g/t gold, 1,365 g/t silver and 8.4% copper. Based on these sampling results and previous artisinal mining on the property the Company is preparing to conduct the first-ever diamond drilling at Culebrilla as early in 2007 as practicable.

With reference to National Instrument 43-101, Roger Moss, Ph.D, P.Geo., is the Qualified Person for the purposes of this news release. Rock sample preparation was carried out at ALS Chemex facilities in Lima, Peru, following which, samples were airshipped to ALS Chemex, a Standards Council of Canada accredited laboratory, in Vancouver, B.C. for analysis. Samples were analyzed for gold by fire assay followed by atomic absorption spectroscopic (AAS) finish and by gravimetric finish for overlimit (greater than 10ppm) samples. Copper and silver, together with 32 other elements, were assayed by ICP-AES following aqua regia dissoloution. Overlimit copper (greater than 10,000 ppm) and silver (greater than 100 ppm) samples were reassayed by AAS.

To find out more about Strait Gold Corporation, please visit our website at www.straitgold.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for this news release.

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