Strait Gold Corporation
TSX VENTURE : SRD

Strait Gold Corporation

May 03, 2011 10:50 ET

Strait Gold Files New 43-101 Report on Alicia Copper Project

TORONTO, ONTARIO--(Marketwire - May 3, 2011) - Strait Gold Corporation (TSX VENTURE:SRD) is pleased to report it has filed a Technical Report in compliance with National Instrument 43-101 on the recently completed exploration and drilling program at its Alicia copper-gold-silver property in southern Peru. The Company has also filed its December 31, 2010 audited Financial Statements, Management Discussion and Analysis and Annual Information Form. All documents are available for public review at www.sedar.com.

The Technical Report provides results from a 2,000-metre reconnaissance core drilling campaign completed in February 2011. Drill intersections included 33 metres (21.2 metres true width) grading 1.27% copper, 0.13 grams per tonne (g/t) gold and 7.5 g/t silver in Hole ALC10-05 (which ended in mineralization at 88.7 metres core length), as reported in the press release dated November 15, 2010, and 129.5 metres (94.25 metres true width) grading 0.33% copper and 0.04 g/t gold and 1.8 g/t silver in Hole ALC10-08, as reported in the press release dated January 10, 2011.

The report highlights "the potential of the system to host porphyry copper style mineralization" and recommends further regional and detailed exploration programs including airborne geophysical surveys, stream-sediment sampling, rock geochemistry and 5,000 metres of core drilling to better define the copper-gold-silver potential of the skarn system and to follow up on indications of porphyry-style mineralization.

The Technical Report entitled "Results of Exploration of the Alicia Copper-Gold-Silver Project" is dated April 15, 2011, and is authored by Roger Moss, Ph.D., P.Geo., a director of the Company.

The 2010 audited Financial Statements indicate the Company's sound financial position with working capital of $1.7 million at 2010 year end.

Strait Gold has an option to earn a 100% interest in the Alicia property situated in the Andahuaylas-Yauri copper belt approximately 500 km southeast of Lima. This belt hosts a number of important copper and copper-gold deposits including Las Bambas (about 40 km west of Alicia) and Antapaccay (about 80 km southeast of Alicia) in which Xstrata is investing an aggregate of US$5.7 billion to develop. The belt also includes the Haquira copper project (about 40 km west of Alicia), which was recently acquired by First Quantum Minerals, and the Constancia copper project (about 60 km east of Alicia), which was recently acquired by HudBay Mining.

All of the Company's exploration programs are prepared by, or prepared under the supervision of, Dr. Roger Moss, P.Geo., who serves as the Qualified Person as defined by NI 43-101. Dr. Moss has reviewed the technical content of this news release.

About Strait Gold Corporation:

Strait Gold Corporation is a Canadian mineral exploration company active solely in Peru and listed on the TSX Venture Exchange. In addition to the Alicia Project, Strait Gold holds a 100% interest in the Letra Rumi South copper-silver property and the Culebrilla gold-silver property, both in Ancash Department approximately 250 km north of Lima. To learn more about Strait Gold, please visit our website at www.straitgold.com.

Neither 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 release.

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