Strait Gold Corporation

Strait Gold Corporation

December 15, 2008 12:20 ET

Strait Gold to Focus on Gold and Copper Projects in Peru

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2008) - Following a review of 2008 exploration results, and in light of current market conditions, Strait Gold (TSX VENTURE:SRD) plans to focus 2009 exploration efforts on two of its current projects in Peru while continuing a detailed review of other properties in Peru to identify projects that meet its criteria of gold- or copper-dominant, early-stage projects with good potential for rapid resource identification.

The Company's most advanced project is Letra Rumi South, a bulk tonnage copper target where the Company has initiated the process for obtaining a drill permit. Culebrilla, a precious metals property adjacent to Letra Rumi South, will be the subject of a program of mapping and sampling to follow up on earlier encouraging surface work on concessions that have not already been drill tested.

The Company has elected to terminate option agreements to acquire the Pallcamachay and San Jorge properties, also in Peru. These two properties were optioned by the Company late in 2007. Extensive mapping, sampling and geophysical surveys were conducted during the 2008 field season, along with community relations programs, but both properties failed to meet the Company's criteria for further exploration.

"We are sharpening our focus to make the best use of our resources," said President Jim Borland. "We will be prudent with our funds, reduce overhead costs where possible, advance our current projects at a measured pace and take advantage of opportunities that arise during this period of upheaval in the mining sector."

Letra Rumi South and Culebrilla are contiguous properties making exploration on these two projects particularly cost-effective. Both properties are 100% owned, so work can be advanced solely on the Company's timetable. Both properties are subject to a 3% NSR that can be reduced to 1% with cash payments at any time.

At Letra Rumi South, exploration in 2008 consisted of detailed mapping of the two gossan zones along with planning and permitting for a 1,500-2,000-metre drill program. Drill targets have been selected to test three chargeability anomalies identified in a 2007 IP survey. A drill permit application is being prepared but drilling will only proceed as economic circumstances allow. A program of community relations has been established as required by recent changes in Peruvian mining regulations.

At Culebrilla, the Company plans to conduct further surface exploration in the Letra Rumi North area where historic workings and surface exposures define a mineralized corridor greater than one kilometre in strike length. Showings consist of narrow, polymetallic veins composed of quartz-tourmaline-pyrite+/-chalcopyrite-arsenopyrite-galena. Sampling highlights to date include up to 8.4% copper with 304 grams per tonne (g/t) silver and 0.8 g/t gold from a surface grab sample, and 1.3 % copper with 73.4 g/t silver and 0.7 g/t gold from a chip sample across 1.3 m.

The majority of copper-silver mineralization in the Letra Rumi North area occurs within an east-west trending corridor greater than one kilometre in length. Towards the eastern end of this corridor the narrow quartz-sulphide veining within host volcanic tuff changes to a 3- to 10-metre wide corridor of subparallel quartz-tourmaline veinlets and limonitic fractures within quartz-sericite+/-pyrite altered granodiorite. The Company believes the prevalence of mineralized veining and historic workings along this corridor signal a deeper, more continuous structure cross-cutting the bedrock in this area. Further detailed sampling and structural mapping is required along this trend in order to determine the grade, width and strike length of copper-silver-gold mineralization.

Qualified Person

Ryan Weston, P.Geo., is the Qualified Person as defined by NI 43-101 for the purpose of this press release and has reviewed its technical content.

About Strait Gold Corporation:

Strait Gold Corporation is a Canadian mineral exploration company active in Peru and listed on the TSX Venture Exchange. The Company currently has 23.0 million shares issued and outstanding, a strong working capital position with approximately $1.2 million in cash and no debt. To learn more about Strait Gold, please visit our website at

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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