Strike Minerals Inc.
TSX VENTURE : STK

Strike Minerals Inc.

July 13, 2011 10:02 ET

Strike Minerals Amends Terms of Non-Brokered Private Placement of Up to $1,000,000

TORONTO, ONTARIO--(Marketwire - July 13, 2011) - Strike Minerals Inc. (the "Company" or "Strike") (TSX VENTURE:STK) wishes to announce that further to its press release dated June 20, 2011, the terms of the private placement have been revised to amend the Offering. Subject to regulatory approval, Strike proposes to complete, a non-brokered private placement of up to $1,000,000 consisting of up to $700,000 in Flow-Through Units ("FT Units") and up to $300,000 in Non Flow-Through Units ("Normal Units"). The non-brokered private placement will consist of combination of up to 8,235,294 FT Units at a price of $0.085 (revised from $0.09) and up to 4,615,385 Normal Units at a price of $0.065 (revised from $0.07), respectively, for the aggregate proceeds from the placement of both FT and Normal Units of up to $1,000,000. Foundation Markets Inc. ("Foundation") has been engaged to facilitate the Offering and will refer to the Company registered brokers and syndicate members ("Finders").

All other terms of the Offering have been adjusted accordingly to reflect the change.

The proceeds from the issuance of FT Units will constitute Canadian exploration expenses (as defined under the Income Tax Act (Canada)) and will be renounced for the 2011 taxation year. The proceeds of the Offering will be used to fund exploration programs, pursue acquisitions and for general working capital purposes.

About Strike

Strike Minerals is a TSX-V listed company that is engaged in the exploration and development of precious metal properties in Canada. Its primary property is the former producing Edwards Gold Mine property in the Goudreau – Lochalsh Gold Camp near Wawa, ON. Historic production in the camp between 1930 and 2001 is estimated at 500,000 ounces of gold. Between 1996 and 2001 underground development was completed through a decline to a depth of approximately 290 m resulting in 145,000 oz Au being mined from the Edwards property.

Subsequent drilling on the property has delineated an additional number of mineralized zones that have significant gold mineralization values that require addition evaluation and delineation. Strike also has a large land position in the Hemlo West area near Schreiber, Ont. The property has a number of historic producers that produced small tonnages of very high grade gold mineralization, averaging approximately 18-25 g/t gold, between 1935 and 1937 generally associated with shear zones in the region. These shear systems have seen very little modern exploration, and drill testing at or near a prominent syenite volcanic contact is considered highly prospective for the discovery of additional gold mineralization. Strike will conduct an initial program of surface geological and alteration mapping on the Property in the spring of 2011 with a goal of increasing the understanding of the geologic and structural relationships on the Property in preparation for drill testing to establish a resource estimate.

About Foundation

Foundation is a Toronto-based boutique investment bank and corporate finance advisory firm licensed as an Exempt Market Dealer. The firm is focused on working with small and medium-sized companies with rapid growth potential, specializing in assisting pre-public clients in accelerating access to private capital and executing going-public transactions. Foundation also works with public companies on financing, mergers and acquisitions transactions, and strategic advisory services.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Strike, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing and exploration risk. There is no assurance that the company's exploration projects will add to Strike's resource base in the short-term, or at all. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

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 release.

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